The eligibility requirements for an unsecured business loan in Sydney of between $5K to $100K are quite minimal.
Looking for more funding? Review the guidelines for eligibility for our $100K to $500K business loan.
All that’s needed for starting is your contact details (the name of your company, your name, email and telephone) and the amount you’d like to lend, as well as your monthly income.
Through the process and before settlement we will need confirmation of your identity, but not for starting:
After we start, for loans of more than $150,000 you’ll require the following financial statements:
Let’s get started.
Sydney unsecured loans provides amounts of between $5,000 and $100,000, with terms ranging from 3 and 24 months and cash flow friendly repayments, which are either daily or weekly.
Apply to get this Small Business Loan in under 10 minutes online or over the phone, receive an immediate response, and have the funds in your account within 24 hours. Traditional company loans refer to an interest rate per annum plus other fees and charges. Our company loan is a cash-based loan therefore you’ll be aware of the total amount payable including the interest, fees and charges. This is then broken down into either a daily or weekly installment amount.
A Small Business Loan can be used for nearly every company reason, such as control of cash flow company improvements, advertising to purchase inventory or new equipment, to fund general working capital, and much more. The loan cannot be used for personal use.
The Larger Business Loan is a larger size of loan that can be used to fund company expansion opportunities. Loans are between $100,000 and $500,000 with a fixed-term up to 36 months. Repayments are either weekly or fortnightly in order to accommodate you cashflow.
The Larger Business Loan has an Origination Fee, which is determined at 2.5 percent of the amount of the loan.
To be eligible for a loan of this size the company needs to have been in operation for at least 3 years, and have an annual income of $700,000. Your company must belong to a New Zealand Citizen (or Permanent Resident) who is over the age of 18, own a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at least 12 months of trading.
A Business Loan of a larger size is a great option for almost all business use, including business renovations, purchase of inventory or new equipment for general working capital, and much more. The loan cannot be used to fund personal expenses.
Asset security is needed for accessing funds over $150,000. This is in the form of a charge on assets and can include registration through the PPSR or filing a caveat.
A director’s or personal guarantee is a promise to pay off a credit line that is generally in nature rather than specifying security over a particular asset. The person who signs the ensure is personally liable in the event that the business borrower is unable to make the repayment.
The Personal Property Securities Register (PPSR) is an online, central register that is operated by the New Zealand Government. It lists security interests that are which are registered with respect to personal property (including goods or assets). The PPSR gives prioritisation over property that is personal to be granted depending on the date that a security interest that is registered.
A caveat is a legal form of document to provide the public notice of a legal claim to a property.
If you’re requesting the Larger Business Loan that is greater than $250,000, we may offer a preliminary pre-approval to help simplify the process. We might be able to do this without a credit check and within 6 hours of the initial application. The pre-approval process is based on an initial assessment, which involves you answering some financial health checks. It’s neither an offer nor a guarantee of funds. Unconditional approval is subject to a full credit assessment and any offer that you are offered could have different conditions.
You are eligible to apply for a company loan if you
The process for applying is fast and easy. Just fill out the online application within a couple minutes, and a dedicated business credit specialist will call you to guide you.
To apply for up $100,000 you’ll need identification details (valid Driver’s Licence) along with an active NZBN/IRD, and at least 6 months of bank statements.
For larger loan sizes, you’ll require:
$100K to $250K: Application requirements, including credit consent, 6-12 months of IRD statements, bank statements (if loan above $150K).
$250K – $500K: Details of the application, including credit consent, 12 months bank statement, an IRD statements Last 2 years’ finalised financial statements, as well as interim financials for the current financial year as well as Aged Payables and Receivables summaries.
For an unsecured loan ($5K up to $100,000) we typically provide an answer within one hour – as long as you make your application during standard company timings and permit us to utilise the bank verification system to immediately verify your bank account information online. If you decide to submit copies of your bank statements , we are able to provide the decision in as little as 1 company day.
For the Larger Business Loan ($100K and up) we might be in a position to provide you with pre-approval conditional to your application in around 6 hours. After you’ve signed the pre-approval, turnaround times are between 2 and 3 days for the final approval, however this may be quicker depending on the particular circumstances of each application. Some agreements have been approved in the space of 24 hours.
The fastest way for you to apply is make sure you apply during standard company hours and let us use the advanced bank verification system to check your bank’s information online. If you choose to upload the copies of bank accounts, it will take a little longer.
For the Small Business Loan ($5K and up) we usually provide an answer in just one hour, provided you make your application during normal business time and allow us to use the advanced bank verification system link to instantly verify your bank details online. If you opt to send us copies of your bank statements, we are able to provide a decision in as little as one business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we may be capable of offer you with conditional pre-approval in around six hours. After you’ve signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval, however this may be quicker depending on the specifics of each application. Some transactions have received approval in the space of 24 hours.
The fastest method can be ensure you apply during standard business hours. Also, allow us to use our modern bank verification link to confirm your bank details online. If you upload duplicates of your banking statements, it takes a bit longer.
We offer loans that range from $5,000 and $500,000. When you make an application for a certain amount, we will consider a number of elements that determine the well-being for your company and the level of payments your company can afford. The total amount of your loan will be contingent on the specifics of your business.
If you apply for a particular amount, we will consider a number of factors to assess how much we can lend you such as health for your company and the extent of repayments that your company is able to afford. The amount you receive from your loan will be contingent on the particular circumstances that are unique to your business.
If you decide to apply for the business credit, we will assess the risk profile that you have for your company and offer you with a customised proposal that includes the loan amount, the terms and the interest rates. The company loan is an upfront-priced loan therefore you will be aware in advance of the total amount due, which includes any charges, interest rates or fees.
Interest rates for company loans rates vary due to factors including the amount of money borrowed, the company assets the money are used to purchase in addition to the industry that the business is in, how long the business has been operating, what percentage of the company has enough cash flow to support the loan, as well as the general well-being as well as creditworthiness business.
There are no hidden fees with our company loans. You’ll be aware of the amount it is that you need to pay and when, right from day one. There’s no compounding interest, and no additional fees (as long as you are able to make your payments punctually).
We don’t charge an Application Fee. You can get a cash loan with with no upfront cost or the obligation to take action.
The Origination Fee covers the expenses involved with setting up and managing the loan. You are only charged this cost if you take out the loan. The Origination Fee for us is 2.5% of the loan amount.
You can decide to repay the entire amount of the loan at any point in time.
If you do decide to pursue this option, please speak to our friendly company credit specialists. The experts will offer you with repayment details as well as an early payout amount. It will be calculated using the total of the remaining principal amount and any accrued interest at the time of early payment in addition to 1.5 percent of the principal balance plus any outstanding fees.
To make sure that you don’t miss repayments and to fit in with your cash flow cycle we offer repayments that are either daily or weekly. They are automatically deducted from your nominated company account.
Making sure that your information is secure, and knowing how we collect information, use it, and exchange it, as well as ensure the security of your information is crucial and a vital part of our relationship with you.
Yes. We utilise industry-recognised encryption protocols to safeguard your sensitive, personal as well as financial data. Our funders are ISO 27001 qualified for our commitment to the security of our clients as well as their security. We employ an exceptionally sophisticated bank verification system to instantly verify your bank account details online, allowing us to provide quick responses.
Asset-based borrowing is when the company owner uses assets they own to obtain the funding. The asset can be a personal asset like the family home, or an business asset such as a truck or piece or equipment.
The vast majority of banks, even the banks with the biggest size, prefer to make loans secured by an asset. If you have trouble paying back the loan then the asset might be taken over by the lender. In essence, it’s the process of securing new funding taking advantage of the value of what you already own.
Up to $150,000 in loans it is not necessary to secure assets prior to the loan’s access, however we do require an individual guarantee. So long as you comply with your loan obligations (as stipulated in your loan contract document) and you are able to meet your obligations, asset security will never be required. If you take out loans in excess of $150K generally, there is an individual guarantee and security is provided in the form of an asset charge.
