The criteria for eligibility for an unsecured business loan in Sydney of between $5K and $100K are fairly minimal.
Looking for more funding? Check out the conditions of eligibility for our $100K-$500K business loans.
All that is needed to start is your contact details (the name of your company, your name, email and telephone) and the amount you want to borrow, as well as your monthly income.
During the process and before settlement we’ll need confirmation of your identity, but not before we can begin:
Additionally after we get started in the process, for loans of more than $150,000 you will also need basic financial statements:
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Sydney unsecured loans provides amounts between $5,000 and $100,000. The terms range between 3 and 24 months. They also offer cash flow-friendly repayments that are either daily or weekly.
You can apply for the Small Business Loan in under 10 minutes over the phone. You’ll get an instant response and the money could be in your account within 24 hours. Traditional company loans have an interest rate per annum plus other fees and charges. Our business loan is a loan that is priced upfront so you will be aware of the total amount payable including any fees, charges or charges. This is then broken down into either a daily or weekly installment amount.
A Small Business Loan can be used to fulfill almost every company purpose including managing cash flows, company renovations, marketing to purchase inventory, new equipment, as general working capital and much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger size loan to aid in company expansion opportunities. Loans are between $100,000 and $500,000 over a fixed term for up to 36 months. The repayments are made weekly or fortnightly in order to accommodate the flow of cash.
A Larger Business Loan has an Origination Fee which is calculated at 2.5 percentage of the amount of the loan.
To be eligible for a credit that is this large, your company needs to have been operating for a minimum of 3 years and generate an annual revenue of $700K. Your company must belong to a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old as well as own a New Zealand business (with a valid NZBN/IRD) and be able to prove at minimum 12 months of continuous trading.
A large business loan can be used for nearly every company need, including business renovations, purchase of inventory or new equipment as well as for general working capital and much more. The loan cannot be used to fund personal expenses.
Asset security is required to obtain funding above $150,000. This is by taking a charge on assets, and may be registered on the PPSR or filing a caveat.
A director’s or personal ensure is a promise to pay back a loan that is general in nature, rather than stating the security of a specific asset. The person who is signing the guarantee is personally liable if the business the borrower fails to pay back the debt.
The Personal Property Securities Register (PPSR) is an online, central register operated by the New Zealand Government. It reflects security interests granted to individuals who own personal property (including goods or assets). The PPSR grants prioritisation over property that is personal to be granted depending on the date that a security interest has been registered.
An affidavit is an official document lodged to provide the public notice of a legal claim on a property.
If you’re seeking the Larger Business Loan of $250K or more it’s possible to offer an initial pre-approval in order to smooth out the process. We might be able to apply for this without a credit check, and within six hours of your initial application. The pre-approval process is based on a preliminary assessment which includes answering a couple of financial well-being questions. It is in no way an offer, nor is it a guarantee of finance. A conditional approval is subject an assessment of your creditworthiness and any offer you may receive may be on different terms.
You may be eligible for an business loan if you
The application process is simple and simple. Just complete the online application within a few minutes and an experienced business lending specialist will call you to guide you.
To apply for up to $100,000, you’ll need the right identification documents (valid Driver’s License), a valid NZBN/IRD and at least six months worth of bank statements.
In addition, for larger loan sizes, you’ll also need:
$100K – $250K: Details of application, including credit consent, 6 – 12 months of bank statements, IRD statement (if loan above $150K).
$250K to $500K: Details of the application, including credit consent and 12 month bank accounts, the IRD statements and the last two years’ finalised financial statements, and interim financials for the current financial year such as age-related payables and aged Receivables summary.
For an unsecured loan ($5K up to $100,000) we typically offer a response in one hour, provided you make your application in quality company timings and let us make use of the advanced bank verification system to instantly verify your bank’s information online. If you choose to upload copies of your banking statements we can provide an answer in just 1 company day.
For the Larger Business Loan ($100K up to $500,000) we may be likely to provide you with a conditional pre-approval in around 6 hours. After you’ve signed the pre-approval document, you will require to wait between 2 and 3 days for the final approval, however this could be shorter based on the circumstances of each application. Some offers have been approved within less than 24 hours.
The most effective method would be to ensure you apply during standard company hours and allow us to use the modern bank verification to verify your bank information online. If you decide to upload documents from your account statement, it takes a bit longer.
For the Small Business Loan ($5K or more) we can often provide a response in one hour, provided you submit your request within standard business time and allow us to use the bank verification system to instantly verify your bank’s information online. If you decide to upload copies of your bank statements, we’ll be able to offer a decision in just one business day.
For Larger Business Loans ($100K or more) We may be likely to offer you with a conditional pre-approval within about 6 hours. After you’ve signed the pre-approval form, it will take about 2-3 days for final approval, however this could be shorter based on the specifics of each application. Some transactions have received approval within less than 24 hours.
The most effective method would be to make sure you apply during normal business hours and permit us to use the advance bank verification to verify your bank information online. If you choose to upload the copies of bank accounts, it takes a bit longer.
We provide loans that range from $5,000 and $500,000. When you make an application for a particular amount, we look at a variety of factors for determining what is the well-being of the business and the amount of the repayments your company can support. The amount you receive from the loan will be determined by the specific circumstances for your company.
When you apply for a particular amount, we will consider a number of factors to determine how much we can lend you such as well-being of the company and the extent of repayments your company will be able to support. The amount you receive from your loan will be contingent on the specific circumstances that are unique to your company.
When you apply for the company credit, we’ll assess the risk assessment that you have for your business and provide you with a customised offer, including the amount of the loan, the duration and the interest rates. It is a company loan is an upfront priced loan which means you know in advance the total amount to be paid, including any interest rates, fees or charges.
The interest rates on business loans rates depend on several factors such as the amount that is of money borrowed, the business assets the funds are used to purchase, the industry the company operates in, the long the company has been in operation, whether the company has enough cash flow to cover the loan, and the general health and creditworthiness of the company.
There aren’t any hidden costs for our company loans. You’ll know exactly how much you’ll be required to pay and when, right from the first day. There’s no compounding interest, and there are no additional charges (as as you make your payments on time).
We do not charge an application fee. You are able to get a cash loan with no upfront cost or obligation to proceed.
The Origination Fee is the cost associated with setting up and managing the loan. This is only a cost if you take out the loan. The Origination Fee for us is 2.5 percent of the loan amount.
You can repay the total amount of your loan at any point in time.
If you do decide to do this please speak to our friendly company lending specialists. The professionals will provide you with repayment details and an early payment figure. This is calculated as the sum of the remaining principal amount plus any accrued interest as of the time of early payment in addition to 1.5% of the principal amount remaining and any fees that remain unpaid.
To help you avoid missing payment dates and to align with your cash flow general, we offer repayments that are either daily or weekly. These are automatically withdrawn from your designated company account.
Protecting your information, and making it clear how we collect the information we collect, use, share and protect your information, is crucial and an integral part of our relationship with you.
Yes. We use industry recognised encryption techniques to protect your personal, sensitive as well as financial data. Our funders are ISO 27001 certified for our commitment to protecting the security of clients and privacy. We employ a highly sophisticated bank verification system that allows you to instantly verify the bank account details online. This allows us to provide quick responses.
Asset-based borrowing is when the company owner borrows from an asset they own to make the funding. The asset may be a personal asset like the family home or it could be a business asset like a truck or piece of equipment.
The vast majority of banks, not just the major banks, prefer to make loans secured by an asset. If you have trouble paying back the loan, then the asset could be sold by the lender. In essence, it’s an opportunity to secure new financing using the value of what you already own.
For loans up to $150K the requirement for asset security is not required upfront to access the money but we do require the personal guarantee. If you adhere to your loan commitments (as detailed in the loan contract), asset security is not needed. For loans that exceed $150K, generally there is a personal guarantee and security is provided in the form of a charge over assets.
