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 guidelines for eligibility for our $100K to $500K company loan.
All that’s required to start is your contact details (the name of your company, your name, email and phone) as well as the amount you’d like to borrow and your monthly earnings.
In the course of the process and before settlement we’ll require confirmation of who you are, however, not in order to begin:
Once we’ve started in the process, for loans of more than $150,000 you’ll also need basic financial statements.
Let’s get started.
Sydney unsecured loans provides amounts between $5,000 and $100,000. Terms range from 3 and 24 month and cash flow-friendly repayments that are either per day or weekly.
It is imaginable to apply to get your Small Business Loan in under 10 minutes over the phone. You’ll get an instant response and funds may be in your account in 24 hours. Traditional company loans reference an annual rate of interest as well as other fees and charges. The business loan is an upfront priced loan and you’ll be aware in advance of the amount you will have to pay, including any interest, fees or charges. Then, it is divided into a daily or weekly installment amount.
It is a Small Business Loan can be used for almost any company purpose including the management of cash flow, company improvements, advertising to purchase inventory or 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 business growth opportunities. Loans range from $100,000 to $500,000 over a fixed term for up to 36 months. Repayments are weekly or fortnightly to work with your cash flow.
A Larger Business Loan has an Origination Fee which is calculated at 2.5% of the amount of the loan.
In order to be eligible for a loan in this amount the business needs to have been in operation for at least 3 years and have an annual turnover of $700,000. You must be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 or have a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of continuous trading.
A larger business loan can be used for nearly every company purpose including company improvements, purchasing equipment or inventory or as general working capital and so much more. The loan is not available for personal reasons.
Asset security is necessary for accessing funds over $150,000. This can be done as a result of an charge on assets and can include registration on the PPSR or filing a caveat.
A director’s or personal guarantee is a commitment to repay credit that is general in nature rather than specifying security over an asset. The person who is signing the ensure is personally liable in the event that the company lender is not able to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register that is operated by the New Zealand Government. It reflects security interests which are registered with respect to personal property (including the assets or goods). The PPSR gives preference over private property granted in accordance with the date on which a security interest has been registered.
The caveat can be described as a formal document that is filed to provide the public notice of a legal claim on a property.
If you’re requesting larger company loans of more than $250,000 we may be able to provide a preliminary pre-approval to help ease the process. We could be able to apply for this without a credit verification and within 6 hours of your initial application. This pre-approval is based on an initial assessment that includes the answer to a series of financial well-being checks. This is in no way an offer, nor is it a guarantee of credit. The approval of a conditional loan is subject to an assessment of your creditworthiness and any offer you receive could have different terms.
You are eligible to apply for an company loan if you;
The process for applying is fast and easy. Complete the online form in just a few minutes, and a dedicated company loan specialist will contact you to guide you.
For a loan of up to $100,000 you’ll require identification details (valid Driver’s Licence), a valid NZBN/IRD as well as at least six months worth of bank statements.
If you’re looking for loans with larger sizes, you’ll also require:
$100K-$250K: Information about the application including credit approval, 6-12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K-$500K: Details for application including credit consent, 12 month bank accounts, the IRD statement as well as the two most recent years’ financial statements, in addition to interim financials from the current financial year, Aged Payables and Aged Receivables summaries.
For an unsecured loan ($5K and up) we typically offer an answer in just one hour, provided you submit your request in quality business hours and permit us to utilise the advanced bank verification system to immediately verify your bank account information online. If you want to upload copies of your banking statement, we’ll offer a decision in as little as 1 company day.
If you are applying for a Larger Business Loan ($100K and up) we could be likely to offer the conditional pre-approval within 6 hours. Once you have signed the pre-approval document, you will need to wait approximately 2-3 days to receive final approval, however it could be faster based on the specifics of each application. Some deals have been approved within just 24 hours.
The quickest method for you to apply is ensure you apply during normal company hours. Also, let us use the advanced bank verification system link to verify your bank account information online. If you send us copies of your bank statement, it may take a bit longer.
For the Small Business Loan ($5K and up) we usually offer an answer within an hour – as long as you make your application at standard business hours and permit us to use the bank verification system link to instantly verify your bank’s information online. If you opt to send us copies of your bank statement, we’ll provide a decision within 1 business day.
For Larger Business Loans ($100K to $500K) we might be capable of offer you with conditional pre-approval within 6 hours. Once you have signed the pre-approval document, you will need to wait approximately 2-3 days to receive final approval. However, this can be faster depending on the circumstances of each application. Certain offers have been approved in just 24 hours.
The most effective method would be to ensure you apply during standard business hours. You can also allow us to use the advance bank verification to instantly verify your bank information online. If you opt to upload documents from your account statements, it will take a little longer.
We offer the loan amount between $5,000 and $500,000. If you apply for a certain amount, we look at a variety of variables for determining what is the well-being of your company and the amount of the repayments your company will be able to support. The total amount of your loan will be contingent on the particular circumstances the business.
When you apply for a specific amount we will consider a number of factors to determine your health of the business and the amount of the repayments your company will be able to support. The amount you receive from your loan will depend on the specifics of your business.
When you make an application for our business loans, we will assess the risk assessment that you have for your company and offer you with a customised offer, including the loan amount, the terms and interest rates. The company loan is an upfront priced loan and you’ll be aware in advance of the total amount due, which includes any charges, interest rates or fees.
Business loan interest rates depend on a variety of factors including the amount borrowed, what business assets the money will be used for, the industry the company is operating in, how long the company has been running for, how long the company has sufficient cash flow to cover the loan, and overall health and creditworthiness of the company.
There are no hidden costs for our business loans. You’ll know exactly how much you’ll be required to pay and when, from day one. There’s no compounding and the loan comes with no additional fees (as as you make your payments punctually).
We do not charge an application fee. You can apply for a loan without any upfront costs or commitment to apply.
The Origination Fee is the cost associated in establishing and managing the loan. It is only charged for this fee if you choose to proceed with the loan. Our Origination Fee is 2.5% of the amount of loan.
You can decide to repay all of your loan in full at any time.
If you choose to do this please contact our helpful company loans experts. They’ll provide you with details on repayment and an early payout figure. This will be calculated as the total of the principal amount remaining and the accrued interest up to the time of early payment in addition to 1.5% of the principal amount remaining plus any outstanding fees.
To ensure that you don’t miss payments and to work with your cash flow cycle we offer repayments either weekly or daily. These are automatically withdrawn from the nominated business account.
The security of your personal information, as well as being clear about the ways we gather data, process, exchange and secure your information, is crucial and a vital element of our relationship with you.
Yes. We use industry recognised encryption standards to protect your personal, sensitive financial and other data. Our funders are ISO 27001 certified for our dedication to the security of our clients as well as their privacy. We make use of an advanced bank verification system to instantly confirm your bank account information online to provide an immediate response.
Asset-based borrowing is when an company owner uses the assets they have to get the funds for a loan. The asset can be either a personal asset like the family home or an business asset such as a truck or other piece of machinery.
The vast majority of lending institutions, even the big banks, tend to make loans secured by assets. If you’re struggling to pay back the loan then the asset might be sold by the lender. In essence it is a way of securing new financing by using the value of what you already have.
Up to $150K in loans it is not necessary to secure assets upfront to access the money however, we do need a personal guarantee. As long as you follow your loan commitments (as detailed in your loan contract) the security of assets will never be required. For loans over $150K generally, there is an individual guarantee and security that is in the form charges on assets.
