The eligibility requirements for an unsecured business loan in Adelaide of between $5K and $100K are fairly minimal.
Are you looking for additional funding? Check out the conditions of eligibility for our $100K to $500K business loans.
All you need to get started is your contact information (company name, your name, email and telephone) and the amount you’d like to borrow, as well as your monthly income.
During the process and before settlement we’ll require confirmation of who you are but not to get started:
After we start when it comes to loans over $150,000 you will also need the following financial statements:
Let’s get started.
Adelaide unsecured loans provides amounts between $5,000 and $100,000 with terms between 3 and 24 months. They also offer cash flow friendly repayments which can be made daily or weekly.
It is possible to apply to the Small Business Loan in under 10 minutes over the phone, receive an instant response and the money could be in your account within 24 hours. Traditional company loans are based on an annual rate of interest together with additional fees and charges. Our company loan is a cash-based loan which means you know in advance the total amount payable including any fees, interest or charges. This is then broken down into either weekly or daily amount to be paid back.
A Small Business Loan can be used to fulfill almost every business reason, such as control of cash flow company remodels and marketing for purchasing inventory or new equipment, for general working capital and much more. The loan is not available for personal purposes.
The Larger Business Loan is a larger size of loan that can be used to fund business expansion opportunities. The loan ranges from $100,000 to $500,000 over a fixed term for up to 36 months. Repayments are scheduled weekly or fortnightly in order to accommodate the flow of cash.
The Larger Business Loan has an Origination Fee, calculated at 2.5 percentage of the amount of the loan.
To be eligible for a loan that is this large, your business needs to have been in operation for at least 3 years with an annual turnover of at least $700K. You must be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 as well as own a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of continuous trading.
A larger company loan can be used to fund almost all business reason, such as company renovations, to purchase inventory or new equipment for general working capital, and much more. The loan is not available for personal purposes.
Asset security is necessary to obtain funding above $150,000. This can be done in the form of a charge against assets, and could include registering this in the PPSR or making a caveat.
A director’s or personal guarantee is a guarantee to repay a loan which is general in nature rather than defining the security of a specific asset. The person who signs the guarantee is personally liable in the event that the business borrower is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online, central register run by the New Zealand Government. It contains security interests that are registered for personal property (including goods or assets). The PPSR allows prioritisation over property that is personal to be granted according to the date the registration of a security interest.
Caveats are legal document filed to offer the public notice of a legal claim to property.
If you’re applying for larger business loans that is greater than $250K it’s possible to offer an initial pre-approval that will help ease the process. We might be able to get this done without a credit verification and within 6 hours of your initial application. The pre-approval is based upon an initial assessment that includes the answer to a series of financial health questions. This is not an offer of credit or guarantee of finance. The approval of a conditional loan is subject to an extensive credit evaluation and any offer you are offered could be based on different terms.
You may apply for an business loan if you
The application process is quick and easy. Just fill out the online application in few minutes and a dedicated company credit specialist will contact you to help you.
To apply for up to $100,000 you’ll need ID details (valid Driver’s License) and an active NZBN/IRD, and at least six months worth of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K-$250K: Application requirements, including credit consent, 6-12 months of bank statements, IRD statement (if loan above $150K).
$250K – $500K: Information on the application including credit consent and 12 months of bank records, IRD statements, last 2 years finalised financial statements, as well as interim financial statements for the current year including Aged Payables, Aged Receivables reports.
For an unsecured loan ($5K to $100K) we can often provide an answer within an hour – as long as you make your application in quality company time and let us utilise the advanced bank verification system link to immediately verify your bank account information online. If you decide to upload copies of your banking statements we can offer a decision within just an company day.
If you are applying for a Larger Business Loan ($100K or more) we could be capable of offer the conditional pre-approval within about 6 hours. Once you have signed the pre-approval document, you will need to wait between 2 and 3 days for the final approval. However, this may be quicker depending on the particular circumstances of each application. Some transactions have received approval in the space of 24 hours.
The most effective method can be ensure you apply during standard company hours and allow us to use our advance bank verification to instantly check your bank’s information online. If you opt to upload the copies of bank statements , it can take a bit longer.
For the Small Business Loan ($5K and up) we usually offer an answer in just one hour – as long as you submit your request in normal business timings and allow us to use the bank verification system to instantly verify your bank’s information online. If you want to upload copies of your bank statements we can provide the decision within 1 business day.
If you are applying for Larger Business Loans ($100K or more) we may be in a position to offer you with a conditional pre-approval in around six hours. After you’ve signed the pre-approval, the turnaround time is about 2-3 days for final approval. However, this may be quicker depending on the circumstances of each application. Some offers have been approved in just 24 hours.
The fastest method can be make sure you apply during standard business hours. You can also let us use the advanced bank verification system to instantly check your bank’s information online. If you opt to send us duplicates of your banking statements, it takes a bit longer.
We offer loan amounts between $5,000 to $500,000. When you submit an application for a certain amount, we take into consideration a range of aspects to determine your health of the company and the extent of the repayments your business will be able to support. The amount you receive from your loan will be contingent on the specifics the company.
If you apply for a specific amount we take into consideration a variety of factors to determine how much we can lend you such as well-being of your company and the amount of the repayments your business can afford. The total amount of your loan will depend on the particulars of your business.
If you decide to apply for one of our company financing, we will assess the risk assessment for your business and provide you with a tailored offer that includes the amount of loan, the term and interest rates. This business loan is an upfront cost loan so you will know the exact amount payable including any interest rates, fees or charges.
The interest rates on company loans rates depend on several factors such as the amount that is borrowed, what business assets the funds are used to purchase in addition to the industry that the business is operating in, how long the business has been in operation for, whether the company has sufficient cash flow to pay for the loan, and also the general health as well as creditworthiness business.
There are no hidden costs with our business loans, and you’ll know exactly how much you be required to pay and when, right from day one. There’s not any compounding interest and the loan comes with no additional fees (as as you make your payments punctually).
We do not charge an Application Fee. You can make an application for loans no cost upfront or obligation to proceed.
The Origination Fee includes the expenses associated with setting up 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 percentage of the amount of the loan.
You may choose to pay back the entire amount of the loan in full at any time.
If you decide to pursue this option, please talk to one of our helpful business lending experts. They’ll provide you with details for repayment and an early payout figure. This is calculated as the total of the remaining principal amount and any accrued interest at the time of the early payout plus 1.5 percent of the principal amount remaining plus any outstanding fees.
To ensure you do not miss due dates and also to be in line with your cash flow general, we provide payments that are either weekly or daily. They will be automatically deducted from the nominated company account.
Making sure that your information is secure, and being transparent about how we collect the information we collect, use, share and secure your information, is crucial and an integral part of our relationship with you.
Yes. We utilise industry-recognised encryption techniques to protect your sensitive, personal financial information and our funders are ISO 27001 certified for our commitment to protecting the security of customers and security. We utilise a sophisticated bank verification system to instantly verify your bank account information online, allowing us to provide quick responses.
Asset-based borrowing is when the company owner utilises an asset that they own to get the loan. The asset could be an asset belonging to the personal, like the family home or a business property like a truck or piece of equipment.
The vast majority of banks, even the banks with the biggest size, prefer to make loans secured by assets. If you’re struggling to pay back the loan then your assets could be sold by the lender. In essence, it’s a way of securing new funding making use of the value of what you already own.
For loans up to $150,000 it is not necessary to secure assets in advance to gain access to the funds but we require a personal guarantee. require a personal guarantee. As long as you follow your loan commitments (as detailed in your loan contract document) Asset security is not required. If you take out loans in excess of $150,000 generally, there is a personal guarantee and security is provided in the form of a charge over assets.
