The eligibility requirements for an unsecured business loan in Adelaide of between $5K and $100K are pretty minimal.
Need more funds? Find out the conditions of eligibility for our $100K-$500K business financing.
All that’s required to get started is your contact details (company name, your name, email address and phone), how much you want to borrow, and your monthly income.
While in the process and before settlement we will require confirmation of your identity but not to get started:
Once we’ve started, for loans greater than $150,000 you’ll also require basic financial statements:
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Adelaide unsecured loans provides the range of $5,000 to $100,000 with terms between 3 and 24 months, cash flow-friendly repayments, which are either daily or weekly.
It is possible to apply to the Small Business Loan in under 10 minutes over the phone. You’ll get an immediate response, and funds may be on your account within 24 hours. Traditional company loans are based on an annual interest rate along with other charges and fees. The company loan is a cash-based loan therefore you’ll know ahead of time the total amount due, which includes any fees, interest or charges. Then, it is broken down into either weekly or daily installment amount.
The Small Business Loan can be used to fulfill almost any business purpose including control of cash flow company renovations, marketing to purchase inventory, new equipment, for general working capital and so much more. The loan cannot be used to fund personal expenses.
The Larger Business Loan is a larger amount of loan to help company growth opportunities. Loans range from $100,000 to $500,000 with a term fixed with a maximum of 36 months. Repayments are scheduled weekly or fortnightly depending on your situation.
It is important to note that the Larger Business Loan has an Origination Fee which is determined at 2.5 percentage of the loan amount.
To qualify for a loan of this size the company needs to be operating for a minimum of 3 years, and have an annual income of at least $700,000. You must be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old or have a New Zealand company (with a valid NZBN/IRD) and be able to prove at the least 12 months of operating.
A Business Loan of a larger size is a great option for almost every company reason, such as business renovations, to purchase equipment or inventory for general working capital and so much more. The loan is not available to fund personal expenses.
Asset security is required for funding of more than $150,000. This is in the form of a charge against assets and can include registration in the PPSR or registering as a caveat.
A director’s or personal guarantee is a guarantee to repay a loan which is general in nature rather than stipulating the security of a specific asset. The person who signs the guarantee is personally liable if the company the borrower fails to repay the debt.
The Personal Property Securities Register (PPSR) is an online central register run by the New Zealand Government. It lists security interests that are granted to individuals who own personal property (including items or assets). The PPSR permits priority over personal property to be granted according to the date a security interest that is registered.
A caveat is a legal document that is filed to provide the public notice of a legal claim to property.
When you’re applying for the Larger Business Loan of $250K or more, we may offer an initial pre-approval that will help ease the process. It is possible to get this done without a credit verification and within 6 hours of your initial application. The pre-approval process is based on an initial evaluation that involves answering a couple of financial well-being checks. It is not an offer or guarantee of finance. Acceptance without condition is subject to an assessment of your creditworthiness and any offer you might receive could be subject to different conditions.
You can apply for a company loan if you
The application process is fast and simple. Complete the online form in few minutes and an experienced business lending specialist will call you to assist you.
To apply for up to $100,000 you’ll require proof of identity (valid Driver’s License) and a valid NZBN/IRD as well as at least 6 months of bank statements.
If you’re looking for loans with larger sizes, you’ll need:
$100K-$250K: Information about the application including credit consent, 6 – 12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K – $500K: Information on the application including credit consent, 12 month bank accounts, the IRD statement as well as the two most recent years’ financial statements, as well as interim financials for the current financial year as well as Aged Payables and Receivables summary.
For an unsecured loan ($5K and up) we typically provide an answer within an hour if you apply in standard company times and let us use the advanced bank verification system to immediately verify your bank account information online. If you want to submit copies of your bank statements , we are able to provide the decision in just the span of one company day.
For Larger Business Loans ($100K to $500K) we may be in a position to provide you with pre-approval conditional to your application in about six hours. After you’ve signed the pre-approval, turnaround times are about 2-3 days for final approval, however this can be quicker based upon the circumstances for each application. Certain offers have been approved in less than 24 hours.
The quickest method would be to ensure you apply during normal business hours. Also, allow us to use the advanced bank verification system to verify your bank account information online. If you opt to send us documents from your account statements it takes a bit longer.
For the Small Business Loan ($5K to $100K) we usually offer an answer in just one hour, provided you make your application within standard business timings and let us make use of the advanced bank verification system link to immediately verify your bank account information online. If you want to upload copies of your banking statements we can provide an answer within an business day.
If you are applying for Larger Business Loans ($100K to $500K) we might be capable of offer you with pre-approval conditional to your application within six hours. Once you’ve signed your pre-approval form, it will take approximately 2-3 days to receive 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 fastest way for you to apply is ensure you apply during standard business hours and let us use the advance bank verification to instantly confirm your bank details online. If you choose to upload documents from your account statements it can take a bit longer.
We offer loans ranging from $5,000 and $500,000. When you submit an application for a certain amount we take into consideration a range of aspects that determine how much we can lend you well-being for your business and the extent of repayments that your business can afford. The amount you receive from your loan will be contingent on the particular circumstances the business.
When you submit an application for a specific amount we look at a range of factors to assess your well-being that is your business and the level of repayments your business is able to afford. The amount you receive from your loan will depend on the particulars of your business.
If you decide to request one of our business credit, we’ll assess the risk assessment the business and provide an individualised offer including the amount of the loan, the duration and the interest rates. It is a business loan is an upfront cost loan so you will know in advance the total amount to be paid, including any charges, interest rates or fees.
Business loan interest rates depend on a variety of factors such as the amount that is borrowed, what company assets the funds will be used for, the industry the business is operating in, how long the company is in operation, whether the business has sufficient cash flow to support the loan, and also the overall well-being or financial standing of the company.
There are no hidden costs for our business loans. You’ll be aware of the amount you need to pay and when, from day one. There’s no compounding interest, and the loan comes with no additional fees (as as you make your payments in time).
We don’t charge an Application Fee. You can make an application for loans absolutely no upfront cost and no commitment to apply.
The Origination Fee is the cost associated with setting up and managing the loan. You are only charged this cost if you take out the loan. Our Origination Fee is 2.5% of the amount of loan.
You may choose to pay back the entire amount of your advance loan at any time.
If you decide to take this route, please speak to our friendly business loan professionals. They will provide you with the details of your repayment and an early payment figure. It will be calculated using the total of the remaining principal amount and the accrued interest up to the time of the early payout plus 1.5 percent of the principal amount remaining plus any outstanding fees.
In order to help you avoid missing repayments and to fit in with your cash flow cycle we offer repayments that are either daily or weekly. They will be automatically deducted from your nominated business account.
Protecting your information, and knowing how we collect, use, exchange and protect your information, is of paramount importance and is a crucial element of our relationship with you.
Yes. We employ industry-recognised encryption standards to protect your sensitive, personal financial and other data. Our funders are ISO 27001 certified for our commitment to security for our clients and privacy. We make use of an advanced banking verification system to immediately confirm your bank account information online to provide rapid response.
Asset-based borrowing is when a business owner borrows from the assets they have to secure the loan. The asset can be either a personal asset like the family home, or it could be a company asset such as a truck or other piece of machinery.
The vast majority of lenders, not just the largest banks, are inclined to secure loans against an asset. If you’re having trouble paying back the loan then the asset could be offered for sale by the lender. In essence it is means of securing new funding making use of the value of what you already own.
For loans up to $150,000 there is no requirement for asset security before you can access the money, however we do need the personal guarantee. So long as you comply with your loan commitments (as stated in the loan contract) and you are able to meet your obligations, asset security will never be required. For loans of over $150K generally, you are able to get a personal ensure and security that is in the form a charge over assets.
