The criteria for eligibility for an unsecured business loan in Adelaide of between $5K to $100K are quite minimal.
Looking for more funding? Take a look at the eligibility requirements for our $100K to $500K company loan.
All you need to get started is your contact details (the name of your company and your name, as well as email, phone) along with the amount you’d like to borrow, and your monthly revenue.
Through the process and before settlement we will need confirmation of your identity, but not before we can begin:
After we start in the process, for loans that exceed $150,000, you will also require the following financial statements:
Let’s get started.
Adelaide unsecured loans offers amounts of between $5,000 and $100,000. The terms range between 3 and 24 months, cash flow-friendly repayments that are either daily or weekly.
You can apply for the Small Business Loan in under 10 minutes online or over the phone, receive a same day response and the funds could be in your account in 24 hours. Traditional company loans are based on an annual rate of interest along with other charges and fees. This company loan is a pre-paid loan therefore you’ll know in advance the total amount due, which includes any interest, fees or charges. Then, it is broken down into weekly or daily amount to be paid back.
It is a Small Business Loan can be used for almost any business reason, such as control of cash flow business renovations, marketing to purchase inventory, new equipment, to fund 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 growth opportunities. The loan ranges from $100,000 to $500,000 for a fixed period of with a maximum of 36 months. The repayments are made weekly or fortnightly depending on the flow of cash.
A Larger Business Loan has an Origination Fee which is calculated at 2.5 percent of the amount of the loan.
To be eligible for a loan of this size the business needs to be operating for a minimum of 3 years with an annual turnover of $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old 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 is a great option for almost all business purpose including company renovations, purchase of inventory or new equipment, as general working capital and much more. The loan is not available for personal reasons.
Asset security is necessary for funding of more than $150,000. This is by way of charge over assets, and could include registration on the PPSR or registering as a caveat.
A personal or director’s guarantee is a commitment to pay back a loan that is general in nature, rather than stating security over a particular asset. The person who signs the ensure is personally accountable if the business borrower is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register operated by the New Zealand Government. It records security interests that have been granted to individuals who own personal property (including the assets or goods). The PPSR gives preference over private property assigned according to the date the security interest that is registered.
A caveat is a legal document lodged to provide an official notice of a claim to a property.
If you’re applying for an enterprise loan that is greater than $250K we may be able to provide a preliminary pre-approval to help smooth out the process. We may be able to apply for this without credit checks and within 6 hours of the initial application. The pre-approval is based upon an initial assessment, which involves you answering a few financial well-being checks. It’s in no way an offer, nor is it a guarantee of funds. A conditional approval is subject an assessment of your creditworthiness and any offer that you receive could be subject to different terms.
You can apply for a company loan if you;
The process for applying is fast and easy. Complete the online form in just a few minutes, and an experienced company credit specialist will be in touch to guide you.
To be eligible for up to $100,000 you’ll need identification details (valid Driver’s License) as well as a valid NZBN/IRD as well as at least 6 months’ worth of bank statements.
In addition, for larger loan sizes, you’ll need:
$100K to $250K: Application details including credit approval, 6-12 months of bank statements, IRD statement (if loan above $150K).
$250K to $500K: Details for application including credit consent and 12 months of bank statements, IRD statement and the last two years’ finalised financial statements, as well as interim financials from the current financial year such as age-related payables and aged Receivables summaries.
For an unsecured loan ($5K or more) we usually provide a response in one hour, provided you apply during quality business times and let us utilise the bank verification system link to immediately verify your bank account information online. If you want to send us copies of your bank statements , we will be able to offer a decision within an company day.
For the Larger Business Loan ($100K or more) we may be able to offer you with conditional pre-approval within six hours. Once you have signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval, however this could be shorter based upon the circumstances for each application. Certain offers have been approved in just 24 hours.
The fastest way is to ensure you apply during standard company hours. You can also allow us to use the advance bank verification link to instantly verify your bank account information online. If you choose to send us the copies of bank statements , it may take a bit longer.
For the Small Business Loan ($5K or more) we can often provide a response in one hour – provided you make your application during normal business times and you allow us to make use of the advanced bank verification system to instantly verify your bank information online. If you opt to upload copies of your banking statements we can provide a decision in as little as 1 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 within about 6 hours. Once you have 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 particular circumstances of each application. Some transactions have received approval within less than 24 hours.
The quickest method would be to make sure you apply during standard business hours. Also, allow us to use our advanced bank verification system link to verify your bank account information online. If you opt to send us documents from your account statements it takes a bit longer.
We provide the loan amount between $5,000 and $500,000. If you apply for a particular amount, we consider a variety of factors in order to assess the well-being that is your business and the extent of the repayments your business will be able to support. The total amount of your loan will be contingent on the specifics that are unique to your business.
If you apply for a particular amount, we will consider a number of factors to determine how much we can lend you such as health of the company and the amount of repayments that your business will be able to support. The amount you receive from the loan will be determined by the specifics the company.
If you decide to make an application for business loans with us business credit, we’ll assess the risk profile of your business and offer an individualised offer including loan amount, term and the interest rates. This business loan is an upfront cost loan therefore you will be aware of the total amount you will have to pay, including charges or interest.
The interest rates on company loans rates differ based on various factors such as the amount that is borrowed, the business assets the money will be used for as well as the field the business operates in, how long the company is in operation and what percentage of the business has sufficient cash flow to cover the loan, and general well-being as well as creditworthiness company.
There aren’t any hidden costs for our company loans, and you’ll know precisely what it is that you need to pay and at what time, from day one. There’s no compounding interest, and no additional fees (as as long as you pay your payments on time).
We do not charge an application fee. You are able to get a cash loan without any upfront costs or any obligation to sign up.
The Origination Fee is the cost associated with setting up and managing the loan. It is only charged for this fee if you decide to take the loan. Our Origination Fee is 2.5% of the amount of the loan.
You can choose to repay all of your advance loan at any time.
If you choose to pursue this option, please contact our helpful company lending experts. They’ll provide you with details on 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 date of early payout, plus 1.5 percent of the principal amount remaining and any outstanding fees.
To help you avoid missing repayments and to fit in with your cash flow cycle we provide payments that are either daily or weekly. These are automatically deducted from the nominated company account.
The security of your personal information, as well as being clear about the ways we gather the information we collect, use, share and safeguard your data, is vital and is an essential aspect of our relationship with you.
Yes. We employ industry-recognised encryption protocols to safeguard your sensitive, personal and financial data and our funders are ISO 27001 certified for our commitment to the security of our customers as well as their privacy. We employ a highly sophisticated bank verification system that allows you to instantly verify the bank account details online, allowing us to offer a fast response.
Asset-based borrowing occurs when an business owner uses an asset they own to obtain the funds for a loan. The asset could be an individual property, such as the family home or an company asset such as a vehicle or piece or equipment.
The vast majority of lending institutions, including the big banks, tend to make loans secured by an asset. If you have trouble paying back the loan, your assets could be taken over by the lender. In essence it’s a way of securing new financing taking advantage of the value of what you already have.
Up to $150K in loans the requirement for asset security is not required before you can access the money, however we do need an individual guarantee. As long as you follow the terms of your loan (as stated in the loan contract) Asset security is not needed. For loans that exceed $150,000, typically, you will need personal guarantee and security that is in the form a charge over assets.
