The criteria for eligibility for an unsecured business loan in Sydney of between $5K and $100K are fairly minimal.
Looking for more funding? Find out the guidelines for eligibility for our $100K to $500K company loan.
All that’s needed to start 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 lend, and your monthly income.
Through the process and before settlement we will need confirmation of who you are but not before we can begin:
After we start with loans of more than $150,000 you will also need basic financial statements.
Let’s get started.
Sydney unsecured loans provides the range of $5,000 to $100,000. Terms range from 3 and 24 months and cash flow-friendly repayments which can be made daily or weekly.
The application to get this Small Business Loan in under 10 minutes on the internet or over the phone. You’ll get an immediate response, and have the funds available in just 24 hours. Traditional company loans are based on an annual interest rate plus other fees and charges. This business loan is an upfront priced loan therefore you’ll be aware in advance of the total amount to be paid, including any fees, interest or charges. Then, it is broken down into either weekly or daily payment amount.
The Small Business Loan can be used for virtually every company use, including cash flow management, business remodels and marketing for purchasing inventory or new equipment, as general working capital and so much more. The loan cannot be used for personal use.
The Larger Business Loan is a larger size of loan that can be used to fund business growth opportunities. Loans range from $100,000 to $500,000 with a fixed-term with a maximum of 36 months. Repayments are either weekly or fortnightly in order to accommodate your situation.
The Larger Business Loan has an Origination Fee which is determined at 2.5% of the loan amount.
To qualify for a loan of this size the business needs to be trading for at least 3 years with an annual turnover of $700K. You must be a New Zealand Citizen (or Permanent Resident) at least 18 years old, own a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of business.
A large company loan can be used for nearly all company purpose including company improvements, purchasing equipment or inventory or as general working capital and much more. The loan cannot be used for personal use.
Asset security is needed to access funding over $150,000. It’s by way of charge on assets, and may include the registration of this through the PPSR or registering as a caveat.
A personal or director’s ensure is a guarantee to repay credit that is general in nature, rather than stipulating the security for a particular asset. The person who signs the ensure is personally liable in the event that the company creditor is unable to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register run by the New Zealand Government. It reflects security interests that are registered for personal property (including goods or assets). The PPSR permits preference over private property granted depending on the date that a security interest that is registered.
Caveats are legal form of document to offer an official notice of a claim against a property.
If you’re requesting an enterprise loan that exceeds $250K we can offer an initial pre-approval to smooth out the process. We might be able to do this without a credit verification and within six hours of your initial application. This pre-approval is based on an initial assessment that includes you answering a few financial well-being questions. It is in no way an offer, nor is it a guarantee of financing. Acceptance without condition is subject to an extensive credit evaluation and any offer you are offered could be subject to different terms.
You may be eligible for an business loan if you:
The application process is simple and simple. Just fill out the online application in just a few minutes, and a dedicated company loan specialist will be in touch to assist you.
To be eligible for up to $100,000 you’ll need proof of identity (valid Driver’s License) and an NZBN/IRD that is valid and at least six months worth of bank statements.
For larger loan sizes, you’ll require:
$100K-$250K: Application requirements, including credit consent, 6-12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K to $500K: Application details including credit consent, 12 months of bank statements, IRD statements as well as the two most recent years’ financial statements, plus interim financials from the current financial year including Aged Payables, Aged Receivables summary.
For an unsecured loan ($5K and up) we can often provide a response in one hour if you make your application during standard company times and let us use the advanced bank verification system to immediately verify your bank account information online. If you want to send us copies of your bank statements , we are able to provide an answer within just one company day.
For the Larger Business Loan ($100K or more) we could be able to offer the conditional pre-approval within 6 hours. After you’ve signed the pre-approval, turnaround times are between 2 and 3 days for the final approval, however it could be faster based upon the circumstances for each application. Some transactions have received approval in 24 hours.
The quickest method for you to apply is make sure you apply during normal business hours and allow us to use the advance bank verification to instantly verify your bank information online. If you send us the copies of bank statements , it may take a bit longer.
For the Small Business Loan ($5K up to $100,000) we usually provide an answer in just one hour – provided you make your application during standard business hours and you allow us to use the bank verification system to immediately verify your bank account information online. If you opt to submit copies of your bank statement, we’ll offer a decision in as little as the span of one business day.
For the Larger Business Loans ($100K and up) we may be capable of offer you with a conditional pre-approval within about six hours. Once you’ve signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval, however this can be faster depending on the specifics of each application. Some agreements have been approved in 24 hours.
The most effective method would be to ensure you apply during normal business hours. You can also allow us to use the advance bank verification link to instantly check your bank’s information online. If you upload the copies of bank statements it will take a little longer.
We offer loans that range from $5,000 to $500,000. If you apply for a specific amount we take into consideration a range of factors to determine how much we can lend you well-being of your business and the level of the repayments your company will be able to support. The amount you receive from your loan will depend on the specifics that are unique to your business.
When you make an application for a specific amount we take into consideration a variety of aspects to assess the health that is your company and the level of repayments that your business is able to afford. The amount you receive from your loan will be determined by the particular circumstances the company.
If you decide to apply for the company credit, we’ll assess the risk profile the business and provide you with a customised offer that includes loan amount, term and interest rates. It is a business loan is an upfront-priced loan and you’ll be aware in advance of the total amount payable including any costs, fees, or interest rates.
Business loan interest rates depend on several factors such as the amount that is borrowed, what business assets the funds will be used for as well as the field the company is in, how long the business is in operation as well as in the event that the business has sufficient cash flow to support the loan, and also the general health or financial standing of the business.
There aren’t any hidden costs for our company loans, and you’ll know precisely how much you’ll need to pay and when, starting from the first day. There’s no compounding and the loan comes with no additional fees (as long as you are able to make your payments on time).
We do not charge an Application Fee. You can apply for a loan without any upfront costs or any obligation to sign up.
The Origination Fee includes the expenses associated in establishing and managing the loan. You are only charged this fee if you proceed with the loan. The Origination Fee for us is 2.5 percentage of the loan amount.
You can decide to repay the entire amount of the loan early at any time.
If you choose to take this route, please speak to our friendly business lending experts. They’ll provide you with details on repayment and an early payment figure. This is calculated as the sum of the principal balance plus any accrued interest as of the time of early payout and 1.5 percent of the remaining principal as well as any outstanding fees.
To ensure that you don’t miss payments and to work your cash flow schedule, we provide repayments either weekly or daily. These are automatically withdrawn from your company account.
Making sure that your information is secure, and being transparent about the ways we gather, use, exchange and protect your information, is of huge importance and an integral element of our relationship with you.
Yes. We employ industry-recognised encryption protocols to safeguard your sensitive, personal financial information and our funders are ISO 27001 certified for our commitment to customer security and privacy. We employ a highly sophisticated banking verification system to immediately confirm your bank account information online. This allows us to offer a fast response.
Asset-based borrowing is when a business owner makes use of the assets they have to make the funds for a loan. The asset can be a personal asset like the family home, or a company property like a truck or other piece of machinery.
The majority of lending institutions, even the big banks, tend to secure loans against an asset. If you have trouble paying back the loan, then the asset could be offered for sale by the lender. In essence, it is an opportunity to secure new funding using the worth of the asset you already have.
For loans up to $150,000 it is not necessary to secure assets before you are able to access the money However, we do require a personal guarantee. So long as you comply with the terms of your loan (as stipulated in your loan contract document) Asset security is not required. For loans over $150K generally, there is a personal ensure and security in the form of charges on assets.
