The eligibility requirements for an unsecured business loan in Sydney of between $5K and $100K are fairly minimal.
Are you looking for additional funding? Check out the eligibility requirements for our $100K-$500K company loan.
All that is needed to begin is your contact information (the name of your company, your name, email or phone number), how much you’d like to borrow and your monthly earnings.
Through the process and before settlement we will need confirmation of who you are, but not to get started:
After we start in the process, for loans over $150,000 you’ll need basic financial statements.
Let’s get started now.
Sydney unsecured loans offers amounts of between $5,000 and $100,000 with terms between 3 and 24 months. They also offer cash flow-friendly repayments that are either per day or weekly.
You can apply to your Small Business Loan in under 10 minutes online or on the phone. You’ll receive a same day response and the money could be in your account in 24 hours. Traditional company loans refer to an annual interest rate plus other fees and charges. Our business loan is an upfront priced loan therefore you’ll know ahead of time the total amount to be paid, including the interest, fees and charges. This is then broken down into either weekly or daily payment amount.
It is a Small Business Loan can be used for almost every business need, such as the management of cash flow, company renovations, marketing, to purchase inventory or new equipment, for general working capital and much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger amount of loan to help business expansion opportunities. Loans range from $100,000 to $500,000 for a fixed period of with a maximum of 36 months. Repayments are scheduled weekly or fortnightly to work with you cashflow.
The Larger Business Loan has an Origination Fee, which is calculated at 2.5 percentage of the loan amount.
To qualify for a loan of this size the business needs to have been operating for at least three years with an annual turnover of $700K. Your company must belong to 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 of proving at minimum 12 months of continuous trading.
A Larger Business Loan can be used to fund almost all company need, including business renovations, to purchase new equipment or inventory, as general working capital and much more. The loan cannot be used to fund personal expenses.
Asset security is needed to obtain funding above $150,000. It’s as a result of an charge on assets, and may include registration in the PPSR or making as a caveat.
A director’s or personal guarantee is a commitment to repay credit that is generally in nature rather than stipulating the security of a specific asset. The person who is signing the ensure is personally liable in the event that the company borrower is unable to repay 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 that are registered for personal property (including goods or assets). The PPSR grants priority over personal property to be assigned according to the date a registration of a security interest.
A caveat is a legal document that is filed to provide an official notice of a claim to a property.
If you’re requesting the Larger Business Loan of more than $250K we may be able to provide an initial pre-approval in order to ease the process. We may be able to make this decision without a credit verification and within 6 hours of the initial application. The pre-approval is based upon an initial assessment that includes you answering a few financial health checks. It’s not an offer of credit or guarantee of financing. A conditional approval is subject an exhaustive credit evaluation, and any offer that you might receive could be based on different conditions.
You may apply for a company loan if you:
The process for applying is fast and simple. Just complete the online application within a couple minutes, and an experienced business credit specialist will be in touch to help you.
To apply for up to $100,000 you’ll require ID details (valid Driver’s Licence) as well as an NZBN/IRD that is valid and at least six months of bank statements.
In addition, for larger loan sizes, you’ll need:
$100K to $250K: Application requirements, including credit approval, 6-12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K – $500K: Application details including credit consent and 12 months bank statement, an IRD statement, last 2 years finalised financial statements, as well as interim financials for the current financial year as well as Aged Payables and Receivables summaries.
For an unsecured loan ($5K to $100K) we can often provide an answer within one hour, provided you apply in standard company timings and you allow us to use the advanced bank verification system to instantly verify your bank information online. If you want to upload copies of your bank statement, we’ll provide a decision in as little as one company day.
If you are applying for a Larger Business Loan ($100K to $500K) we could be capable of offer you with pre-approval conditional to your application in around six hours. Once you have signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval, however this may be quicker depending on the specifics of each application. Some agreements have been approved within 24 hours.
The quickest method would be to make sure you apply during standard business hours. You can also allow us to use the advanced bank verification system to instantly confirm your bank details online. If you opt to send us the copies of bank accounts, it takes a bit longer.
For the Small Business Loan ($5K and up) we can often offer an answer within an hour – as long as you submit your request at normal business times and let us use the bank verification system to immediately verify your bank account information online. If you decide to submit copies of your bank statements, we are able to provide a decision in as little as an business day.
For the Larger Business Loans ($100K up to $500,000) we may be in a position to provide you with a conditional pre-approval within about 6 hours. Once you’ve signed your pre-approval form, it will take approximately 2-3 days to receive final approval. However, it could be faster based on the circumstances of each application. Some transactions have received approval in less than 24 hours.
The fastest way can be ensure you apply during standard business hours, and let us use the advance bank verification to instantly verify your bank information online. If you opt to upload duplicates of your banking statements, it will take a little longer.
We offer loans ranging from $5,000 to $500,000. When you submit an application for a certain amount we look at a variety of elements for determining your well-being for your company and the extent of the repayments your business can afford. The amount you receive from your loan will depend on the particular circumstances that are unique to your company.
When you apply for a certain amount, we look at a range of factors to determine your health of the company as well as the amount of repayments your company can afford. The total amount of the loan will be determined by the specifics that are unique to your business.
If you decide to request business loans with us business loan, we’ll assess the risk assessment the business and offer you with a customised offer, including the amount of the loan, the duration and interest rates. The company loan is an upfront cost loan so you will know the exact amount you will have to pay, including charges, interest rates or fees.
The interest rates on business loans rates depend on a variety of factors such as the amount that is borrowed, what business assets the money are used to purchase in addition to the industry that the company operates in, how long the business has been operating as well as what percentage of the company has sufficient cash flow to cover the loan, and overall health or creditworthiness of the company.
There are no hidden fees for our company loans. You’ll know precisely how much you’ll need to pay, and when, starting from the day you sign up. There’s no compounding interest 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 are able to make an application for loans no cost upfront or any obligation to sign up.
The Origination Fee is the cost associated with setting up and managing the loan. This is only a fee if you proceed with the loan. The Origination Fee for us is 2.5% of the amount of loan.
You may choose to pay back the total amount of your loan at any point in time.
If you do decide to pursue this option, please talk to one of our helpful company loan specialists. We will offer you with the details of your repayment as well as an early payout amount. The figure will be calculated as the total of the principal balance plus any accrued interest as of the time of early payment, plus 1.5% of the principal amount remaining as well as any outstanding fees.
To ensure you do not miss due dates and also to be in line your cash flow cycle we provide payments that are either daily or weekly. They are automatically deducted from your designated company account.
Security of your data, and making it clear how we collect data, process, exchange and safeguard your data, is of paramount importance and a vital part of our relationship with you.
Yes. We make use of industry-standard encryption techniques to protect your personal, sensitive 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 utilise a sophisticated bank verification system that allows you to instantly verify your bank account details online to provide a fast response.
An asset-based loan is when a business owner makes use of an asset they own to make a loan. The asset can be an asset belonging to the personal, like the family home or it could be a company asset such as a vehicle or other piece of machinery.
The vast majority of lenders, including the big banks, tend to guarantee 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 financing making use of the value of what you already have.
For loans that exceed $150K, no asset security is required upfront to access the money, however we do need a personal guarantee. In the event that you fulfill your loan commitments (as stated in your loan contract document) Asset security will never be needed. For loans over $150K generally there is an individual guarantee and security in the form an asset charge.
