The criteria for eligibility for an unsecured business loan in Sydney of between $5K and $100K are pretty minimal.
Looking for more funding? Take a look at the guidelines for eligibility for our $100K-$500K business credit.
All that is needed to begin is your contact information (company name, your name, email and telephone), how much you’d like to borrow, as well as your monthly income.
During the process and before settlement we will require confirmation of your identity but not before we can begin:
Once we’ve started in the process, for loans over $150,000 you’ll also require basic financial statements:
Let’s get started.
Sydney unsecured loans provides amounts between $5,000 and $100,000 with terms between 3 and 24 months, cash flow-friendly repayments that are either per day or weekly.
It is imaginable to apply to the Small Business Loan in under 10 minutes online or on the phone. You’ll receive an answer within the same day and funds may be on your account within 24 hours. Traditional business loans refer to an annual interest rate plus other fees and charges. Our company loan is a cash-based loan therefore you’ll know in advance the amount you will have to pay, including any fees, interest or charges. This is then broken down into either a daily or weekly amount to be paid back.
A Small Business Loan can be used for virtually any company use, including managing cash flows, business renovations, marketing, to purchase inventory or new equipment, as general working capital and much more. The loan cannot be used for personal use.
The Larger Business Loan is a larger loan size to support business growth opportunities. Loans are between $100,000 and $500,000 over a fixed term for up to 36 months. Repayments are scheduled weekly or fortnightly depending on your cash flow.
It is crucial to note that the Larger Business Loan has an Origination Fee, which is determined at 2.5% of the loan amount.
To qualify for a loan in this amount the business needs to have been trading for at least 3 years and generate an annual revenue of $700K. Your company must belong to a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old as well as own a New Zealand company (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 any business purpose including company renovations, purchase of equipment or inventory for general working capital and so much more. The loan cannot be used for personal use.
Asset security is necessary to access funding over $150,000. This can be done by taking a charge over assets, and may include registering this with the PPSR or making a caveat.
A director’s or personal ensure is a commitment to pay back a loan that is general in nature, rather than defining the security for a particular asset. The person who is signing the guarantee is personally responsible if the company borrower is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is an online, central registry run by the New Zealand Government. It contains security interests that are registered for personal property (including items or assets). The PPSR allows preference over private property granted depending on the date that a security interest has been registered.
Caveats are legal document filed to offer notice of a legal claim on a property.
If you’re requesting the Larger Business Loan of more than $250,000 it’s possible to offer an initial pre-approval to ease the process. We may be able to apply for this without a credit check, and within 6 hours of the initial application. This pre-approval is based on an initial assessment that includes answering a couple of financial well-being checks. It’s in no way an offer, nor is it a guarantee of funds. A conditional approval is subject an extensive credit evaluation and any offer you are offered could be subject to different terms.
You can apply for a company loan if you
The application process is quick and simple. Simply complete the online form in just a few minutes, and an experienced business lending specialist will call you to guide you through the process.
To apply for up to $100,000 you’ll need ID details (valid Driver’s Licence) and an active NZBN/IRD, and at least 6 months’ worth of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K-$250K: Details of application, including credit approval, 6-12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K-$500K: Information on the application including credit consent twelve months bank statement, an IRD statements as well as the two most recent years’ financial statements, in addition to interim current financial year financials as well as Aged Payables and Receivables reports.
For an unsecured loan ($5K or more) we can often offer an answer within an hour, provided you apply in standard company timings and allow us to utilise the advanced bank verification system to instantly verify your bank information online. If you opt to send us copies of your bank statements , we are able to offer a decision in just an company day.
For the Larger Business Loan ($100K and up) we may be in a position to offer you with conditional pre-approval within six hours. After you’ve signed the pre-approval form, it will take about 2-3 days for final approval. However, this can be quicker based on the particular circumstances of each application. Some transactions have received approval within 24 hours.
The most efficient method would be to ensure you apply during normal business hours, and let us use the advanced bank verification system to instantly confirm your bank details online. If you decide to upload duplicates of your banking statements it takes a bit longer.
For the Small Business Loan ($5K up to $100,000) we can often offer an answer within an hour if you submit your request in standard business hours and let us use the bank verification system link to immediately verify your bank account information online. If you want to upload copies of your banking statement, we’ll offer a decision in just 1 business day.
For the Larger Business Loans ($100K or more) we could be likely to provide the conditional pre-approval within about six hours. Once you’ve signed the pre-approval, the turnaround time is around 2-3 days for final approval. However, this could be shorter based upon the circumstances for each application. Certain offers have been approved in less than 24 hours.
The fastest way can be ensure you apply during standard business hours, and allow us to use the modern bank verification to instantly verify your bank account information online. If you send us documents from your account accounts, it takes a bit longer.
We offer loan amounts between $5,000 to $500,000. When you make an application for a particular amount, we look at a variety of aspects for determining the well-being for your company as well as the amount of the repayments your company can afford. The total amount of your loan will depend on the specifics of your company.
When you apply for a specific amount we take into consideration a variety of elements to assess the health of your company and the extent of repayments your business will be able to support. The amount you receive from your loan will be contingent on the particular circumstances that are unique to your company.
If you decide to request our business loan, we will assess the risk assessment the business and provide you with a customised offer that includes loan amount, term and the interest rates. It is a business loan is a loan that is priced upfront therefore you will know the exact amount due, which includes any charges or interest.
The interest rates on business loans rates depend on a variety of variables like the amount to be that is borrowed, what company assets the funds are used to purchase, the industry the company operates in, the long the company has been running, in the event that the business has sufficient cash flow to support the loan, and overall health or creditworthiness of the company.
There are no hidden costs with our company loans, and you’ll be aware of the amount it is that you be required to pay and when, right from the very first day. There’s no compounding and no extra fees (as as you make your payments punctually).
We do not charge an application fee. You can make an application for loans absolutely no upfront cost and no obligation to proceed.
The Origination Fee is the cost associated with establishing and managing the loan. You are only charged this cost if you take out the loan. Our Origination Fee is 2.5 percentage of the loan amount.
You can choose to repay the entire amount of your loan early at any time.
If you are deciding to pursue this option, please contact our helpful company loan experts. We will provide you with the details of your repayment and an early payment figure. This will be calculated as the total of the remaining principal amount and any accrued interest at the time of early payment and 1.5 percent of the remaining principal as well as any outstanding fees.
To ensure that you don’t miss due dates and also to be in line with your cash flow standard, we provide payments that are either weekly or daily. These are automatically withdrawn from your designated company account.
Protecting your information, and being upfront about how we collect data, process, exchange and ensure the security of your information is vital and an integral element of our relationship with you.
Yes. We make use of industry-standard encryption standards to secure your personal, sensitive and financial data and our funders are ISO 27001 qualified for our dedication to protecting the security of clients and privacy. We employ an exceptionally sophisticated bank verification system to instantly verify your bank account details online. This allows us to provide rapid response.
The term "asset-based" refers to borrowing where an company owner makes use of assets they own to obtain a loan. The asset can be either an individual asset, such as the family home, or it could be a company property like a truck as well as a piece of machine.
The vast majority of lenders, even the banks with the biggest size, prefer to make loans secured by an asset. If you have trouble paying back the loan then the asset could be sold by the lender. In essence, it’s a way of securing additional financing making use of the value of what you already have.
Up to $150K in loans the requirement for asset security is not required in advance to gain access to the funds, however we do need the personal guarantee. So long as you comply with your loan obligations (as detailed in the loan contract), asset security is not needed. For loans of over $150,000 generally, there is a personal ensure and security is provided in the form of a charge over assets.
