The criteria for eligibility for an unsecured business loan in Sydney of between $5K to $100K are quite minimal.
Looking for more funding? Review the guidelines for eligibility for our $100K to $500K business credit.
All that is needed to start is your contact details (the name of your company, your name, email address, phone), how much you’d like to borrow and your monthly revenue.
In the course of the process and before settlement we will require confirmation of your identity but not before we can begin:
After we start with loans greater than $150,000 you’ll also need basic financial statements.
Let’s get started.
Sydney unsecured loans offers amounts of between $5,000 and $100,000. Terms range from 3 and 24 months and cash flow friendly repayments that are either daily or weekly.
You can apply to this Small Business Loan in under 10 minutes over the phone, receive an answer within the same day and funds may be in your account within 24 hours. Traditional company loans are based on an annual interest rate plus other fees and charges. The business loan is a pre-paid loan so you will know ahead of time the total amount due, which includes the interest, fees and charges. This is then broken down into either weekly or daily repayment figure.
The Small Business Loan can be used to fulfill almost any business reason, such as control of cash flow company renovations, marketing, to purchase inventory or new equipment, to fund general working capital and much more. The loan is not available for personal reasons.
The Larger Business Loan is a larger size loan to aid in business growth opportunities. Loans range from $100,000 to $500,000 with a term fixed up to 36 months. Repayments are scheduled weekly or fortnightly depending on your situation.
The Larger Business Loan has an Origination Fee that is determined at 2.5 percentage of the loan amount.
To be eligible for a loan of this size, your business needs to have been operating for at least three years, and have an annual income of $700,000. You must be a New Zealand Citizen (or Permanent Resident) over 18 years or have a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at the least 12 months of operating.
A larger company loan can be used for nearly all business need, including company renovations, to purchase inventory or new equipment, as general working capital and much more. The loan is not available for personal reasons.
Asset security is required for funding of more than $150,000. It’s by taking a charge on assets, which could also include the registration of this with the PPSR or filing a caveat.
A personal or director’s ensure is a promise to pay off a credit line that is generally based rather than specifying security over an asset. The person who signs the guarantee is personally liable if the business the borrower fails to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online, central registry run by the New Zealand Government. It records security interests that have been granted to individuals who own personal property (including goods or assets). The PPSR permits preference over private property granted according to the date a security interest has been registered.
The caveat can be described as a formal document that is filed to offer the legal claim on a property.
When you’re applying for the Larger Business Loan that is greater than $250,000 we may be able to provide an initial pre-approval that will help ease the process. We might be able to apply for this without a credit check and within 6 hours of the initial application. This pre-approval is based on a preliminary assessment which includes you answering some financial health questions. It is not an offer or guarantee of financing. Acceptance without condition is subject to an exhaustive credit evaluation, and any offer you may receive may be based on different conditions.
You can apply for an company loan if you;
The process for applying is fast and simple. Simply complete the online form within a few minutes and a dedicated business credit specialist will be in touch to assist you.
For a loan of up to $100,000 you’ll require identification details (valid Driver’s License) and an active NZBN/IRD, and at least six months worth of bank statements.
For larger loan sizes, you’ll need:
$100K to $250K: Application requirements, including credit consent, 6 – 12 months of IRD statements, bank statements (if loan above $150K).
$250K – $500K: Information on the application including credit consent as well as 12 months of bank statements, IRD statement and the last two years’ finalised financial statements, in addition to interim current financial year financials including Aged Payables, Aged Receivables reports.
For an unsecured loan ($5K or more) we can often provide a response in one hour if you apply in quality company timings and allow us to use the advanced bank verification system to instantly verify your bank information online. If you want to send us copies of your bank statement, we’ll provide a decision within an company day.
For the Larger Business Loan ($100K to $500K) we could be likely to provide you with conditional pre-approval in about 6 hours. After you’ve signed the pre-approval, turnaround times are between 2 and 3 days for the final approval. However, this can be quicker based on the circumstances of each application. Certain deals have been approved in the space of 24 hours.
The quickest way to apply for you to apply is make sure you apply during normal business hours, and let us use the modern bank verification to confirm your bank details online. If you opt to send us duplicates of your banking statements , it will take a little longer.
For the Small Business Loan ($5K up to $100,000) we usually offer an answer within one hour if you submit your request in normal business hours and allow us to use the advanced bank verification system link to instantly verify your bank details online. If you choose to send us copies of your bank statements we can provide the decision in just an business day.
For Larger Business Loans ($100K or more) we may be able to provide you with conditional pre-approval within 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 particular circumstances of each application. Some offers have been approved in the space of 24 hours.
The fastest way is to ensure you apply during standard business hours. You can also allow us to use the sophisticated bank verification link to check your bank’s information online. If you upload the copies of bank accounts, it takes a bit longer.
We provide loans ranging from $5,000 and $500,000. If you apply for a certain amount, we look at a variety of factors to determine what is the well-being of your business and the level of the repayments your company can afford. The amount you receive from your loan will depend on the specific circumstances of your company.
If you apply for a specific amount we consider a variety of elements to determine how much we can lend you such as well-being of your company and the amount of the repayments your company will be able to support. The amount you receive from the loan will be determined by the specifics that are unique to your company.
When you request business loans with us business financing, we’ll assess the risk assessment of your company and provide an individualised proposal that includes loan amount, term and interest rates. The company loan is a loan that is priced upfront therefore you will know in advance the total amount payable including any costs, fees, or interest rates.
Business loan interest rates differ based on various factors like the amount of money borrowed, what business assets the money will be used for, the industry the business operates in, how long the business is in operation, in the event that the business has sufficient cash flow to support the loan, and overall well-being or creditworthiness of the company.
There aren’t any hidden charges for our company loans. You’ll know exactly how much it is that you be required to pay and when, starting from day one. There’s no compounding interest and no additional fees (as long as you are able to make your payments in time).
We do not charge an application fee. You are able to get a cash loan without any upfront costs or the obligation to take action.
The Origination Fee covers the expenses involved with establishing and managing the loan. It is only charged for this fee if you proceed with the loan. The Origination Fee for us is 2.5% of the amount of the loan.
You may choose to pay back the total amount of your loan early at any time.
If you decide to do this please talk to one of our helpful company loans professionals. They’ll provide you with the details of your repayment as well as an early payout amount. This will be calculated as the total of the remaining principal amount and any accrued interest at the date of early payout, plus 1.5% of the principal amount remaining as well as any outstanding fees.
To make sure that you don’t miss due dates and also to be in line with your cash flow standard, we offer repayments either daily or weekly. They are automatically deducted from the nominated business account.
Security of your data, and knowing the ways we gather, use, exchange and protect your information, is crucial and is an essential aspect of our relationship with you.
Yes. We employ industry-recognised encryption protocols to safeguard your sensitive, personal as well as financial data. Our funders are ISO 27001 certified for our dedication to customer security and security. We use an advanced bank verification system link to immediately confirm your bank account information online, allowing us to offer a fast response.
The term "asset-based" refers to borrowing where the company owner makes use of an asset they own to obtain the funding. The asset can be a personal asset like the family home or an business asset such as a truck or piece of equipment.
The majority of the lenders including the banks with the biggest size, prefer to guarantee loans against an asset. If you’re struggling to pay back the loan then the asset might be transferred to the lender. In essence, it’s a way of securing new funding using the value of what you already own.
For loans that exceed $150K, no asset security is required upfront to access the money however, we require a personal guarantee. need the personal guarantee. In the event that you fulfill the terms of your loan (as specified in your loan contract) and you are able to meet your obligations, asset security is not required. For loans over $150K generally there is personal guarantee and security in the form of a charge over assets.
