The eligibility requirements for an unsecured business loan in Sydney of between $5K and $100K is fairly low.
Need more funds? Review the guidelines for eligibility for our $100K-$500K business financing.
All that’s needed to get started is your contact information (the name of your company, your name, email, phone), how much you want to borrow, and your monthly revenue.
During the process and before settlement we’ll require confirmation of who you are, but not before we can begin:
Once we’ve started in the process, for loans that exceed $150,000, you’ll require basic financial statements.
Let’s get started.
Sydney unsecured loans provides amounts of between $5,000 and $100,000, with terms ranging from 3 and 24 months and cash flow friendly repayments that are either per day or weekly.
The application to get your Small Business Loan in under 10 minutes on the phone. You’ll receive a same day response and the money could be on your account within 24 hours. Traditional business loans reference an annual interest rate plus other fees and charges. We offer a business loan is a cash-based loan so you will know ahead of time the amount you will have to pay, including the interest, fees and charges. This is then broken down into weekly or daily amount to be paid back.
A Small Business Loan can be used for nearly every business need, such as control of cash flow company renovations, marketing to purchase inventory or new equipment, for general working capital and much more. The loan is not available for personal reasons.
The Larger Business Loan is a larger amount of loan to help business expansion opportunities. The loan ranges from $100,000 to $500,000 with a term fixed up to 36 months. Repayments are weekly or fortnightly depending on the flow of cash.
It is important to note that the Larger Business Loan has an Origination Fee, which is determined at 2.5 percentage of the amount of the loan.
In order to be eligible for a loan in this amount the company needs to have been in operation for at least 3 years, and have an annual income of $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old and have a New Zealand company (with a valid NZBN/IRD) and be able of proving at least 12 months of trading.
A Larger Business Loan can be used to fund almost every business purpose including business renovations, to purchase new equipment or inventory, as general working capital, and much more. The loan cannot be used for personal purposes.
Asset security is required for accessing funds over $150,000. This can be done by taking a charge over assets, which could also include registering this through the PPSR or registering a caveat.
A director’s or personal guarantee is a promise to pay back a loan that is generally in nature rather than stipulating the security for a particular asset. The person who is signing the ensure is personally liable if the company the borrower fails to repay the debt.
The Personal Property Securities Register (PPSR) is an online, central register operated by the New Zealand Government. It reflects security interests registered in respect of personal property (including goods or assets). The PPSR permits priority over personal property to be assigned depending on the date that a security interest was registered.
Caveats are legal document that is filed to provide the public notice of a legal claim on a property.
If you’re seeking an enterprise loan of $250,000 or more we can offer an initial pre-approval in order to smooth out the process. It is possible to make this decision without credit checks and within 6 hours of the initial application. The pre-approval process is based on an initial assessment, which involves you answering a few financial well-being questions. This is not an offer or guarantee of financing. The approval of a conditional loan is subject to an exhaustive credit evaluation, and any offer that you may receive may be subject to different terms.
You can apply for an business loan if you;
The process for applying is fast and simple. Just complete the online application in few minutes and a dedicated business loan specialist will call you to assist you.
To apply for up to $100,000, you’ll need ID details (valid Driver’s Licence) as well as a valid NZBN/IRD as well as at least 6 months of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K to $250K: Application details including credit consent, 6 – 12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K-$500K: Details for application including credit consent and 12 months of bank records, IRD statements, last 2 years finalised financial statements, as well as interim financials for the current financial year such as age-related payables and aged Receivables reports.
For an unsecured loan ($5K and up) we usually provide a response in one hour, provided you submit your request within standard business time and allow us to make use of the advanced bank verification system to instantly verify your bank details online. If you decide to upload copies of your banking statement, we’ll offer the decision in as little as 1 business day.
If you are applying for a Larger Business Loan ($100K and up) we may be likely to provide you with a conditional pre-approval in around six hours. Once you’ve signed the pre-approval, turnaround times are about 2-3 days for final approval. However, this could be shorter based on the particular circumstances of each application. Some offers have been approved in 24 hours.
The most effective method can be ensure you apply during standard company hours and permit us to use the advance bank verification to instantly verify your bank information online. If you upload duplicates of your banking statements it can take a bit longer.
For the Small Business Loan ($5K to $100K) We can usually provide an answer within an hour if you make your application at standard business timings and permit us to make use of the advanced bank verification system to instantly verify your bank details online. If you decide to upload copies of your banking statements we can offer a decision in just one business day.
If you are applying for Larger Business Loans ($100K to $500K) we could be able to provide you with pre-approval conditional to your application in around 6 hours. After you’ve signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval, however this could be shorter based on the specifics of each application. Certain offers have been approved within less than 24 hours.
The quickest method would be to make sure you apply during normal business hours. You can also permit us to use the advanced bank verification system to check your bank’s information online. If you decide to send us duplicates of your banking accounts, it will take a little longer.
We provide loan amounts between $5,000 and $500,000. When you make an application for a certain amount, we look at a variety of variables for determining what is the well-being that is your company and the extent of payments your company is able to afford. The total amount of your loan will depend on the specifics for your company.
If you apply for a particular amount, we consider a variety of aspects to assess your well-being for your business and the extent of the repayments your company can afford. The total amount of your loan will be determined by the particular circumstances the company.
If you decide to request business loans with us company loans, we will assess the risk profile for your business and offer an individualised proposal that includes the loan amount, the terms and interest rates. The company loan is an upfront cost loan which means you know the exact amount you will have to pay, including interest rates, fees or charges.
The interest rates on business loans rates depend on several factors like the amount of money of money borrowed, the business assets the funds are used to purchase as well as the field the company is in, how long the company has been in operation, whether the company has sufficient cash flow to cover the loan, and the overall health and creditworthiness of the company.
There are no hidden costs with our company loans. You’ll be aware of the amount you’ll need to pay and when, right from the day you sign up. There’s not any compounding interest and there are no additional charges (as long as you are able to make your payments in time).
We don’t charge an application fee. You can apply for a loan with no upfront cost or any obligation to sign up.
The Origination Fee covers the costs associated with establishing and managing the loan. It is only charged for this fee if you decide to take the loan. Our Origination Fee is 2.5 percentage of the amount of the loan.
You may choose to pay back the total amount of your loan in full at any time.
If you do decide to do this please contact our helpful business lending experts. They’ll provide you with repayment details and an early payment figure. This will be calculated as the total of the principal balance plus any accrued interest as of the date of early payout in addition to 1.5% of the principal amount remaining as well as any outstanding fees.
In order to help you avoid missing due dates and also to be in line with your cash flow cycle we provide repayments either weekly or daily. These are automatically withdrawn from your designated business account.
Making sure that your information is secure, and being clear about how we collect data, process, exchange and protect your information, is vital and a vital part of our relationship with you.
Yes. We use industry recognised encryption standards to secure your personal, sensitive financial information and our funders are ISO 27001 qualified for our commitment to the security of our clients as well as their security. We make use of an advanced bank verification system to instantly verify your bank account information online so we can offer rapid response.
The term "asset-based" refers to borrowing where a company owner uses assets they own to get the funding. The asset can be either a personal asset like the family home, or it could be a business asset such as a truck or piece of equipment.
The vast majority of lenders, including the big banks, tend to make loans secured by assets. If you are having difficulty paying back the loan, your assets could be taken over by the lender. In essence it is a way of securing additional financing using the worth of the asset you already have.
For loans that exceed $150,000, the requirement for asset security is not required prior to the loan’s access however, we do require the personal guarantee. If you adhere to your loan obligations (as stipulated in the loan contract), asset security is not required. For loans over $150K typically, you will need the option of a personal guarantee and security in the form of a charge over assets.
