The requirements for obtaining an unsecured business loan in Sydney of between $5K and $100K is fairly low.
Looking for more funding? Review the guidelines for eligibility for our $100K to $500K business loans.
All you need to begin is your contact details (the name of your company, your name, email and telephone) as well as the amount you’d like to borrow, and your monthly income.
Through the process and before settlement we will require confirmation of who you are, but not before we can begin:
Additionally after we get started in the process, for loans of more than $150,000 you will also need the following financial statements:
Let’s get started.
Sydney unsecured loans provides amounts of between $5,000 and $100,000. The terms range between 3 and 24 months and cash flow friendly repayments that are either daily or weekly.
You can apply for your Small Business Loan in under 10 minutes online or over the phone. You’ll get a same day response and the money could be in your account in 24 hours. Traditional business loans are based on an interest rate per annum as well as other fees and charges. The business loan is a pre-paid loan and you’ll know in advance the total amount payable including any interest, fees or charges. This is then broken down into weekly or daily installment amount.
A Small Business Loan can be used for almost every business use, including cash flow management, company remodels and marketing to purchase inventory, new equipment, for general working capital, and 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 company growth opportunities. Loans are between $100,000 and $500,000 with a term fixed with a maximum of 36 months. Repayments are scheduled weekly or fortnightly in order to accommodate your situation.
A Larger Business Loan has an Origination Fee which is calculated at 2.5% of the loan amount.
To qualify for a loan that is this large, your company needs to have been operating for at least three years with an annual turnover of $700K. You must be a New Zealand Citizen (or Permanent Resident) who is over the age of 18, own 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 for nearly any company need, including company renovations, to purchase new equipment or inventory for general working capital and much more. The loan cannot be used for personal reasons.
Asset security is necessary to obtain funding above $150,000. This is in the form of a charge over assets, and may be registered on the PPSR or filing a caveat.
A personal or director’s guarantee is a guarantee to pay back a loan that is generally in nature rather than stating the security of a specific asset. The person who is signing the guarantee is personally liable if the company creditor 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 reflects security interests granted to individuals who own personal property (including objects or assets). The PPSR gives preference over private property assigned according to the date a security interest that is registered.
Caveats are legal form of document to offer an official notice of a claim to a property.
If you’re applying for larger company loans of $250,000 or more, we may offer a preliminary pre-approval to help smooth out the process. We may be able to make this decision without a credit verification and within six hours of your initial application. This pre-approval is based on an initial evaluation that involves you answering some financial well-being questions. This is not an offer or guarantee of funds. Acceptance without condition is subject to a full credit assessment and any offer you are offered could be based on different terms.
You may be eligible for a company loan if you
The application process is quick and simple. Just fill out the online application in few minutes and an experienced business lending specialist will contact you to guide you through the process.
To apply for up $100,000 you’ll need proof of identity (valid Driver’s License) along with 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 details including credit consent, 6 – 12 months of bank statements, IRD statement (if loan above $150K).
$250K-$500K: Information on the application including credit consent and 12 month bank accounts, the IRD statement and the last two years’ finalised financial statements, in addition to interim current financial year financials including Aged Payables, Aged Receivables summaries.
For an unsecured loan ($5K to $100K) we typically offer a response in one hour if you apply in quality business timings and you allow us to utilise the advanced bank verification system to immediately verify your bank account information online. If you want to upload copies of your bank statement, we’ll offer a decision within just 1 company day.
For Larger Business Loans ($100K or more) we may be capable of offer you with conditional pre-approval in about 6 hours. Once you’ve signed the pre-approval form, it will take approximately 2-3 days to receive final approval, however this could be shorter based upon the circumstances for each application. Certain transactions have received approval within less than 24 hours.
The quickest way to apply is to make sure you apply during normal business hours. You can also let us use the advanced bank verification system link to instantly verify your bank information online. If you decide to send us documents from your account statements , it takes a bit longer.
For the Small Business Loan ($5K to $100K) we usually provide an answer within one hour – provided you submit your request within normal business time and permit us to use the bank verification system link to immediately verify your bank account information online. If you opt to send us copies of your bank statements, we are able to provide the decision in as little as 1 business day.
For the Larger Business Loans ($100K or more) we could be able to offer the conditional pre-approval within about six hours. Once you’ve signed your pre-approval, turnaround times are 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 24 hours.
The fastest way for you to apply is make sure you apply during standard business hours. Also, allow us to use the advance bank verification link to instantly check your bank’s information online. If you choose to upload duplicates of your banking statements, it may take a bit longer.
We provide loan amounts between $5,000 and $500,000. When you submit an application for a certain amount, we take into consideration a range of elements that determine what is the well-being of your company and the extent of the repayments your business is able to afford. The total amount of your loan will be contingent on the particular circumstances of your business.
If you apply for a particular amount, we look at a range of variables to determine how much we can lend you such as well-being that is your company and the level of repayments that your business is able to afford. The total amount of the loan will be determined by the specific circumstances the business.
When you make an application for our business loan, we’ll assess the risk profile that you have for your business and offer you with a customised offer, including the amount of loan, the term and the interest rates. A business loan is a loan that is priced upfront which means you be aware in advance of the total amount to be paid, including any costs, fees, or interest rates.
The interest rates on business loans rates depend on a variety of factors including the amount borrowed, what company assets the funds will be used for, the industry the business is in, how long the company has been running, what percentage of the business has enough cash flow to pay for the loan, and the overall health or creditworthiness of the company.
There aren’t any hidden charges for our business loans, and you’ll know exactly how much you’ll be required to pay and when, right from the day you sign up. There’s no compounding interest, and the loan comes with no additional fees (as as you make your payments on time).
We do not charge an Application Fee. You can apply for a loan without any upfront costs or commitment to apply.
The Origination Fee is the cost associated in establishing and managing the loan. This is only a cost if you take out the loan. The Origination Fee for us is 2.5 percent of the amount of the loan.
You may choose to pay back all of your loan early at any time.
If you do decide to do this please call our helpful business lending specialists. They will provide you with the details of your repayment and an early payout figure. The figure will be calculated as the sum of the remaining principal amount and any accrued interest at the time of early payment, plus 1.5 percent of the principal balance and any fees that remain unpaid.
To help you avoid missing payment dates and to align with your cash flow cycle we offer repayments either daily or weekly. They will be automatically deducted from your designated business account.
Security of your data, and being upfront about how we collect information, use it, and exchange it, as well as protect your information, is of paramount importance and an integral part of our relationship you.
Yes. We make use of industry-standard encryption protocols to safeguard your sensitive, personal and financial data and our funders are ISO 27001 qualified for our dedication to security for our customers and security. We make use of an advanced bank verification system link to immediately verify your bank account details online. This allows us to offer rapid response.
The term "asset-based" refers to borrowing where the company owner utilises an asset they own to obtain the funding. The asset can be an individual asset, such as the family home, or a company asset such as a vehicle or piece or equipment.
The vast majority of the lenders even the largest banks, are inclined to secure loans against assets. If you’re struggling to pay back the loan, your asset may be taken over by the lender. In essence, it is a way of securing new financing by using the worth of the asset you already own.
For loans that exceed $150K, it is not necessary to secure assets before you can access the money but we do require a personal guarantee. If you adhere to the loan terms (as stipulated in your loan contract document) Asset security is not needed. If you take out loans in excess of $150K generally, you can get the option of a personal ensure and security in the form an asset charge.
