The criteria for eligibility for an unsecured business loan in Sydney of between $5K and $100K are fairly minimal.
Looking for more funding? Find out the eligibility requirements for our $100K-$500K business loan.
All that’s required for starting is your contact details (the name of your company and your name, as well as email and telephone), how much you’d like to borrow and your monthly revenue.
During the process and before settlement we will need confirmation of who you are but not before we can begin:
Additionally after we get started when it comes to loans that exceed $150,000, you’ll require fundamental financial statements:
Let’s get started.
Sydney unsecured loans offers amounts of between $5,000 and $100,000. The terms range between 3 and 24 months, cash flow-friendly repayments that are either daily or weekly.
You can apply for this Small Business Loan in under 10 minutes over the phone, receive a same day response and the funds could be in your account in 24 hours. Traditional business loans refer to an annual rate of interest plus other fees and charges. This business loan is a cash-based loan and you’ll know ahead of time the amount you will have to pay, including the interest, fees and charges. Then, it is broken down into a daily or weekly repayment figure.
The Small Business Loan can be used for virtually any business need, such as managing cash flows, company remodeling, marketing, to purchase inventory or new equipment, or as general working capital and so much more. The loan cannot be used for personal use.
The Larger Business Loan is a larger loan size to support company growth opportunities. Loans are between $100,000 and $500,000 with a fixed-term up to 36 months. Repayments are either weekly or fortnightly to work with your cash flow.
The Larger Business Loan has an Origination Fee, which is determined at 2.5% of the amount of the loan.
To qualify for a loan that is this large the business needs to be operating for at least three years, and have an annual income of at least $700,000. Your business must belong to a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old and have a New Zealand business (with a valid NZBN/IRD) and be able to prove at least 12 months of trading.
A large business loan can be used to fund almost all company reason, such as company improvements, purchasing new equipment or inventory as well as for general working capital and much more. The loan cannot be used for personal purposes.
Asset security is necessary to obtain funding above $150,000. It is usually as a result of an charge over assets, and could include registering this in the PPSR or registering as a caveat.
A director’s or personal guarantee is a guarantee to pay off a credit line that is generally in nature rather than specifying the security of a specific asset. The person signing the guarantee is personally responsible if the company lender is not able to make the repayment.
The Personal Property Securities Register (PPSR) is an online, central registry run by the New Zealand Government. It reflects security interests registered in respect of personal property (including the assets or goods). The PPSR permits prioritisation over property that is personal to be assigned according to the date the security interest has been registered.
A caveat is a legal document lodged to provide an official notice of a claim to a property.
If you’re applying for the Larger Business Loan that exceeds $250,000, we may offer a preliminary pre-approval to help simplify the process. It is possible to get this done without a credit verification and within 6 hours of the initial application. This pre-approval is made based on an initial evaluation that involves the answer to a series of financial health checks. This is neither an offer nor a guarantee of funds. A conditional approval is subject a full credit assessment and any offer that you might receive could have different conditions.
You may apply for a company loan if you
The process for applying is fast and simple. Simply complete the online form in few minutes and a dedicated company loan specialist will contact you to guide you through the process.
To be eligible for up to $100,000 you’ll need identification details (valid Driver’s Licence) along with a valid NZBN/IRD as well as at least six months of bank statements.
Otherwise, for larger loan sizes, you’ll need:
$100K-$250K: Application requirements, including credit consent, 6-12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K-$500K: Details of the application, including credit consent as well as 12 months of bank records, IRD statements Last 2 years’ finalised financial statements, plus interim financials for the current financial year including Aged Payables, Aged Receivables reports.
For an unsecured loan ($5K to $100K) We can usually provide a response in one hour if you apply within standard business hours and let us make use of the advanced bank verification system to instantly verify your bank details online. If you want to upload copies of your banking statements , we are able to provide the decision in as little as an business day.
If you are applying for a Larger Business Loan ($100K or more) we could be able to offer the conditional pre-approval in around six hours. After you’ve signed the pre-approval, turnaround times are between 2 and 3 days for the final approval, however this could be shorter based on the circumstances of each application. Certain deals have been approved within the space of 24 hours.
The quickest way to apply for you to apply is make sure you apply during standard business hours. Also, allow us to use our modern bank verification link to verify your bank account information online. If you send us duplicates of your banking statements , it takes a bit longer.
For the Small Business Loan ($5K and up) we can often offer an answer in just one hour, provided you submit your request at normal business times and permit us to use the advanced bank verification system link to instantly verify your bank information online. If you opt to submit copies of your bank statements we can provide the decision within one business day.
If you are applying for Larger Business Loans ($100K and up) we might be in a position to offer you with conditional pre-approval within about six hours. After you’ve signed the pre-approval, the turnaround time is about 2-3 days for final approval. However, this could be shorter based upon the circumstances for each application. Certain transactions have received approval within the space of 24 hours.
The fastest way would be to ensure you apply during normal business hours and let us use the modern bank verification link to verify your bank account information online. If you send us documents from your account statement, it may take a bit longer.
We provide the loan amount between $5,000 to $500,000. If you apply for a particular amount, we consider a variety of factors that determine what is the health of the company and the level of the repayments your business will be able to support. The total amount of your loan will be contingent on the particular circumstances for your business.
When you submit an application for a set amount, we consider a variety of elements to assess how much we can lend you such as well-being of the company and the level of payments your business can afford. The total amount of the loan will be determined by the particulars for your company.
If you decide to make an application for one of our company credit, we will assess the risk assessment the company and provide you with a customised offer, including loan amount, term and the interest rates. A company loan is an upfront priced loan and you’ll know the exact amount payable including any costs, fees, or interest rates.
Interest rates for business loans rates vary due to factors including the amount borrowed, what business assets the money will be used for as well as the field the company operates in, the long the company has been running for, what percentage of the business has enough cash flow to pay for the loan, and general well-being or creditworthiness of the company.
There are no hidden fees with our business loans, and you’ll know precisely how much you need to pay, and when, right from the very first day. There’s not any compounding interest and no extra fees (as long as you are able to make your payments punctually).
We don’t charge an Application Fee. You can request a credit loan no cost upfront or any obligation to sign up.
The Origination Fee covers the expenses involved with the setting up and management of the loan. It is only charged for this fee if you choose to proceed with the loan. Our Origination Fee is 2.5% of the loan amount.
You can decide to repay all of your advance loan at any time.
If you decide to take this route, please talk to one of our helpful company credit professionals. They will provide you with details on repayment along with an early payout estimate. This is calculated as the total of the principal remaining and accrued interest to the time of early payout and 1.5% of the principal remaining and any outstanding fees.
To help you avoid missing payment dates and to align your cash flow schedule, we provide repayments either daily or weekly. They are automatically deducted from your designated company account.
Making sure that your information is secure, and being upfront about how we collect information, use it, and exchange it, as well as secure your information, is crucial and an integral element of our relationship with you.
Yes. We employ industry-recognised encryption standards to protect your personal, sensitive financial information and our funders are ISO 27001 certified for our commitment to the security of our customers as well as their privacy. We make use of an advanced banking verification system to instantly verify the bank account details online, allowing us to offer a fast response.
An asset-based loan is when the company owner uses an asset they own to make the funds for a loan. The asset can be an individual property, such as the family home, or it could be a company property like a truck as well as a piece of machine.
The majority of lending institutions, even the big banks, tend to guarantee loans against assets. If you are having difficulty paying back the loan then your assets could be taken over by the lender. In essence, it’s an opportunity to secure additional financing using the value of what you already have.
For loans up to $150,000 it is not necessary to secure assets in advance to gain access to the funds but we do require the personal guarantee. If you adhere to your loan commitments (as stipulated in the loan contract), asset security will never be required. If you take out loans in excess of $150K generally there is an individual ensure and security is provided in the form of a charge over assets.
