The criteria for eligibility for an unsecured business loan in Sydney of between $5K and $100K are pretty minimal.
Are you looking for additional funding? Take a look at the guidelines for eligibility for our $100K to $500K company loans.
All that’s needed to start is your contact information (company name, your name, email and telephone) and the amount you’d like to lend, and your monthly earnings.
Through the process and before settlement we’ll require confirmation of who you are, but not for starting:
Once we’ve started, for loans over $150,000 you’ll also need basic financial statements:
Let’s get started now.
Sydney unsecured loans offers the range of $5,000 to $100,000, with terms ranging from 3 and 24 month and cash flow friendly repayments that are either daily or weekly.
Apply to get the Small Business Loan in under 10 minutes online or over the phone, receive an answer within the same day and the funds could be in your account in 24 hours. Traditional company loans have an interest rate per annum plus other fees and charges. We offer a company loan is a pre-paid loan therefore you’ll know in advance the total amount payable including the interest, fees and charges. This is then divided into weekly or daily repayment figure.
The Small Business Loan can be used to fulfill almost every business need, such as cash flow management, business renovations, marketing to purchase inventory, new equipment, to fund general working capital and so much more. The loan cannot be used to fund personal expenses.
The Larger Business Loan is a larger amount of loan to help company growth opportunities. Loans range from $100,000 to $500,000 with a fixed-term for up to 36 months. Repayments are either weekly or fortnightly in order to accommodate you cashflow.
The Larger Business Loan has an Origination Fee, calculated at 2.5 percentage of the amount of the loan.
To qualify for a loan that is this large, your business needs to have been operating for a minimum of 3 years and have an annual turnover of $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) over 18 years, own a New Zealand company (with a valid NZBN/IRD) and be able of proving at minimum 12 months of continuous trading.
A Larger Business Loan is a great option for almost all company reason, such as business renovations, purchase of new equipment or inventory, as general working capital and much more. The loan cannot be used for personal use.
Asset security is required to obtain funding above $150,000. This can be done by taking a charge on assets, which could also be registered on the PPSR or the registration of as a caveat.
A director’s or personal guarantee is a guarantee to pay off a credit line that is general in nature rather than stipulating security over an asset. The person who is signing the guarantee is personally liable in the event that the business creditor is unable to repay the debt.
The Personal Property Securities Register (PPSR) is an online central register that is operated by the New Zealand Government. It records security interests that have been registered in respect of personal property (including items or assets). The PPSR grants priority over personal property to be assigned according to the date the security interest was registered.
An affidavit is an official document lodged to offer the legal claim on a property.
If you’re applying for the Larger Business Loan that exceeds $250,000, we may offer an initial pre-approval that will help make the process. It is possible to get this done without credit checks and within six hours of your initial application. This pre-approval is based on an initial evaluation that involves answering a couple of financial well-being questions. This is not an offer or guarantee of financing. A conditional approval is subject a full credit assessment and any offer you may receive may have different conditions.
You may be eligible for an company loan if you:
The application process is simple and simple. Just complete the online application within a few minutes and a dedicated business credit specialist will be in touch to help you.
To be eligible for up to $100,000, you’ll need identification details (valid Driver’s Licence), an NZBN/IRD that is valid and at least 6 months of bank statements.
For larger loan sizes, you’ll need:
$100K-$250K: Application details including credit consent, 6 – 12 months of bank statements, IRD statement (if credit is over $150K).
$250K-$500K: Application details including credit consent as well as 12 months of bank records, IRD statements and the last two years’ finalised financial statements, as well as interim financials for the current financial year including Aged Payables, Aged Receivables summaries.
For an unsecured loan ($5K to $100K) we can often provide an answer within an hour if you submit your request in standard company timings and let us use the advanced bank verification system to immediately verify your bank account information online. If you choose to submit copies of your bank statement, we’ll provide a decision within one business day.
For Larger Business Loans ($100K up to $500,000) we might be likely to offer you with pre-approval conditional to your application within about 6 hours. Once you’ve signed the pre-approval document, you will need to wait about 2-3 days for final approval. However, it could be faster based on the specifics of each application. Certain agreements have been approved in the space of 24 hours.
The most effective method for you to apply is ensure you apply during standard company hours, and allow us to use the advanced bank verification system to instantly check your bank’s information online. If you decide to send us documents from your account statements it can take a bit longer.
For the Small Business Loan ($5K up to $100,000) we can often provide a response in one hour if you apply during standard business timings and you allow us to use the advanced bank verification system link to immediately verify your bank account information online. If you decide to upload copies of your bank statements we can provide an answer in as little as 1 business day.
If you are applying for Larger Business Loans ($100K to $500K) we might be capable of offer you with a conditional pre-approval in around 6 hours. Once you have signed the pre-approval document, you will require to wait between 2 and 3 days for the final approval, however this may be quicker depending upon the circumstances for each application. Certain transactions have received approval in the space of 24 hours.
The most efficient method is to make sure you apply during standard business hours and let us use the advance bank verification to confirm your bank details online. If you upload the copies of bank statements it will take a little longer.
We offer loans that range from $5,000 and $500,000. If you apply for a certain amount we consider a variety of factors that determine how much we can lend you health of your company and the amount of the repayments your business can support. The amount you receive from your loan will depend on the particular circumstances that are unique to your company.
When you submit an application for a particular amount, we will consider a number of elements to assess how much we can lend you such as well-being of your business and the amount of the repayments your company can support. The amount you receive from your loan will be contingent on the particulars that are unique to your company.
When you make an application for the business credit, we’ll assess the risk assessment that you have for your business and offer you with a customised offer including the amount of the loan, the duration and the interest rates. This company loan is a loan that is priced upfront which means you know in advance the total amount to be paid, including any charges, interest rates or fees.
Business loan interest rates depend on several variables like the amount to be borrowed, what business assets the money are used to purchase as well as the field the business operates in, the long the company is in operation for, whether the company has sufficient cash flow to support the loan, and also the overall health or financial standing of the business.
There aren’t any hidden charges with our business loans, and you’ll know precisely what you need to pay, and when, starting from the first day. There’s no compounding interest and there are no additional charges (as as you make your payments in time).
We do not charge an Application Fee. You can make an application for loans with with no upfront cost or commitment to apply.
The Origination Fee is the cost associated with the setting up and management of the loan. The only way to pay this fee if you choose to proceed with the loan. The Origination Fee for us is 2.5 percentage of the loan amount.
You can decide to repay the entire amount of the loan early at any time.
If you do decide to take this route, please speak to our friendly business loan specialists. They will offer you with the details of your repayment and an early payment figure. This will be calculated as the sum of the principal balance plus any accrued interest as of the date of early payout plus 1.5 percent of the principal balance plus any outstanding fees.
To help you avoid missing payment dates and to align with your cash flow cycle we provide payments that are either daily or weekly. These are automatically withdrawn from your business account.
Protecting your information, and being upfront about how we collect the information we collect, use, share and secure your information, is of huge importance and is a crucial element of our relationship with you.
Yes. We make use of industry-standard encryption techniques to protect your sensitive, personal and financial data and our funders are ISO 27001 certified for our dedication to the security of our clients as well as their security. We make use of an advanced bank verification system that allows you to immediately verify your bank account information online so we can offer a fast response.
The term "asset-based" refers to borrowing where the business owner makes use of the assets they have to get a loan. The asset may be a personal asset like the family home or it could be a business asset like a truck or piece of equipment.
The majority of lenders, including the big banks, tend to secure loans against an asset. If you have trouble paying back the loan, then your asset may be sold by the lender. In essence it’s means of securing new financing using the worth of the asset you already own.
For loans up to $150,000 there is no requirement for asset security in advance to gain access to the funds but we do need the personal guarantee. As long as you follow the loan terms (as stipulated in the loan contract) Asset security is not needed. For loans of over $150K generally, you can get an individual guarantee and security in the form an asset charge.
