The requirements for obtaining an unsecured business loan in Sydney of between $5K and $100K is fairly low.
Need more funds? Find out the conditions of eligibility for our $100K-$500K company loan.
All that is needed to start is your contact information (company name, your name, email or phone number), how much you want to borrow, as well as your monthly income.
During the process and before settlement we will need confirmation of your identity, but not to get started:
After we start in the process, for loans of more than $150,000 you’ll also require fundamental financial statements:
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Sydney unsecured loans offers the range of $5,000 to $100,000, with terms ranging from 3 and 24 months and cash flow friendly repayments which can be made daily or weekly.
The application to get this Small Business Loan in under 10 minutes online or over the phone, receive an immediate response, and the money could be on your account within 24 hours. Traditional business loans reference an interest rate per annum together with additional fees and charges. Our company loan is an upfront priced loan and you’ll know in advance the total amount payable including any interest, fees or charges. This is then broken down into either weekly or daily amount to be paid back.
The Small Business Loan can be used for virtually every business reason, such as cash flow management, business renovations, marketing to purchase inventory or new equipment, as general working capital and much more. The loan cannot be used to fund personal expenses.
The Larger Business Loan is a larger loan size to support business expansion opportunities. Loans range from $100,000 to $500,000 with a term fixed for up to 36 months. Repayments are weekly or fortnightly in order to accommodate your cash flow.
It is important to note that 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 in this amount the business needs to have been trading for at least 3 years, and have an annual income of $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 or 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 for almost any company need, including company renovations, purchase of inventory or new equipment, as general working capital, and much more. The loan is not available for personal use.
Asset security is necessary for funding of more than $150,000. This can be done by taking a charge against assets and can include registering this on the PPSR or making a caveat.
A director’s or personal guarantee is a guarantee to repay a loan which is generally based rather than specifying the security of a specific asset. The person who signs the guarantee is personally liable if the business borrower is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online, central register run by the New Zealand Government. It lists security interests that are granted to individuals who own personal property (including objects or assets). The PPSR permits priority over personal property to be granted according to the date the security interest has been registered.
Caveats are legal document that is filed to provide notice of a legal claim to property.
When you’re applying for an enterprise loan that exceeds $250K we may be able to provide an initial pre-approval to smooth out the process. We may be able to apply for this without a credit check and within six hours of your initial application. The pre-approval is based upon a preliminary assessment which includes you answering a few financial health questions. This is not an offer of credit or guarantee of finance. Acceptance without condition is subject to an extensive credit evaluation and any offer you receive could be subject to different conditions.
You are eligible to apply for an business loan if you
The application process is fast and easy. Just fill out the online application in just a few minutes, and an experienced business expert in lending will be in touch to assist you.
To apply for up to $100,000 you’ll require the right identification documents (valid Driver’s Licence), a valid NZBN/IRD as well as at least six months of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K-$250K: Details of application, including credit approval, 6-12 months of bank statements, IRD statement (if loan above $150K).
$250K – $500K: Application details including credit consent and 12 months bank statement, an IRD statements as well as the two most recent years’ financial statements, plus interim financial statements for the current year as well as Aged Payables and Receivables reports.
For an unsecured loan ($5K up to $100,000) we usually offer an answer within one hour – as long as you apply during standard business hours 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 bank statements , we will be able to provide an answer in just 1 company day.
For the Larger Business Loan ($100K and up) we could be in a position to offer you with a conditional pre-approval in about 6 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 on the particular circumstances of each application. Certain agreements have been approved in the space of 24 hours.
The quickest method would be to ensure you apply during normal business hours and let us use the advanced bank verification system link to verify your bank account information online. If you decide to send us copies of your bank accounts, it may take a bit longer.
For the Small Business Loan ($5K to $100K) we usually offer an answer in just one hour, provided you apply within standard business hours and let us use the advanced bank verification system link to instantly verify your bank information online. If you choose to send us copies of your bank statements we can offer a decision in just one business day.
For Larger Business Loans ($100K to $500K) We may be able to provide you with conditional pre-approval within 6 hours. Once you’ve signed the pre-approval form, it will take about 2-3 days for final approval, however it could be faster based on the circumstances of each application. Some deals have been approved in less than 24 hours.
The fastest method for you to apply is ensure you apply during standard business hours. Also, allow us to use the modern bank verification link to instantly verify your bank information online. If you choose to send us documents from your account statements, it may take a bit longer.
We offer loan amounts between $5,000 and $500,000. When you make an application for a specific amount we will consider a number of variables that determine what is the health of your company as well as the amount of repayments your business can support. The total amount of the loan will be determined by the specific circumstances that are unique to your company.
If you apply for a certain amount, we look at a range of elements to determine your health of the company and the level of repayments that your company can afford. The amount you receive from your loan will be determined by the particular circumstances of your company.
If you decide to request business loans with us company financing, we’ll assess the risk assessment that you have for your company and provide an individualised offer including the amount of loan, the term and the interest rates. This company loan is an upfront cost loan which means you know the exact amount due, which includes any interest rates, fees or charges.
The interest rates on business loans rates differ based on various factors like the amount of money of money borrowed, the business assets the funds will be used for, the industry the business operates in, the long the business has been operating and how long the company has sufficient cash flow to pay for the loan, and also the overall health and creditworthiness of the business.
There are no hidden fees with our business loans. You’ll know precisely how much it is that you need to pay, and when, starting from the very first day. There’s no compounding and no additional fees (as long as you make your payments in time).
We do not charge an Application Fee. You can apply for a loan with with no upfront cost or the obligation to take action.
The Origination Fee includes the expenses associated with establishing and managing the loan. This is only a fee if you decide to take the loan. The Origination Fee for us is 2.5 percentage of the amount of the loan.
You can repay the entire amount of your loan early at any time.
If you decide to pursue this option, please speak to our friendly company credit experts. They will provide you with details for repayment and an early payout figure. This is calculated as the total of the principal balance and accrued interest to the time of the early payout, plus 1.5 percent of the remaining principal as well as any outstanding fees.
In order to help you avoid missing repayments and to fit in with your cash flow cycle we provide repayments either daily or weekly. They are automatically deducted from the nominated business account.
Protecting your information, and being clear about how we collect information, use it, and exchange it, as well as secure your information, is crucial and is an essential aspect of our relationship with you.
Yes. We utilise industry-recognised encryption protocols to safeguard your personal, sensitive and financial data and our funders are ISO 27001 certified for our commitment to security for our clients and security. We use an advanced bank verification system that allows you to immediately verify the bank account details online. This allows us to offer a fast response.
Asset-based borrowing occurs when a business owner uses assets they own to secure the loan. The asset can be an individual property, such as the family home, or an company asset such as a vehicle or piece or equipment.
The majority of lending institutions, including the largest banks, are inclined to make loans secured by an asset. If you’re struggling to pay back the loan, then the asset might be offered for sale by the lender. In essence it’s the process of securing new financing using the value of what you already own.
Up to $150K in loans there is no requirement for asset security in advance to gain access to the funds however, we do require an individual guarantee. As long as you follow your loan obligations (as detailed in the loan contract) and you are able to meet your obligations, asset security will never be required. For loans of over $150,000 generally there is a personal guarantee and security in the form a charge over assets.
