The requirements for getting an unsecured business loan in Sydney of between $5K and $100K are fairly minimal.
Need more funds? Take a look at the guidelines for eligibility for our $100K-$500K company financing.
All that is needed for starting is your contact information (the name of your company, your name, email and phone), how much you’d like to borrow, as well as your monthly income.
While in the process and before settlement we will require confirmation of who you are, but not to get started:
After we start with loans of more than $150,000 you’ll require fundamental financial statements:
Let’s get started.
Sydney unsecured loans provides the range of $5,000 to $100,000. The terms range between 3 and 24 months. They also offer cash flow friendly repayments that are either daily or weekly.
You can apply to get the Small Business Loan in under 10 minutes over the phone. You’ll get a same day response and the funds could be on your account within 24 hours. Traditional business loans refer to an annual interest rate along with other charges and fees. Our company loan is an upfront priced loan therefore you’ll know ahead of time the total amount to be paid, including any interest, fees or charges. Then, it is broken down into a daily or weekly installment amount.
The Small Business Loan can be used for nearly any business purpose including the management of cash flow, business improvements, advertising to purchase inventory, new equipment, to fund general working capital and so much more. The loan is not available for personal purposes.
The Larger Business Loan is a larger amount of loan to help company expansion opportunities. Loans range from $100,000 to $500,000 for a fixed period of for up to 36 months. Repayments are scheduled weekly or fortnightly, depending on your cash flow.
A Larger Business Loan has an Origination Fee which is calculated at 2.5% of the amount of the loan.
To be eligible for a credit of this size the company needs to be operating for at least three years and have an annual turnover of $700,000. You must be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old as well as own a New Zealand company (with a valid NZBN/IRD) and be able to prove at the least 12 months of operating.
A Larger Business Loan can be used for nearly any company purpose including company improvements, purchasing equipment or inventory for general working capital and so much more. The loan is not available for personal reasons.
Asset security is required to access funding over $150,000. This can be done in the form of a charge against assets, which could also be registered with the PPSR or the registration of a caveat.
A personal or director’s guarantee is a commitment to repay credit that is general in nature, rather than defining the security for a particular asset. The person who signs the guarantee is personally responsible if the company the borrower fails to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online, central register run by the New Zealand Government. It records security interests that have been granted to individuals who own personal property (including goods or assets). The PPSR permits the priority of personal property granted depending on the date that a security interest was registered.
An affidavit is an official document lodged to offer notice of a legal claim to a property.
When you’re applying for the Larger Business Loan of $250,000 or more it is possible to offer an initial pre-approval in order to simplify the process. It is possible to make this decision without a credit check, and within six hours of your initial application. This pre-approval is based on a preliminary assessment which includes the answer to a series of financial health questions. It is neither an offer nor a guarantee of credit. A conditional approval is subject an assessment of your creditworthiness and any offer that you receive could be subject to different terms.
You may be eligible for a business loan if you:
The application process is simple and simple. Simply complete the online form within a few minutes and a dedicated business credit specialist will call you to assist you.
For a loan of up to $100,000, you’ll require the right identification documents (valid Driver’s License) and a valid NZBN/IRD as well as at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll also need:
$100K-$250K: Application requirements, including credit approval, 6-12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K to $500K: Details for application including credit consent, 12 months bank statement, an IRD statement, last 2 years finalised financial statements, plus interim financials for the current financial year such as age-related payables and aged Receivables summary.
For an unsecured loan ($5K and up) we usually provide an answer within an hour if you apply within standard company time and let us make use of the advanced bank verification system link to instantly verify your bank information online. If you want to upload copies of your bank statements , we are able to offer a decision within just one business day.
For Larger Business Loans ($100K and up) we could be likely to offer you with pre-approval conditional to your application in about 6 hours. Once you’ve signed the pre-approval, turnaround times are about 2-3 days for final approval. However, this can be quicker based on the circumstances of each application. Certain offers have been approved within less than 24 hours.
The quickest way to apply is to ensure you apply during standard business hours. Also, let us use the advance bank verification to confirm your bank details online. If you send us the copies of bank statement, it will take a little longer.
For the Small Business Loan ($5K to $100K) we can often provide a response in one hour if you submit your request in standard business times and you allow us to utilise the advanced bank verification system to instantly verify your bank’s information online. If you decide to upload copies of your bank statements we can offer the decision within one business day.
If you are applying for Larger Business Loans ($100K or more) We may be in a position to provide the conditional pre-approval within about six hours. Once you have signed the pre-approval document, you will need to wait about 2-3 days for final approval, however this may be quicker depending on the circumstances of each application. Certain agreements have been approved within 24 hours.
The most effective method would be to make sure you apply during normal business hours, and permit us to use the sophisticated bank verification link to confirm your bank details online. If you choose to send us documents from your account statement, it may take a bit longer.
We offer loan amounts between $5,000 and $500,000. When you make an application for a certain amount, we take into consideration a range of factors in order to assess what is the well-being of your business and the level of repayments your company can support. The amount you receive from your loan will be contingent on the particular circumstances that are unique to your business.
When you apply for a particular amount, we look at a range of variables to assess how much we can lend you such as well-being of the company and the amount of payments your company will be able to support. The total amount of your loan will be contingent on the specific circumstances of your company.
When you make an application for one of our business credit, we’ll assess the risk assessment of your company and offer an individualised offer that includes the amount of loan, the term and the interest rates. A company loan is an upfront priced loan so you will know in advance the total amount you will have to pay, including interest rates, fees or charges.
Business loan interest rates vary due to factors including the amount borrowed, the business assets the money are used to purchase in addition to the industry that the business is operating in, how long the company has been in operation as well as what percentage of the business has enough cash flow to pay for the loan, and the general health or creditworthiness of the company.
There are no hidden costs with our business loans, and you’ll be aware of the amount it is that you be required to pay, and when, from the day you sign up. There’s not any compounding interest and there are no additional charges (as as long as you pay your payments on time).
We don’t charge an Application Fee. You are able to make an application for loans with no upfront cost or the obligation to take action.
The Origination Fee is the cost associated with establishing and managing the loan. You are only charged this fee if you choose to proceed with the loan. The Origination Fee for us is 2.5 percentage of the amount of the loan.
You can repay the total amount of your loan at any point in time.
If you are deciding to take this route, please talk to one of our helpful business lending experts. They’ll offer you with the details of your repayment and an early payout figure. This is calculated as the total of the remaining principal amount and any accrued interest at the time of early payment, plus 1.5% of the principal amount remaining and any outstanding fees.
In order to help you avoid missing repayments and to fit in your cash flow cycle we offer repayments either daily or weekly. These are automatically withdrawn from your nominated business account.
The security of your personal information, as well as being clear about how we collect, use, exchange and ensure the security of your information is vital and a vital element of our relationship with you.
Yes. We make use of industry-standard encryption protocols to safeguard your personal, sensitive as well as financial data. Our funders are ISO 27001 qualified for our commitment to the security of our customers as well as their security. We employ an exceptionally sophisticated bank verification system that allows you to instantly verify the bank account details online. This allows us to provide rapid response.
The term "asset-based" refers to borrowing where the company owner uses the assets they have to get the loan. The asset could be a personal asset like the family home, or it could be a business asset such as a truck or other piece of machinery.
The majority of banks, not just the largest banks, are inclined to guarantee loans against assets. If you’re having trouble paying back the loan, then the asset could be offered for sale by the lender. In essence it’s the process of securing new financing taking advantage of the value of what you already have.
Up to $150K in loans it is not necessary to secure assets upfront to access the money, however we do need the personal guarantee. So long as you comply with the terms of your loan (as stipulated in your loan contract document) and you are able to meet your obligations, asset security will never be required. For loans over $150,000 generally, you can get personal ensure and security in the form a charge over assets.
