The eligibility requirements for an unsecured business loan in Sydney of between $5K and $100K are fairly minimal.
Are you looking for additional funding? Take a look at the eligibility requirements for our $100K-$500K company loans.
All that’s needed for starting is your contact details (the name of your company, your name, email and phone), how much you want to borrow, and your monthly revenue.
Through the process and before settlement we’ll require confirmation of your identity, but not for starting:
After we start with loans of more than $150,000 you’ll require fundamental financial statements:
Let’s get started.
Sydney unsecured loans provides amounts of between $5,000 and $100,000, with terms ranging from 3 and 24 months and cash flow friendly repayments that are either per day or weekly.
You can apply to the Small Business Loan in under 10 minutes by phone. You will receive an answer within the same day and the funds could be in your account within 24 hours. Traditional company loans reference an annual rate of interest as well as other fees and charges. This business 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 a daily or weekly amount to be paid back.
It is a Small Business Loan can be used to fulfill almost every business purpose including cash flow management, business renovations, marketing to purchase inventory, new equipment, for 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 business growth opportunities. Loans range between $100,000 and $500,000 with a fixed-term that can last up to 36 months. The repayments are made weekly or fortnightly depending on the flow of cash.
It is crucial to note that the Larger Business Loan has an Origination Fee, which is calculated at 2.5 percentage of the amount of the loan.
In order to be eligible for a loan that is this large the business needs to be trading for at least 3 years with an annual turnover of $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) at least 18 years old or have a New Zealand business (with a valid NZBN/IRD) and be able of proving at minimum 12 months of continuous trading.
A Larger Business Loan can be used for almost every company need, including company improvements, purchasing equipment or inventory as well as for general working capital and much more. The loan cannot be used for personal use.
Asset security is required to obtain funding above $150,000. It’s in the form of a charge against assets, and may include registering this with the PPSR or making a caveat.
A director’s or personal guarantee is a guarantee to repay credit that is generally based rather than stipulating security over an asset. The person who signs the ensure is personally responsible if the company lender is not able to repay the debt.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It records security interests that have been which are registered with respect to personal property (including goods or assets). The PPSR allows priority over personal property to be granted in accordance with the date on which a security interest has been registered.
The caveat can be described as a formal document that is filed to offer the legal claim against a property.
If you’re requesting an enterprise loan of more than $250K, we may offer an initial pre-approval in order to smooth out the process. We could be able to get this done without a credit check, and within 6 hours of the initial application. This pre-approval is made based on an initial evaluation that involves you answering some financial well-being questions. It is neither an offer nor a guarantee of credit. A conditional approval is subject an exhaustive credit evaluation, and any offer that you receive could have different conditions.
You may apply for a business loan if you
The application process is simple and easy. Just fill out the online application in few minutes and a dedicated company loan specialist will be in touch to help you.
To apply for up to $100,000, you’ll require the right identification documents (valid Driver’s Licence), a valid NZBN/IRD and at least six months worth of bank statements.
In addition, for larger loan sizes, you’ll also require:
$100K to $250K: Application details including credit consent, 6 – 12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K to $500K: Application details including credit consent as well as 12 months of bank records, IRD statements and the last two years’ finalised financial statements, and 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 can often offer a response in one hour, provided you make your application within standard company time and you allow us to utilise the bank verification system to instantly verify your bank details online. If you decide to upload copies of your banking statement, we’ll provide the decision within one business day.
If you are applying for a Larger Business Loan ($100K to $500K) we may be likely to provide you with a conditional pre-approval within about 6 hours. Once you have signed the pre-approval document, you will need to wait approximately 2-3 days to receive final approval. However, it could be faster based on the circumstances of each application. Certain transactions have received approval in 24 hours.
The fastest way is to ensure you apply during normal business hours. You can also let us use the advanced bank verification system to instantly verify your bank account information online. If you opt to upload documents from your account accounts, it can take a bit longer.
For the Small Business Loan ($5K or more) we usually provide an answer within one hour if you submit your request during standard business time and allow us to utilise the advanced bank verification system link to instantly verify your bank details online. If you want to upload copies of your banking statement, we’ll offer a decision within the span of one business day.
For Larger Business Loans ($100K or more) We may be able to provide the conditional pre-approval within about 6 hours. Once you have signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval, however this could be shorter based on the circumstances of each application. Certain agreements have been approved in 24 hours.
The fastest way for you to apply is ensure you apply during normal business hours. Also, allow us to use the modern bank verification to verify your bank account information online. If you decide to send us duplicates of your banking accounts, it may take a bit longer.
We offer loans that range from $5,000 to $500,000. When you submit an application for a particular amount, we take into consideration a range of factors that determine how much we can lend you health of your business and the level of repayments your business can support. The total amount of the loan will be determined by the particular circumstances for your business.
When you submit an application for a certain amount, we take into consideration a variety of elements to assess the well-being that is your company and the extent of repayments that your business is able to afford. The total amount of the loan will be determined by the specifics the business.
When you request one of our company loans, we’ll assess the risk assessment of your business and provide you with a tailored proposal that includes the amount of the loan, the duration and the interest rates. This company loan is an upfront priced loan therefore you will know in advance the total amount to be paid, including any charges or interest.
Interest rates for company loans rates vary due to factors like the amount of money that is borrowed, what business assets the funds will be used for, the industry the company is in, how long the business has been running, in the event that the business has enough cash flow to cover the loan, and general well-being and creditworthiness of the company.
There are no hidden fees with our business loans. You’ll be aware of the amount it is that you need to pay, and when, from day one. There’s no compounding interest, and no additional fees (as as long as you pay your payments punctually).
We do not charge an Application Fee. You can request a credit loan with no cost upfront or the obligation to take action.
The Origination Fee includes the expenses associated in establishing and managing the loan. The only way to pay this cost if you take out the loan. The Origination Fee for us is 2.5% of the loan amount.
You can decide to repay the total amount of your loan in full at any time.
If you do decide to pursue this option, please speak to our friendly company loans specialists. We will provide you with details for repayment and an early payment figure. This will be calculated as the total of the principal amount remaining and the accrued interest up to the date of early payout and 1.5 percent of the principal amount remaining and any fees that remain unpaid.
To make sure you do not miss payment dates and to align with your cash flow standard, we offer repayments that are either weekly or daily. These are automatically withdrawn from the nominated company account.
Making sure that your information is secure, and making it clear how we collect data, process, exchange and secure your information, is of huge importance and is a crucial element of our relationship with you.
Yes. We use industry recognised encryption protocols to safeguard your personal, sensitive and financial data and our funders are ISO 27001 qualified for our dedication to customer security and security. We use an advanced bank verification system to instantly confirm your bank account information online so we can offer a fast response.
The term "asset-based" refers to borrowing where the business owner utilises assets they own to secure the funding. The asset may be an individual asset, such as the family home or it could be a company asset such as a vehicle as well as a piece of machine.
The vast majority of banks, not just the largest banks, are inclined to make loans secured by assets. If you’re having trouble paying back the loan then your assets could be sold by the lender. In essence it’s a way of securing new funding using the worth of the asset you already own.
For loans that exceed $150,000, the requirement for asset security is not required in advance to gain access to the funds but we do need an individual guarantee. If you adhere to the terms of your loan (as specified in your loan contract document) and you are able to meet your obligations, asset security is not needed. If you take out loans in excess of $150,000 generally, you can get a personal guarantee and security that is in the form the charge of assets.
