The eligibility requirements for an unsecured business loan in Melbourne of between $5K and $100K are pretty minimal.
Are you looking for additional funding? Review the eligibility requirements for our $100K-$500K company loan.
All you need to get started is your contact information (the name of your company, your name, email and telephone) as well as the amount you’d like to borrow and your monthly earnings.
In the course of the process and before settlement we will need confirmation of who you are but not for starting:
After we start, for loans of more than $150,000 you’ll also require basic financial statements:
Let’s get started now.
Melbourne unsecured loans offers amounts between $5,000 and $100,000. Terms range from 3 and 24 months. They also offer cash flow-friendly repayments, which are either daily or weekly.
Apply to get your Small Business Loan in under 10 minutes on the internet or by phone. You will receive an immediate response, and have the funds in your account within 24 hours. Traditional business loans reference an annual interest rate along with other charges and fees. Our company loan is an upfront priced loan and you’ll know ahead of time the total amount due, which includes any interest, fees or charges. This is then broken down into a daily or weekly amount to be paid back.
A Small Business Loan can be used for virtually any business need, such as control of cash flow company improvements, advertising, to purchase inventory or new equipment, as general working capital, and much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger amount of loan to help company growth opportunities. Loans are between $100,000 and $500,000 for a fixed period of that can last up to 36 months. The repayments are made weekly or fortnightly to work with you cashflow.
The Larger Business Loan has an Origination Fee which is calculated at 2.5% of the amount of the loan.
To be eligible for a loan that is this large the business needs to be in operation for at least 3 years and have an annual turnover of $700,000. You must be a New Zealand Citizen (or Permanent Resident) at least 18 years old or have a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of business.
A Larger Business Loan can be used for nearly every company need, including business improvements, purchasing equipment or inventory 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 is usually by taking a charge against assets and can be registered in the PPSR or making as a caveat.
A director’s or personal guarantee is a commitment to repay a loan which is generally in nature rather than stipulating the security of a specific asset. The person who signs the guarantee is personally liable in the event that the company borrower is unable to make the repayment.
The Personal Property Securities Register (PPSR) is a central, national online registry 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 grants the priority of personal property granted according to the date a registration of a security interest.
A caveat is a legal document filed to provide notice of a legal claim on a property.
If you’re applying for larger business loans of more than $250K we may be able to provide an initial pre-approval that will help smooth out the process. We could be able to make this decision without a credit check, and within 6 hours of the initial application. This pre-approval is made based on an initial assessment, which involves you answering some financial health checks. It’s not an offer or guarantee of financing. A conditional approval is subject a full credit assessment and any offer you may receive may be based on different conditions.
You can apply for a company loan if you
The application process is fast and easy. Complete the online form within a couple minutes, and a dedicated business lending specialist will contact you to guide you.
To apply for up $100,000, you’ll need the right identification documents (valid Driver’s Licence), an NZBN/IRD that is valid and at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K – $250K: Details of application, including credit consent, 6-12 months of IRD statements, bank statements (if loan above $150K).
$250K-$500K: Details of the application, including credit consent and 12 months bank statement, an IRD statement as well as the two most recent years’ financial statements, in addition to interim financials from the current financial year such as age-related payables and aged Receivables Summary.
For an unsecured loan ($5K up to $100,000) we typically provide an answer within one hour – as long as you apply within standard business time and allow us to use the advanced bank verification system to instantly verify your bank’s information online. If you opt to upload copies of your bank statement, we’ll offer the decision within an business day.
If you are applying for a Larger Business Loan ($100K to $500K) we might be in a position to provide you with a conditional pre-approval within six hours. Once you have signed the pre-approval form, it will take about 2-3 days for final approval, however this may be quicker depending on the specifics of each application. Some deals have been approved in the space of 24 hours.
The fastest way can be make sure you apply during normal business hours and permit us to use the modern bank verification link to instantly check your bank’s information online. If you choose to upload documents from your account statements it takes a bit longer.
For the Small Business Loan ($5K and up) we usually provide an answer in just one hour if you make your application within normal business hours and allow us to make use of the advanced bank verification system to instantly verify your bank information online. If you want to upload copies of your banking statements we can provide the decision in just 1 business day.
For Larger Business Loans ($100K up to $500,000) we could be able to offer the conditional pre-approval within about six hours. After you’ve signed the pre-approval form, it will take around 2-3 days for final approval. However, this could be shorter based on the specifics of each application. Some deals have been approved in the space of 24 hours.
The fastest method can be ensure you apply during standard business hours. You can also let us use the advance bank verification link to check your bank’s information online. If you opt to send us copies of your bank statement, it takes a bit longer.
We provide loan amounts between $5,000 and $500,000. When you make an application for a particular amount, we consider a variety of elements for determining the well-being for your company and the amount of payments your company can support. The amount you receive from your loan will be contingent on the specific circumstances of your company.
When you submit an application for a specific amount we look at a range of aspects to determine the health that is your business and the level of payments your business will be able to support. The amount you receive from the loan will be determined by the specific circumstances the company.
If you decide to request business loans with us business financing, we will assess the risk profile that you have for your company and provide you with a customised offer including loan amount, term and the interest rates. It is a business loan is a loan that is priced upfront therefore you will be aware in advance of the total amount to be paid, including any interest rates, fees or charges.
Business loan interest rates vary due to factors like the amount of money that is borrowed, what company assets the funds will be used for and the sector the business operates in, the long the business is in operation as well as whether the business has sufficient cash flow to support the loan, and overall well-being or creditworthiness of the company.
There are no hidden costs for our company loans. You’ll know precisely what you be required to pay and at what time, from day one. There’s no compounding and no additional fees (as as you make your payments in time).
We don’t charge an application fee. You are able to request a credit loan without any upfront costs or obligation to proceed.
The Origination Fee covers the costs associated with establishing and managing the loan. This is only a cost if you take out the loan. Our Origination Fee is 2.5 percentage of the loan amount.
You can repay the entire amount of your loan at any point in time.
If you choose to do this please call our helpful business loan professionals. They will provide you with details on repayment and an early payment figure. It will be calculated using the sum of the remaining principal amount and any accrued interest at the time of the early payout and 1.5 percent of the principal balance and any fees that remain unpaid.
To ensure you do not miss due dates and also to be in line with your cash flow standard, we offer repayments that are either daily or weekly. These are automatically deducted from the nominated company account.
The security of your personal information, as well as being transparent about how we collect the information we collect, use, share and protect your information, is crucial and a vital aspect of our relationship with you.
Yes. We employ industry-recognised encryption protocols to safeguard your personal, sensitive and financial data and our funders are ISO 27001 certified for our commitment to the security of our customers as well as their privacy. We employ a highly sophisticated bank verification system link to immediately verify your bank account details online. This allows us to provide an immediate response.
Asset-based borrowing occurs when a business owner borrows from an asset they own to secure the funding. The asset can be an individual asset, such as the family home or it could be a company asset such as a vehicle or piece or equipment.
The majority of banks, even the major banks, prefer to guarantee loans against an asset. If you’re struggling to pay back the loan, the asset might be offered for sale by the lender. In essence, it is means of securing additional financing making use of the value of what you already own.
For loans up to $150,000 it is not necessary to secure assets upfront to access the money, however we do need a personal guarantee. In the event that you fulfill your loan obligations (as specified in your loan contract), asset security is not required. For loans over $150,000 generally, you can get personal ensure and security is provided in the form of the charge of assets.
