The eligibility requirements for an unsecured business loan in Melbourne of between $5K and $100K are pretty minimal.
Do you need more money? Check out the guidelines for eligibility for our $100K to $500K company loan.
All you need to start is your contact information (company name, your name, email and phone) along with the amount you want to borrow, and your monthly income.
While in the process and before settlement we’ll require confirmation of your identity, but not to get started:
Once we’ve started, for loans of more than $150,000 you’ll require the following financial statements:
Let’s get started now.
Melbourne unsecured loans provides amounts between $5,000 and $100,000. The terms range between 3 and 24 months, cash flow-friendly repayments, which are either daily or weekly.
Apply to get your Small Business Loan in under 10 minutes online or by phone. You will receive an immediate response, and the money could be in your account in 24 hours. Traditional business loans are based on an annual rate of interest plus other fees and charges. Our business loan is a pre-paid loan therefore you’ll know in advance the amount you will have to pay, including the interest, fees and charges. This is then broken down into weekly or daily repayment figure.
A Small Business Loan can be used for virtually any business need, such as control of cash flow company renovations, marketing for purchasing inventory or new equipment, or as general working capital and so much more. The loan cannot be used for personal use.
The Larger Business Loan is a larger loan size to support business expansion opportunities. Loans range between $100,000 and $500,000 for a fixed period of 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 determined at 2.5% of the loan amount.
To qualify for a loan of this size the company 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) over 18 years and have a New Zealand company (with a valid NZBN/IRD) and be able of proving at the least 12 months of operating.
A large company loan can be used for almost any company purpose including company remodeling, buying equipment or inventory for general working capital and much more. The loan is not available for personal use.
Asset security is required for accessing funds over $150,000. This can be done by way of charge on assets, which could also include registering this on the PPSR or making a caveat.
A personal or director’s guarantee is a commitment to repay credit that is generally in nature rather than defining the security of a specific asset. The person who is signing the guarantee is personally accountable if the business borrower is unable to re-pay 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 registered in respect of personal property (including goods or assets). The PPSR allows the priority of personal property granted according to the date the security interest has been registered.
An affidavit is an official document lodged to offer the public notice of a legal claim to property.
When you’re applying for the Larger Business Loan of more than $250K we can offer a preliminary pre-approval to help smooth out the process. It is possible to apply for this without a credit check and within six hours of your initial application. This pre-approval is based on an initial evaluation that involves answering a couple of financial health checks. It is not an offer or guarantee of financing. A conditional approval is subject an assessment of your creditworthiness and any offer that you may receive may be based on different terms.
You may apply for an business loan if you;
The process for applying is fast and easy. Just complete the online application in just a few minutes, and a dedicated business lending specialist 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), an NZBN/IRD that is valid and at least six months of bank statements.
If you’re looking for loans with larger sizes, you’ll need:
$100K to $250K: Application requirements, including credit approval, 6-12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K – $500K: Details of the application, including credit consent twelve months bank statement, an IRD statements and the last two years’ finalised financial statements, plus interim financial statements for the current year including Aged Payables, Aged Receivables summary.
For an unsecured loan ($5K and up) we typically provide an answer in just one hour – as long as you submit your request within standard company timings and you allow us to utilise the bank verification system to instantly verify your bank information online. If you opt to upload copies of your bank statements , we are able to offer an answer within one business day.
For the Larger Business Loan ($100K up to $500,000) we may be likely to provide you with conditional pre-approval within about 6 hours. Once you have signed the pre-approval form, it will take around 2-3 days for final approval. However, this could be shorter based on the circumstances of each application. Certain deals have been approved in less than 24 hours.
The most efficient method would be to ensure you apply during standard business hours. You can also let us use the modern bank verification to verify your bank information online. If you decide to upload duplicates of your banking statements it takes a bit longer.
For the Small Business Loan ($5K up to $100,000) We can usually provide an answer within an hour if you submit your request at standard business hours and let us make use of the advanced bank verification system link to instantly verify your bank details online. If you opt to upload copies of your bank statement, we’ll provide the decision in as little as an business day.
For the Larger Business Loans ($100K and up) we could be likely to offer you with pre-approval conditional to your application within about six hours. After you’ve signed the pre-approval document, you will require to wait around 2-3 days for final approval, however this could be shorter based on the specifics of each application. Certain agreements have been approved within less than 24 hours.
The quickest method would be to ensure you apply during standard business hours and allow us to use our sophisticated bank verification to instantly check your bank’s information online. If you upload documents from your account statement, it will take a little longer.
We offer the loan amount between $5,000 and $500,000. If you apply for a particular amount, we take into consideration a range of elements in order to assess the well-being for your business and the extent of repayments your company can support. The total amount of your loan will be contingent on the specific circumstances the company.
When you submit an application for a particular amount, we look at a range of elements to determine how much we can lend you such as health that is your company and the level of repayments your business can afford. The total amount of your loan will depend on the specifics the company.
If you decide to request business loans with us company loan, we’ll assess the risk profile of your business and provide you with a tailored offer that includes loan amount, term and the interest rates. The company loan is a loan that is priced upfront which means you know in advance the total amount to be paid, including any costs, fees, or interest rates.
Business loan interest rates depend on a variety of factors including the amount borrowed, what company assets the funds will be used for, the industry the company operates in, the long the business has been in operation, whether the company has sufficient cash flow to cover the loan, and general health as well as creditworthiness business.
There are no hidden costs for our company loans, and you’ll know exactly how much you need to pay and when, starting from the day you sign up. There’s not any compounding interest and no extra fees (as long as you make your payments in time).
We don’t charge an Application Fee. You can get a cash loan with without any upfront costs or any obligation to sign up.
The Origination Fee includes the expenses 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 loan.
You may choose to pay back the total amount of your loan early at any time.
If you choose to pursue this option, please talk to one of our helpful business credit professionals. They’ll offer you with the details of your repayment as well as an early payout amount. This will be calculated as the total of the remaining principal amount plus any accrued interest as of the time of the early payout plus 1.5 percent of the principal balance plus any outstanding fees.
To make sure that you don’t miss repayments and to fit in your cash flow cycle we provide payments that are either daily or weekly. They are automatically deducted from your designated company account.
Making sure that your information is secure, and making it clear how we collect information, use it, and exchange it, as well as protect your information, is of paramount importance and is an essential aspect of our relationship with you.
Yes. We utilise industry-recognised encryption techniques to protect your sensitive, personal financial information and our funders are ISO 27001 qualified for our commitment to protecting the security of clients and privacy. We employ an exceptionally sophisticated bank verification system to immediately verify your bank account information online so we can provide rapid response.
The term "asset-based" refers to borrowing where the company owner makes use of an asset that they own to secure the funds for a loan. The asset can be an individual property, such as the family home, or a business asset such as a vehicle or other piece of machinery.
The majority of the lenders including the major banks, prefer to make loans secured by an asset. If you’re having trouble paying back the loan, then the asset could be taken over by the lender. In essence it is means of securing new funding using the value of what you already own.
For loans that exceed $150K, no asset security is required before you can access the money however, we do require the personal guarantee. So long as you comply with your loan obligations (as detailed in your loan contract document) the security of assets will never be needed. For loans over $150K typically, you will need an individual guarantee and security in the form of charges on assets.
