The eligibility requirements for an unsecured business loan in Brisbane of between $5K to $100K are quite minimal.
Looking for more funding? Find out the guidelines for eligibility for our $100K-$500K business loans.
All that’s required to begin is your contact information (the name of your company and your name, as well as email or phone number) and the amount you want to borrow, and your monthly income.
Through the process and before settlement we’ll require confirmation of your identity, however, not in order to begin:
Additionally after we get started in the process, for loans of more than $150,000 you’ll also need basic financial statements:
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Brisbane 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.
You can apply to get your Small Business Loan in under 10 minutes online or on the phone. You’ll receive an answer within the same day and have the funds in your account in 24 hours. Traditional company loans reference an annual rate of interest along with other charges and fees. This business loan is a cash-based loan so you will be aware in advance of the total amount payable including any interest, fees or charges. Then, it is broken down into weekly or daily installment amount.
A Small Business Loan can be used to fulfill almost any business reason, such as control of cash flow company improvements, advertising to purchase inventory or new equipment, or as general working capital, and much more. The loan is not available for personal use.
The Larger Business Loan is a larger loan size to support business expansion opportunities. Loans are between $100,000 and $500,000 over a fixed term up to 36 months. Repayments are weekly or fortnightly, depending on you cashflow.
This Larger Business Loan has an Origination Fee which is determined at 2.5 percent of the amount of the loan.
To be eligible for a credit that is this large, your business needs to have been trading for at least 3 years with an annual turnover of $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 and have a New Zealand company (with a valid NZBN/IRD) and be able to prove at minimum 12 months of business.
A larger company loan can be used for almost all business purpose including business renovations, to purchase new equipment or inventory or as general working capital, and much more. The loan cannot be used for personal use.
Asset security is necessary for funding of more than $150,000. It is usually by way of charge on assets and can include registration with the PPSR or filing as a caveat.
A director’s or personal guarantee is a promise to repay a loan which is generally in nature rather than specifying security over an asset. The person who signs the guarantee is personally responsible if the company lender is not able to pay back the debt.
The Personal Property Securities Register (PPSR) is a central, national online register run by the New Zealand Government. It reflects security interests which are registered with respect to personal property (including items or assets). The PPSR allows preference over private property assigned in accordance with the date on which a registration of a security interest.
A caveat is a legal form of document to provide the legal claim to a property.
When you’re applying for larger business loans of $250K or more we may be able to provide a preliminary pre-approval to help make the process. We could be able to make this decision without a credit check and within 6 hours of the initial application. The pre-approval process is based on an initial assessment, which involves the answer to a series of financial well-being checks. It is neither an offer nor a guarantee of financing. A conditional approval is subject an exhaustive credit evaluation, and any offer you might receive could be based on different conditions.
You may be eligible for a business loan if you;
The process for applying is fast and easy. Simply complete the online form within a couple minutes, and an experienced company credit specialist will contact you to guide you.
To be eligible for up to $100,000, you’ll require identification details (valid Driver’s License) and an NZBN/IRD that is valid and at least 6 months’ worth of bank statements.
For larger loan sizes, you’ll also require:
$100K-$250K: Application details including credit approval, 6-12 months of IRD statements, bank statements (if loan above $150K).
$250K – $500K: Application details including credit consent, 12 months bank statement, an IRD statement Last 2 years’ finalised financial statements, in addition to interim financial statements for the current year, Aged Payables and Aged Receivables summaries.
For an unsecured loan ($5K to $100K) we can often offer an answer within one hour, provided you submit your request during standard business timings and let us make use of the advanced bank verification system to instantly verify your bank’s information online. If you choose to upload copies of your bank statement, we’ll provide an answer within just the span of one business day.
For the Larger Business Loan ($100K and up) we might be in a position to offer you with pre-approval conditional to your application in around 6 hours. Once you’ve signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval, however this may be quicker depending upon the circumstances for each application. Some offers have been approved within less than 24 hours.
The quickest method would be to ensure you apply during normal business hours, and let us use the advance bank verification link to instantly confirm your bank details online. If you decide to send us the copies of bank statement, it will take a little longer.
For the Small Business Loan ($5K and up) we typically offer an answer within an hour – as long as you make your application at standard business timings and let us make use of the advanced bank verification system link to immediately verify your bank account information online. If you decide to submit copies of your bank statement, we’ll provide a decision in as little as 1 business day.
For the Larger Business Loans ($100K or more) we may be in a position to offer you with conditional pre-approval within about 6 hours. After you’ve signed the pre-approval, the turnaround time is around 2-3 days for final approval, however it could be faster based on the specifics of each application. Certain deals have been approved within 24 hours.
The fastest way would be to make sure you apply during normal business hours. You can also let us use the modern bank verification link to instantly check your bank’s information online. If you opt to upload the copies of bank statements, it may take a bit longer.
We provide loan amounts between $5,000 and $500,000. If you apply for a certain amount we look at a variety of elements to determine your well-being for your company and the level of repayments your business can afford. The total amount of the loan will be determined by the particular circumstances for your business.
When you apply for a certain amount, we consider a variety of factors to assess the well-being for your company and the level of repayments that your business can support. The total amount of the loan will be determined by the specific circumstances for your business.
When you apply for the business financing, we’ll assess the risk assessment that you have for your company and offer an individualised proposal that includes the amount of the loan, the duration and interest rates. The company loan is an upfront priced loan therefore you will know the exact amount payable including any charges, interest rates or fees.
Interest rates for business loans rates depend on several factors including the amount that is borrowed, what business assets the funds are used to purchase as well as the field the business is operating in, how long the company has been operating, how long the company has enough cash flow to pay for the loan, as well as the general well-being or financial standing of the business.
There are no hidden fees for our company loans. You’ll be aware of the amount you need to pay, and when, starting from the day you sign up. There’s not any compounding interest and the loan comes with no additional fees (as as long as you pay your payments on time).
We don’t charge an Application Fee. You can apply for a loan without any upfront costs or any obligation to sign up.
The Origination Fee covers the costs associated with the setting up and management of the loan. The only way to pay this fee if you decide to take the loan. The Origination Fee for us is 2.5 percent of the loan amount.
You can decide to repay the entire amount of the advance loan at any time.
If you decide to take this route, please contact our helpful business credit specialists. The specialists will provide you with repayment details and an early payment figure. It will be calculated using the sum of the remaining principal amount plus any accrued interest as of the time of early payment plus 1.5% of the principal remaining and any outstanding fees.
To ensure that you don’t miss payment dates and to align your cash flow schedule, we provide repayments either weekly or daily. These are automatically deducted from your designated business account.
The security of your personal information, as well as being upfront about the ways we gather the information we collect, use, share and secure your information, is of paramount importance and is an essential aspect of our relationship with you.
Yes. We make use of industry-standard encryption standards to protect your personal, sensitive financial information and our funders are ISO 27001 qualified for our dedication to the security of our customers as well as their privacy. We use an advanced banking verification system to instantly confirm your bank account information online so we can offer an immediate response.
Asset-based borrowing is when a company owner makes use of an asset that they own to obtain the funds for a loan. The asset may be an individual property, such as the family home, or a company property like a truck or other piece of machinery.
The vast majority of lending institutions, even the big banks, tend to make loans secured by an asset. If you’re struggling to pay back the loan, then the asset could be sold by the lender. In essence it’s means of securing additional financing using the value of what you already have.
For loans that exceed $150K, there is no requirement for asset security prior to the loan’s access, however we do need a personal guarantee. If you adhere to your loan obligations (as stipulated in your loan contract) Asset security will never be needed. If you take out loans in excess of $150,000 typically, you will need a personal ensure and security in the form of a charge over assets.
