The eligibility requirements for an unsecured business loan in Auckland of between $5K and $100K are pretty minimal.
Do you require more money? Check out the eligibility requirements for our $100K-$500K company loan.
All that’s required to begin is your contact details (the name of your company and your name, as well as email and telephone) along with the amount you’d like to lend, and your monthly income.
While in the process and before settlement we will need confirmation of who you are but not before we can begin:
Additionally after we get started with loans of more than $150,000 you’ll also need basic financial statements:
Let’s get started.
Auckland unsecured loans offers amounts of between $5,000 and $100,000, with terms ranging from 3 and 24 months and cash flow-friendly repayments that are either daily or weekly.
You can apply for this Small Business Loan in under 10 minutes via the internet or over the phone, receive an answer within the same day and the money could be in your account in 24 hours. Traditional business loans have an annual interest rate along with other charges and fees. The company loan is a loan that is priced upfront and you’ll know in advance the amount you will have to pay, including any interest, fees or charges. This is then broken down into either a daily or weekly installment amount.
The Small Business Loan can be used for virtually any company purpose including cash flow management, company remodeling, marketing 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 size of loan that can be used to fund business growth opportunities. Loans range between $100,000 and $500,000 with a fixed-term that can last up to 36 months. Repayments are weekly or fortnightly in order to accommodate the flow of cash.
The Larger Business Loan has an Origination Fee, determined at 2.5% of the amount of the loan.
In order to be eligible for a loan that is this large the company needs to have been in operation for at least 3 years and have an annual turnover of at least $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) over 18 years or have a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at the least 12 months of operating.
A Business Loan of a larger size can be used for almost every company need, including company improvements, purchasing new equipment or inventory for general working capital and much more. The loan is not available for personal purposes.
Asset security is required to access funding over $150,000. It’s in the form of a charge against assets, and could include the registration of this through the PPSR or registering as a caveat.
A director’s or personal guarantee is a commitment to pay back a loan that is generally in nature rather than defining security over a particular asset. The person signing the ensure is personally accountable if the business creditor is unable to pay back 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 that are registered for personal property (including the assets or goods). The PPSR gives prioritisation over property that is personal to be assigned in accordance with the date on which a security interest has been registered.
An affidavit is an official document lodged to offer notice of a legal claim to property.
If you’re requesting a Larger Business Loan that is greater than $250K, we may offer an initial pre-approval in order to smooth out the process. We could be able to apply for this without a credit check and within 6 hours of your initial application. This pre-approval is based on an initial evaluation that involves answering a couple of financial well-being checks. It is in no way an offer, nor is it a guarantee of financing. Acceptance without condition is subject to an extensive credit evaluation and any offer you receive could have different conditions.
You may be eligible for a company loan if you:
The application process is simple and easy. Simply complete the online form within a couple minutes, and an experienced company lending specialist will be in touch to guide you through the process.
To be eligible for up to $100,000 you’ll require the right identification documents (valid Driver’s License) and an active NZBN/IRD, and at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll need:
$100K to $250K: Application details including credit consent, 6-12 months of IRD statements, bank statements (if loan above $150K).
$250K-$500K: Details for application including credit consent, 12 month bank accounts, the IRD statement as well as the two most recent years’ financial statements, and interim financials for the current financial year, Aged Payables and Aged Receivables reports.
For an unsecured loan ($5K and up) We can usually provide an answer within an hour, provided you submit your request during quality company timings and let us make use of the advanced bank verification system to instantly verify your bank details online. If you want to upload copies of your bank statements , we are able to provide an answer within just one business day.
For the Larger Business Loan ($100K or more) we may be likely to offer you with pre-approval conditional to your application in about six hours. After you’ve signed the pre-approval document, you will need to wait around 2-3 days for final approval, however this can be quicker based on the particular circumstances of each application. Some offers have been approved in less than 24 hours.
The fastest way would be to ensure you apply during standard business hours and permit us to use the modern bank verification to verify your bank account information online. If you upload duplicates of your banking statements it takes a bit longer.
For the Small Business Loan ($5K to $100K) we usually offer an answer within one hour – as long as you make your application within standard business hours and permit us to utilise the advanced bank verification system to instantly verify your bank details online. If you want to send us copies of your bank statement, we’ll offer the decision in as little as an business day.
For Larger Business Loans ($100K up to $500,000) we might be in a position to provide the conditional pre-approval in around six hours. Once you’ve signed your pre-approval, the turnaround time is approximately 2-3 days to receive final approval, however this may be quicker depending on the circumstances of each application. Certain agreements have been approved within less than 24 hours.
The fastest way is to make sure you apply during standard business hours. You can also allow us to use the sophisticated bank verification link to instantly check your bank’s information online. If you opt to upload copies of your bank accounts, it takes a bit longer.
We provide loans that range from $5,000 and $500,000. When you submit an application for a particular amount, we will consider a number of variables in order to assess how much we can lend you well-being for your business as well as the amount of payments your business will be able to support. The total amount of your loan will be contingent on the specifics the company.
When you submit an application for a particular amount, we consider a variety of aspects to assess your health that is your business as well as the amount of repayments your company can afford. The total amount of the loan will be determined by the particulars the business.
When you apply for business loans with us business loans, we will assess the risk profile that you have for your business and offer you with a customised offer that includes loan amount, term and the interest rates. It is a company loan is a loan that is priced upfront so you will know in advance the total amount due, which includes any charges, interest rates or fees.
The interest rates on company loans rates depend on several factors such as the amount that is borrowed, the business assets the money will be used for, the industry the company operates in, the long the business has been operating for, whether the business has sufficient cash flow to fund the loan, as well as the overall well-being or financial standing of the business.
There aren’t any hidden charges for our company loans. You’ll know exactly how much you be required to pay, and when, from the first day. There’s no compounding and the loan comes with no additional fees (as long as you make your payments punctually).
We don’t charge an Application Fee. You are able to make an application for loans with no cost upfront or obligation to proceed.
The Origination Fee covers the costs associated with establishing and managing the loan. It is only charged for this fee if you decide to take the loan. The Origination Fee for us is 2.5 percentage of the amount of loan.
You can repay the entire amount of the advance loan at any time.
If you are deciding to take this route, please talk to one of our helpful company credit professionals. We will provide you with details on repayment and an early payment figure. The figure will be calculated as the sum of the remaining principal amount and any accrued interest at the time of early payment, plus 1.5% of the principal balance and any outstanding fees.
In order to help you avoid missing repayments and to fit in your cash flow schedule, we provide repayments either daily or weekly. They will be automatically deducted from your nominated business account.
Protecting your information, and making it clear how we collect, use, exchange and safeguard your data, is of paramount importance and is a crucial element 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 customer security and privacy. We make use of an advanced bank verification system that allows you to instantly verify your bank account information online. This allows us to offer an immediate response.
The term "asset-based" refers to borrowing where a business owner utilises assets they own to make the loan. The asset could be an asset belonging to the personal, like the family home, or an business property like a truck or piece or equipment.
The vast majority of lending institutions, including the big banks, tend to secure loans against an asset. If you’re struggling to pay back the loan then your assets could be sold by the lender. In essence, it’s the process of securing additional financing making use of the value of what you already own.
For loans that exceed $150,000, the requirement for asset security is not required upfront to access the money but we do need the personal guarantee. In the event that you fulfill your loan commitments (as specified in your loan contract) the security of assets is not required. For loans that exceed $150K, typically, you will need an individual guarantee and security that is in the form a charge over assets.
