The requirements for obtaining an unsecured business loan in Auckland of between $5K and $100K are fairly minimal.
Need more funds? Review the eligibility requirements for our $100K-$500K company credit.
All you need for starting is your contact details (the name of your company, your name, 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 require confirmation of who you are, but not to get started:
Once we’ve started in the process, for loans of more than $150,000 you’ll also need basic financial statements:
Let’s get started.
Auckland unsecured loans offers amounts between $5,000 and $100,000 with terms between 3 and 24 months. They also offer cash flow friendly repayments, which are either daily or weekly.
It is possible to apply to get this Small Business Loan in under 10 minutes over the phone. You’ll get a same day response and the funds could be in your account within 24 hours. Traditional company loans have an interest rate per annum plus other fees and charges. The company loan is a pre-paid loan so you will know ahead of time the total amount payable including any interest, fees or charges. Then, it is broken down into either weekly or daily payment amount.
It is a Small Business Loan can be used for virtually every business use, including managing cash flows, business remodeling, marketing to purchase inventory or new equipment, or as general working capital, and much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger size of loan that can be used to fund company expansion opportunities. Loans are between $100,000 and $500,000 for a fixed period of for up to 36 months. The repayments are made weekly or fortnightly depending on you cashflow.
This Larger Business Loan has an Origination Fee that is calculated at 2.5% of the loan amount.
In order to be eligible for a loan that is this large, your company needs to have been trading for at least 3 years, and have an annual income of $700K. You must be a New Zealand Citizen (or Permanent Resident) who is over the age of 18, own a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of continuous trading.
A large company loan can be used for nearly any company reason, such as business renovations, to purchase equipment or inventory as well as for general working capital and much more. The loan cannot be used for personal reasons.
Asset security is needed for accessing funds over $150,000. This can be done by way of charge against assets, and could be registered through the PPSR or the registration of as a caveat.
A personal or director’s guarantee is a guarantee to repay credit that is general in nature, rather than defining security over an asset. The person who is signing the guarantee is personally responsible if the business creditor is unable to repay the debt.
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 objects or assets). The PPSR allows prioritisation over property that is personal to be granted depending on the date that a security interest was registered.
A caveat is a legal document lodged to provide the public notice of a legal claim to property.
If you’re seeking a Larger Business Loan of $250,000 or more, we may offer an initial pre-approval to ease the process. We could be able to apply for this without a credit check and within 6 hours of the initial application. The pre-approval process is based on an initial evaluation that involves you answering some financial well-being questions. It is neither an offer nor a guarantee of funds. Acceptance without condition is subject to an extensive credit evaluation and any offer you may receive may have different terms.
You may apply for an business loan if you;
The application process is fast and easy. Just fill out the online application in few minutes and an experienced business credit specialist will be in touch to help you.
For a loan of up to $100,000, you’ll require ID details (valid Driver’s Licence) and a valid NZBN/IRD and at least six months worth of bank statements.
For larger loan sizes, you’ll require:
$100K to $250K: Application requirements, including credit consent, 6-12 months of IRD statements, bank statements (if credit is over $150K).
$250K-$500K: Application details including credit consent as well as 12 months bank statement, an IRD statements Last 2 years’ finalised financial statements, in addition to interim financials for the current financial year including Aged Payables, Aged Receivables summaries.
For an unsecured loan ($5K or more) we usually provide an answer in just one hour – as long as you submit your request within quality business time and let us make use of the advanced bank verification system link to immediately verify your bank account information online. If you want to send us copies of your bank statement, we’ll offer a decision within just the span of one company day.
If you are applying for a Larger Business Loan ($100K up to $500,000) we could be in a position to provide you with pre-approval conditional to your application in about 6 hours. Once you’ve signed the pre-approval document, you will need to wait between 2 and 3 days for the final approval, however this may be quicker depending on the circumstances of each application. Some offers have been approved in the space of 24 hours.
The quickest way to apply can be ensure you apply during normal company hours. You can also allow us to use our advance bank verification to instantly verify your bank information online. If you choose to send us the copies of bank statements it may take a bit longer.
For the Small Business Loan ($5K up to $100,000) we can often provide an answer within one hour if you submit your request in standard business timings and permit us to use the advanced bank verification system link to instantly verify your bank details online. If you decide to send us copies of your bank statements, we’ll be able to provide the decision in just 1 business day.
For the Larger Business Loans ($100K and up) We may be able to provide you with a conditional pre-approval in around 6 hours. Once you’ve signed the pre-approval, the turnaround time is about 2-3 days for final approval. However, this could be shorter based on the specifics of each application. Some agreements have been approved within just 24 hours.
The fastest way for you to apply is make sure you apply during standard business hours, and allow us to use the advanced bank verification system to instantly verify your bank account information online. If you decide to upload copies of your bank accounts, it may take a bit longer.
We provide loan amounts between $5,000 and $500,000. If you apply for a certain amount, we take into consideration a range of elements to determine your well-being of your business as well as the amount of repayments your company can afford. The total amount of the loan will be determined by the particular circumstances the company.
When you make an application for a set amount, we consider a variety of aspects to determine how much we can lend you such as well-being that is your business and the level of the repayments your company is able to afford. The amount you receive from your loan will be contingent on the specifics the business.
If you decide to make an application for one of our business loan, we will assess the risk assessment that you have for your company and provide you with a tailored offer, including the amount of the loan, the duration and the interest rates. This company loan is an upfront-priced loan which means you know the exact amount you will have to pay, including charges, interest rates or fees.
The interest rates on business loans rates depend on several factors including the amount that is borrowed, what company assets the money will be used for as well as the field the business is in, how long the company is in operation as well as whether the company has sufficient cash flow to pay for the loan, and general health or financial standing of the business.
There are no hidden costs for our business loans, and you’ll be aware of the amount it is that you need to pay, and when, from day one. There’s no compounding and no extra fees (as long as you are able to make your payments on time).
We don’t charge an application fee. You are able to apply for a loan with no cost upfront or the obligation to take action.
The Origination Fee is the cost associated in establishing and managing the loan. You are only charged this fee if you decide to take the loan. Our Origination Fee is 2.5% of the amount of the loan.
You can repay all of your advance loan at any time.
If you decide to take this route, please speak to our friendly company lending professionals. They will provide you with repayment details and an early payment figure. It will be calculated using the total of the principal amount remaining and accrued interest to the time of early payment in addition to 1.5 percent of the remaining principal and any outstanding fees.
To ensure that you don’t miss payments and to work with your cash flow standard, we provide payments that are either weekly or daily. They are automatically deducted from your company account.
Security of your data, and being clear about how we collect, use, exchange and secure your information, is vital and is a crucial element of our relationship with you.
Yes. We employ industry-recognised encryption standards to protect your sensitive, personal and financial data and our funders are ISO 27001 qualified for our commitment to customer security and security. We make use of an advanced bank verification system link to instantly verify your bank account details online, allowing us to provide rapid response.
Asset-based borrowing is when the business owner uses assets they own to get the loan. The asset could be an individual property, such as the family home, or a company property like a truck or piece or equipment.
The majority of lending institutions, not just the big banks, tend to secure loans against 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 the process of securing new financing by using the worth of the asset you already have.
Up to $150,000 in loans no asset security is required upfront to access the money However, we do need the personal guarantee. As long as you follow the terms of your loan (as stipulated in the loan contract) Asset security will never be required. If you take out loans in excess of $150,000 generally, there is a personal guarantee and security in the form charges on assets.
