The criteria for eligibility for an unsecured business loan in Auckland of between $5K and $100K are fairly minimal.
Do you need more money? Take a look at the eligibility requirements for our $100K-$500K business credit.
All that is needed to get started is your contact details (company name, your name, email and phone) as well as the amount you’d like to lend, and your monthly revenue.
While in the process and before settlement we will need confirmation of your identity but not for starting:
Additionally after we get started in the process, for loans that exceed $150,000, you will also require basic financial statements:
Let’s get started.
Auckland unsecured loans offers amounts of between $5,000 and $100,000. The terms range between 3 and 24 months and cash flow-friendly repayments, which are either daily or weekly.
You can apply to your Small Business Loan in under 10 minutes online or by phone. You will receive an instant response and funds may be on your account within 24 hours. Traditional business loans are based on an annual interest rate along with other charges and fees. Our company loan is a pre-paid loan therefore you’ll be aware of the amount you will have to pay, including any fees, interest or charges. This is then divided into a daily or weekly amount to be paid back.
The Small Business Loan can be used to fulfill almost any business reason, such as managing cash flows, company renovations, marketing to purchase inventory, new equipment, 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. The loan ranges from $100,000 to $500,000 with a fixed-term for up to 36 months. Repayments are either weekly or fortnightly, depending on your cash flow.
This Larger Business Loan has an Origination Fee that is calculated at 2.5 percentage of the amount of the loan.
To be eligible for a loan that is this large the business needs to have been operating for a minimum of 3 years, and have an annual income of $700K. Your business must belong to a New Zealand Citizen (or Permanent Resident) over 18 years as well as own a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of continuous trading.
A Larger Business Loan can be used to fund almost all business need, including company renovations, to purchase equipment or inventory for general working capital and much more. The loan is not available for personal use.
Asset security is required to access funding over $150,000. This can be done by way of charge over assets, and may include registering this with the PPSR or the registration of as a caveat.
A personal or director’s guarantee is a promise to repay a loan which is generally based rather than stipulating security over a particular asset. The person who signs the guarantee is personally responsible if the company lender is not able to make the repayment.
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 goods or assets). The PPSR grants prioritisation over property that is personal to be granted depending on the date that a registration of a security interest.
Caveats are legal document that is filed to provide the legal claim on a property.
If you’re seeking larger company loans of more than $250,000 we may be able to provide an initial pre-approval to ease the process. We could be able to get this done without a credit verification and within 6 hours of your initial application. This pre-approval is made based on an initial assessment that includes you answering some financial well-being checks. It is not an offer or guarantee of credit. Acceptance without condition is subject to an assessment of your creditworthiness and any offer you are offered could be on different conditions.
You are eligible to apply for a business loan if you:
The process for applying is fast and simple. Simply complete the online form in few minutes and a dedicated company loan specialist will contact you to assist you.
To apply for up $100,000 you’ll require identification details (valid Driver’s Licence) and an NZBN/IRD that is valid and at least 6 months’ worth of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K – $250K: Details of application, including credit consent, 6 – 12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K to $500K: Details for application including credit consent as well as 12 months of bank records, IRD statements and the last two years’ finalised financial statements, and interim financial statements for the current year, Aged Payables and Aged Receivables Summary.
For an unsecured loan ($5K and up) We can usually offer an answer within an hour if you make your application during standard business times and allow us to use the advanced bank verification system to instantly verify your bank information online. If you opt to submit copies of your bank statements we can offer an answer within 1 company day.
For Larger Business Loans ($100K and up) we may be capable of provide you with conditional pre-approval within about six hours. After you’ve signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval, however it could be faster based upon the circumstances for each application. Some agreements have been approved within less than 24 hours.
The fastest way for you to apply is ensure you apply during normal business hours. You can also allow us to use our modern bank verification link to instantly confirm your bank details online. If you opt to send us the copies of bank statements it may take a bit longer.
For the Small Business Loan ($5K to $100K) we can often offer an answer within an hour – as long as you submit your request within standard business times and let us utilise the advanced bank verification system to instantly verify your bank details online. If you decide to upload copies of your banking statements, we are able to provide the decision in just an business day.
For the Larger Business Loans ($100K up to $500,000) we may be able to provide you with conditional pre-approval in around six hours. Once you have signed the pre-approval form, it will take around 2-3 days for 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 most effective method for you to apply is make sure you apply during normal business hours. Also, let us use the sophisticated bank verification link to instantly confirm your bank details online. If you choose to send us the copies of bank statement, it will take a little longer.
We offer loans ranging from $5,000 to $500,000. When you make an application for a specific amount we take into consideration a range of variables to determine your well-being for your business and the amount of repayments your business can support. The amount you receive from the loan will be determined by the particular circumstances of your business.
When you make an application for a certain amount, we look at a range of aspects to determine how much we can lend you such as health of your company and the amount of repayments that your company can support. The total amount of your loan will depend on the specific circumstances of your business.
When you apply for one of our company credit, we will assess the risk assessment that you have for your business and offer you with a customised proposal that includes the amount of loan, the term and the interest rates. It is a company loan is an upfront cost loan and you’ll know the exact amount due, which includes any charges or interest.
Interest rates for business loans rates depend on a variety of variables like the amount to be of money borrowed, the business assets the funds will be used for and the sector the company operates in, the long the business has been in operation for, in the event that the business has sufficient cash flow to cover the loan, and overall health or creditworthiness of the business.
There aren’t any hidden charges for our company loans. You’ll know exactly how much you’ll need to pay and when, right from the first day. There’s not any compounding interest and there are no additional charges (as long as you are able to make your payments punctually).
We do not charge an application fee. You are able to apply for a loan without any upfront costs or obligation to proceed.
The Origination Fee is the cost associated with the setting up and management of the loan. The only way to pay this fee if you proceed with the loan. The Origination Fee for us is 2.5 percent of the amount of the loan.
You can repay the entire amount of your loan at any point in time.
If you choose to take this route, please speak to our friendly business loan experts. They will offer you with the details of your repayment and an early payment figure. This is calculated as the total of the principal amount remaining plus any accrued interest as of the time of early payment in addition to 1.5 percent of the remaining principal and any fees that remain unpaid.
To make sure that you don’t miss payment dates and to align your cash flow cycle we provide payments that are either weekly or daily. These are automatically deducted from the nominated business account.
Security of your data, and being transparent about the ways we gather information, use it, and exchange it, as well as safeguard your data, is of paramount importance and an integral part of our relationship you.
Yes. We make use of industry-standard encryption techniques to protect your personal, sensitive as well as financial data. Our funders are ISO 27001 certified for our dedication to security for our clients and security. We make use of an advanced bank verification system that allows you to immediately confirm your bank account information online to provide a fast response.
An asset-based loan is when the company owner utilises assets they own to obtain the funds for a loan. The asset could be an individual asset, such as the family home, or an company asset like a truck or piece of equipment.
The vast majority of lending institutions, even the big banks, tend to guarantee loans against assets. If you’re having trouble paying back the loan, then your asset may be transferred to the lender. In essence, it’s the process of securing new funding using the worth of the asset you already own.
For loans that exceed $150,000, it is not necessary to secure assets before you are able to access the money but we require a personal guarantee. need the personal guarantee. So long as you comply with your loan obligations (as stipulated in your loan contract document) and you are able to meet your obligations, asset security will never be required. For loans of over $150,000 generally there is personal ensure and security is provided in the form of a charge over assets.
