The criteria for eligibility for an unsecured business loan in Auckland of between $5K and $100K are pretty minimal.
Do you need more money? Take a look at the guidelines for eligibility for our $100K-$500K company financing.
All you need for starting is your contact information (the name of your company, your name, email and telephone) along with the amount you’d like to borrow, and your monthly earnings.
While in the process and before settlement we will require confirmation of your identity, but not before we can begin:
Once we’ve started with loans greater than $150,000 you will also need basic financial statements.
Let’s get started.
Auckland unsecured loans provides amounts of between $5,000 and $100,000. The terms range between 3 and 24 months and cash flow-friendly repayments that are either daily or weekly.
Apply to your Small Business Loan in under 10 minutes via the internet or over the phone, receive an instant response and the funds could be in your account within 24 hours. Traditional business loans reference an interest rate per annum as well as other fees and charges. We offer a company loan is a pre-paid loan therefore you’ll know in advance the amount you will have to pay, including any interest, fees or charges. This is then broken down into a daily or weekly amount to be paid back.
The Small Business Loan can be used for nearly any company need, such as control of cash flow company remodels and marketing for purchasing inventory or new equipment, for general working capital, and much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger size loan to aid in business expansion opportunities. Loans range between $100,000 and $500,000 with a fixed-term with a maximum of 36 months. Repayments are scheduled weekly or fortnightly, depending on your cash flow.
The Larger Business Loan has an Origination Fee, calculated at 2.5 percentage of the amount of the loan.
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 generate an annual revenue of $700,000. You must be a New Zealand Citizen (or Permanent Resident) at least 18 years old or have a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of continuous trading.
A large business loan can be used for almost any business purpose including business improvements, purchasing equipment or inventory, as general working capital and much more. The loan cannot be used to fund personal expenses.
Asset security is needed for accessing funds over $150,000. It is usually by taking a charge against assets, and could be registered in the PPSR or the registration of a caveat.
A personal or director’s guarantee is a commitment to pay off a credit line that is general in nature, rather than stipulating security over a particular asset. The person signing the ensure is personally liable if the business the borrower fails to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register operated by the New Zealand Government. It records security interests that have been that are registered for personal property (including objects or assets). The PPSR gives priority over personal property to be granted in accordance with the date on which a registration of a security interest.
A caveat is a legal document that is filed to offer the public notice of a legal claim to a property.
When you’re applying for an enterprise loan of $250,000 or more it’s possible to offer a preliminary pre-approval to help make the process. We could be able to do this without a credit check, and within 6 hours of the initial application. This pre-approval is made based on an initial assessment, which involves you answering a few financial health checks. It’s not an offer or guarantee of finance. A conditional approval is subject an extensive credit evaluation and any offer that you receive could have different conditions.
You can apply for an company loan if you:
The application process is quick and simple. Just complete the online application within a couple minutes, and an experienced company lending specialist will contact you to guide you through the process.
To be eligible for up to $100,000 you’ll require ID details (valid Driver’s Licence) and a valid NZBN/IRD as well as at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll also require:
$100K-$250K: Application requirements, including credit approval, 6-12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K to $500K: Information on the application including credit consent twelve months of bank records, IRD statement Last 2 years’ finalised financial statements, plus interim financials from the current financial year as well as Aged Payables and Receivables summary.
For an unsecured loan ($5K up to $100,000) we can often provide an answer in just one hour if you submit your request at standard company timings and you allow us to utilise the advanced bank verification system to instantly verify your bank information online. If you decide to upload copies of your bank statement, we’ll provide a decision in as little as 1 business day.
For Larger Business Loans ($100K up to $500,000) we may be capable of provide you with a conditional pre-approval in about six hours. Once you have signed the pre-approval, turnaround times are between 2 and 3 days for the final approval. However, it could be faster based upon the circumstances for each application. Some deals have been approved within the space of 24 hours.
The most effective method is to ensure you apply during standard company hours and let us use the advanced bank verification system link to instantly confirm your bank details online. If you send us documents from your account statements , it takes a bit longer.
For the Small Business Loan ($5K up to $100,000) we usually provide an answer in just one hour if you submit your request in normal business time and you allow us to utilise the advanced bank verification system to immediately verify your bank account information online. If you want to submit copies of your bank statements, we are able to offer the decision within 1 business day.
For the Larger Business Loans ($100K up to $500,000) We may be able to offer you with pre-approval conditional to your application in around six hours. After you’ve signed the pre-approval form, it will take between 2 and 3 days for the final approval. However, this may be quicker depending upon the circumstances for each application. Certain offers have been approved within 24 hours.
The fastest method would be to ensure you apply during standard business hours and let us use the modern bank verification link to instantly confirm your bank details online. If you opt to upload duplicates of your banking statements, it can take a bit longer.
We offer loans that range from $5,000 and $500,000. When you submit an application for a specific amount we will consider a number of variables for determining how much we can lend you well-being that is your business as well as the amount of repayments your business will be able to support. The total amount of your loan will depend on the specifics for your business.
When you submit an application for a particular amount, we consider a variety of elements to determine how much we can lend you such as well-being of the company and the extent of repayments that your business can support. The total amount of your loan will depend on the particular circumstances that are unique to your business.
If you decide to request the business financing, we will assess the risk assessment of your company and provide an individualised offer that includes the amount of the loan, the duration and interest rates. The business loan is an upfront priced loan therefore you will know in advance the total amount due, which includes any interest rates, fees or charges.
The interest rates on business loans rates differ based on various factors like the amount of money borrowed, the company assets the money will be used for as well as the field the company operates in, the long the company is in operation for, whether the company has enough cash flow to pay for the loan, as well as the overall health or financial standing of the company.
There are no hidden costs with our business loans. You’ll know exactly how much you need to pay and when, right from the day you sign up. There’s not any compounding interest and there are no additional charges (as as you make your payments in time).
We don’t charge an application fee. You can make an application for loans with no upfront cost or obligation to proceed.
The Origination Fee is the cost associated with the setting up and management of the loan. This is only a fee if you proceed with the loan. Our Origination Fee is 2.5 percent of the amount of loan.
You can decide to repay the entire amount of your loan at any point in time.
If you do decide to take this route, please speak to our friendly company loan experts. They will offer you with repayment details along with an early payout estimate. This will be calculated as the total of the principal remaining and accrued interest to the time of the early payout plus 1.5% of the principal balance and any outstanding fees.
To help you avoid missing due dates and also to be in line your cash flow cycle we provide payments that are either daily or weekly. They will be automatically deducted from your designated business account.
The security of your personal information, as well as being clear about the ways we gather, use, exchange and secure your information, is crucial and a vital part of our relationship with you.
Yes. We utilise industry-recognised encryption standards to secure your personal, sensitive as well as financial data. Our funders are ISO 27001 certified for our commitment to security for our clients and privacy. We make use of an advanced bank verification system to immediately verify your bank account details online, allowing us to provide an immediate response.
Asset-based borrowing occurs when an company owner makes use of the assets they have to get the loan. The asset can be an individual asset, such as the family home or a company asset like a truck or piece of equipment.
The vast majority of banks, including the major banks, prefer to make loans secured by an asset. If you’re struggling to pay back the loan then the asset might be taken over by the lender. In essence, it is means of securing new funding taking advantage of the value of what you already have.
Up to $150,000 in loans the requirement for asset security is not required in advance to gain access to the funds however, we do require the personal guarantee. If you adhere to the terms of your loan (as stipulated in your loan contract document) Asset security is not needed. For loans of over $150,000 generally, you are able to get the option of a personal guarantee and security that is in the form the charge of assets.
