The eligibility requirements for an unsecured business loan in Auckland of between $5K and $100K are fairly minimal.
Looking for more funding? Check out the guidelines for eligibility for our $100K to $500K business loans.
All that’s needed to begin is your contact information (company name and your name, as well as email, phone) along with the amount you want to borrow, 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:
After we start with loans greater than $150,000 you will also need fundamental financial statements:
Let’s get started.
Auckland unsecured loans offers amounts between $5,000 and $100,000, with terms ranging from 3 and 24 months, cash flow-friendly repayments that are either per day or weekly.
You can apply for the Small Business Loan in under 10 minutes over the phone, receive an answer within the same day and funds may be on your account within 24 hours. Traditional business loans refer to an interest rate per annum along with other charges and fees. Our business loan is a loan that is priced upfront therefore you’ll be aware in advance of the total amount due, which includes the interest, fees and charges. This is then divided into a daily or weekly repayment figure.
The Small Business Loan can be used for nearly every business need, such as control of cash flow business improvements, advertising, to purchase inventory or new equipment, for general working capital and much more. The loan cannot be used for personal use.
The Larger Business Loan is a larger size of loan that can be used to fund business growth opportunities. The loan ranges from $100,000 to $500,000 over a fixed term for up to 36 months. Repayments are scheduled weekly or fortnightly, depending on your situation.
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 in this amount the company needs to have been operating for at least three years, and have an annual income of $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) at least 18 years old or have a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of business.
A larger business loan is a great option for almost every company purpose including company renovations, to purchase new equipment or inventory or as general working capital, and much more. The loan is not available for personal use.
Asset security is required to obtain funding above $150,000. It is usually in the form of a charge over assets, and may be registered in the PPSR or the registration of a caveat.
A director’s or personal ensure is a promise to repay a loan which is generally based rather than defining security over an asset. The person who signs the guarantee is personally responsible if the company creditor is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online central registry run by the New Zealand Government. It lists security interests that are registered in respect of personal property (including goods or assets). The PPSR permits preference over private property assigned according to the date the security interest has been registered.
An affidavit is an official form of document to provide the legal claim to property.
If you’re requesting the Larger Business Loan of $250K or more it is possible to offer an initial pre-approval that will help ease the process. We could be able to make this decision without a credit verification and within 6 hours of the initial application. The pre-approval is based upon an initial evaluation that involves the answer to a series of financial health questions. It is in no way an offer, nor is it a guarantee of finance. Unconditional approval is subject to a full credit assessment and any offer that you receive could be on different terms.
You can apply for an company loan if you;
The application process is simple and simple. Complete the online form within a couple minutes, and an experienced company lending specialist will call you to guide you.
To be eligible for up to $100,000, you’ll need proof of identity (valid Driver’s License) and a valid NZBN/IRD as well as at least six months of bank statements.
In addition, for larger loan sizes, you’ll need:
$100K to $250K: Information about the application including credit consent, 6-12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K to $500K: Application details including credit consent as well as 12 month bank accounts, the IRD statements Last 2 years’ finalised financial statements, and interim current financial year financials such as age-related payables and aged Receivables reports.
For an unsecured loan ($5K up to $100,000) we usually offer a response in one hour if you make your application at quality business timings and permit us to use the advanced bank verification system to immediately verify your bank account information online. If you choose to submit copies of your bank statements , we are able to offer a decision within the span of one company day.
For Larger Business Loans ($100K and up) we could be capable of offer the conditional pre-approval within about 6 hours. After you’ve signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval, however this can be quicker based on the circumstances of each application. Some offers have been approved in just 24 hours.
The fastest way is to make sure you apply during normal company hours. Also, let us use the advanced bank verification system to confirm your bank details online. If you opt to send us copies of your bank accounts, it may take a bit longer.
For the Small Business Loan ($5K up to $100,000) we typically provide an answer in just one hour – as long as you apply at standard business hours and let us utilise the advanced bank verification system to instantly verify your bank’s information online. If you decide to send us copies of your bank statements we can offer a decision in as little as one business day.
For Larger Business Loans ($100K or more) we could be in a position to offer you with pre-approval conditional to your application in around six hours. Once you’ve signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval, however it could be faster based on the specifics of each application. Certain offers 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 sophisticated bank verification to instantly verify your bank information online. If you choose to upload documents from your account statement, it will take a little longer.
We provide loans ranging from $5,000 to $500,000. When you make an application for a certain amount we take into consideration a range of aspects to determine the health of the company and the extent of repayments that your business can support. The amount you receive from your loan will be contingent on the particular circumstances of your business.
If you apply for a certain amount, we will consider a number of aspects to determine your health of your business and the level of repayments your business can afford. The amount you receive from the loan will be determined by the particular circumstances of your company.
When you apply for one of our company credit, we will assess the risk profile of your company and offer you with a customised offer including the loan amount, the terms and the interest rates. It is a business loan is an upfront-priced loan and you’ll know the exact amount due, which includes any interest rates, fees or charges.
Interest rates for business loans rates depend on several factors including the amount of money borrowed, the business assets the money will be used for as well as the field the company is operating in, how long the company has been running for, in the event that the company has sufficient cash flow to pay for the loan, and also the general well-being as well as creditworthiness business.
There are no hidden costs for our business loans. You’ll know exactly how much you’ll be required to pay, and at what time, from day one. There’s no compounding interest and no additional fees (as long as you make your payments punctually).
We do not charge an application fee. You are able to apply for a loan with without any upfront costs or commitment to apply.
The Origination Fee includes the expenses associated in establishing and managing the loan. You are only charged this cost if you take out the loan. The Origination Fee for us is 2.5 percentage of the loan amount.
You can repay the entire amount of the advance loan at any time.
If you decide to do this please speak to our friendly business loan specialists. We will provide you with repayment details along with an early payout estimate. This is calculated as the sum of the principal amount remaining and any accrued interest at the date of early payout plus 1.5% of the principal balance and any outstanding fees.
In order to help you avoid missing payment dates and to align your cash flow schedule, we provide repayments either weekly or daily. These are automatically deducted from your nominated company account.
The security of your personal information, as well as being upfront about how we collect data, process, exchange and ensure the security of your information is of huge importance and is an essential element of our relationship with you.
Yes. We make use of industry-standard encryption standards to secure your sensitive, personal financial and other data. Our funders are ISO 27001 certified for our dedication to protecting the security of customers and security. We utilise a sophisticated bank verification system link to instantly verify the bank account details online so we can provide rapid response.
The term "asset-based" refers to borrowing where an business owner makes use of the assets they have to make the funds for a loan. The asset can be either a personal asset like the family home, or it could be a business asset such as a vehicle or other piece of machinery.
The vast majority of lending institutions, including the major banks, prefer to guarantee loans against assets. If you’re having trouble paying back the loan, your assets could be transferred to the lender. In essence, it is an opportunity to secure new funding using the value of what you already own.
Up to $150K in loans no asset security is required before you are able to access the money, however we require a personal guarantee. need a personal guarantee. So long as you comply with the loan terms (as stipulated in the loan contract), asset security is not needed. For loans of over $150,000 generally, there is personal guarantee and security in the form of charges on assets.
