The criteria for eligibility for an unsecured business loan in Auckland of between $5K and $100K are pretty minimal.
Are you looking for additional funding? Take a look at the eligibility requirements for our $100K-$500K business credit.
All that is needed to start is your contact details (the name of your company, your name, email and telephone) as well as the amount you’d like to lend, and your monthly revenue.
Through the process and before settlement we will need confirmation of your identity, but not to get started:
After we start, for loans over $150,000 you’ll also need the following 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 that are either per day or weekly.
You can apply to the Small Business Loan in under 10 minutes on the internet or over the phone. You’ll get an instant response and have the funds available in just 24 hours. Traditional company loans reference an annual rate of interest as well as other fees and charges. This company loan is a pre-paid loan so you will know ahead of time the total amount to be paid, including the interest, fees and charges. This is then divided into a daily or weekly installment amount.
A Small Business Loan can be used for nearly any business use, including cash flow management, business remodeling, marketing for purchasing inventory or new equipment, to fund 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 business growth opportunities. Loans range from $100,000 to $500,000 with a fixed-term up to 36 months. Repayments are weekly or fortnightly depending on you cashflow.
It is important to note that the Larger Business Loan has an Origination Fee, determined at 2.5 percentage of the amount of the loan.
To qualify for a loan of this size, your company needs to be trading for at least 3 years with an annual turnover of $700,000. You must be a New Zealand Citizen (or Permanent Resident) at least 18 years old as well as own a New Zealand company (with a valid NZBN/IRD) and be able of proving at the least 12 months of operating.
A large company loan can be used for nearly all company use, including business improvements, purchasing new equipment or inventory or as general working capital and so much more. The loan is not available to fund personal expenses.
Asset security is necessary for accessing funds over $150,000. This is in the form of a charge over assets, and could be registered on the PPSR or making as a caveat.
A personal or director’s guarantee is a promise to pay off a credit line that is generally in nature rather than stating security over an asset. The person signing the guarantee is personally liable in the event that the company creditor is unable to repay 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 granted to individuals who own personal property (including the assets or goods). The PPSR gives the priority of personal property granted depending on the date that a security interest was registered.
A caveat is a legal form of document to provide the legal claim to property.
If you’re requesting larger business loans that exceeds $250,000 we can offer an initial pre-approval to smooth out the process. We might be able to make this decision without a credit verification and within 6 hours of the initial application. The pre-approval process is based on a preliminary assessment which includes the answer to a series of financial well-being questions. It’s neither an offer nor a guarantee of financing. Unconditional approval is subject to an assessment of your creditworthiness and any offer that you are offered could have different conditions.
You may be eligible for a company loan if you:
The application process is quick and simple. Complete the online form within a few minutes and a dedicated business lending specialist will call you to guide you.
To apply for up $100,000, you’ll need identification details (valid Driver’s Licence) as well as a valid NZBN/IRD as well as at least six months of bank statements.
Otherwise, for larger loan sizes, you’ll also require:
$100K – $250K: Information about the application including credit approval, 6-12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K to $500K: Details for application including credit consent twelve month bank accounts, the IRD statement Last 2 years’ finalised financial statements, as well as interim financial statements for the current year as well as Aged Payables and Receivables summaries.
For an unsecured loan ($5K and up) we typically offer an answer in just one hour, provided you apply at quality company hours and permit us to utilise the advanced bank verification system to immediately verify your bank account information online. If you want to upload copies of your banking statements , we are able to provide a decision in just one company day.
For Larger Business Loans ($100K to $500K) we may be able to offer the conditional pre-approval in about 6 hours. Once you have signed the pre-approval, turnaround times are between 2 and 3 days for the final approval. However, this could be shorter based on the circumstances of each application. Certain deals have been approved in 24 hours.
The most efficient method would be to make sure you apply during standard company hours. You can also let us use the advanced bank verification system link to instantly confirm your bank details online. If you opt to upload duplicates of your banking accounts, it takes a bit longer.
For the Small Business Loan ($5K and up) we can often offer a response in one hour – provided you apply at standard business hours and let us use the advanced bank verification system to immediately verify your bank account information online. If you decide to submit copies of your bank statements, we will be able to provide an answer in just the span of one business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we could be likely to provide the conditional pre-approval within about six hours. Once you have signed the pre-approval, turnaround times are 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 the space of 24 hours.
The fastest way would be to make sure you apply during normal business hours. You can also let us use the advance bank verification link to instantly confirm your bank details online. If you opt to upload documents from your account statement, it may take a bit longer.
We offer the loan amount between $5,000 and $500,000. When you make an application for a particular amount, we look at a variety of factors in order to assess how much we can lend you well-being for your company and the extent of the repayments your company can afford. The total amount of your loan will be contingent on the particular circumstances the business.
When you make an application for a certain amount, we consider a variety of variables to assess your health for your company and the amount of the repayments your business can afford. The total amount of your loan will be contingent on the particulars that are unique to your company.
When you request one of our company loans, we will assess the risk assessment that you have for your company and offer an individualised offer that includes the amount of loan, the term and interest rates. A business loan is an upfront priced loan so you will know in advance the total amount you will have to pay, including costs, fees, or interest rates.
Interest rates for business loans rates depend on a variety of factors like the amount of money borrowed, the company assets the funds are used to purchase, the industry the company operates in, the long the business has been in operation, whether the business has enough cash flow to fund the loan, and also the overall well-being or financial standing of the company.
There are no hidden fees with our company loans. You’ll know precisely what you’ll need to pay, and when, right from day one. There’s no compounding interest and no additional fees (as long as you make your payments on time).
We don’t charge an Application Fee. You can apply for a loan no cost upfront or obligation to proceed.
The Origination Fee covers the costs associated in establishing and managing the loan. The only way to pay this fee if you proceed with the loan. The Origination Fee for us is 2.5 percentage of the loan amount.
You can decide to repay the total amount of your advance loan at any time.
If you do decide to do this please talk to one of our helpful business lending specialists. We will offer you with details for repayment and an early payout figure. It will be calculated using the total of the principal remaining and the accrued interest up to the time of early payout plus 1.5 percent of the principal balance as well as any outstanding fees.
To make sure you do not miss payments and to work your cash flow schedule, we provide payments that are either daily or weekly. These are automatically withdrawn from the nominated business account.
Making sure that your information is secure, and being clear about how we collect information, use it, and exchange it, as well as protect your information, is crucial and a vital part of our relationship you.
Yes. We utilise industry-recognised encryption protocols to safeguard your personal, sensitive and financial data and our funders are ISO 27001 certified for our dedication to customer security and security. We make use of an advanced bank verification system link to instantly confirm your bank account information online so we can offer quick responses.
The term "asset-based" refers to borrowing where an business owner uses assets they own to make the funding. The asset may be an individual property, such as the family home or it could be a business asset such as a vehicle or other piece of machinery.
The majority of lending institutions, even the major banks, prefer to make loans secured by assets. If you have trouble paying back the loan then the asset might be sold by the lender. In essence, it’s the process of securing new financing by using the worth of the asset you already own.
For loans up to $150K the requirement for asset security is not required prior to the loan’s access but we do require a personal guarantee. So long as you comply with the terms of your loan (as stated in the loan contract), asset security will never be required. For loans of over $150K generally there is personal guarantee and security in the form of an asset charge.
