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? Check out the guidelines for eligibility for our $100K to $500K company financing.
All that is needed to get started is your contact details (company name, your name, email and telephone), how much you want to borrow, and your monthly income.
While in the process and before settlement we’ll need confirmation of your identity, but not before we can begin:
In addition, once we have started, for loans of more than $150,000 you will also require the following financial statements:
Let’s get started.
Auckland unsecured loans offers the range of $5,000 to $100,000. The terms range between 3 and 24 months, cash flow-friendly repayments which can be made daily or weekly.
Apply to get your Small Business Loan in under 10 minutes on the phone. You’ll receive an immediate response, and the funds could be on your account within 24 hours. Traditional business loans are based on an annual rate of interest along with other charges and fees. Our business loan is a cash-based loan which means you be aware of the total amount payable including any interest, fees or charges. This is then divided into a daily or weekly amount to be paid back.
A Small Business Loan can be used for virtually every business reason, such as the management of cash flow, business improvements, advertising for purchasing inventory or new equipment, to fund general working capital, and much more. The loan cannot be used to fund personal expenses.
The Larger Business Loan is a larger loan size to support company expansion opportunities. The loan ranges from $100,000 to $500,000 with a term fixed up to 36 months. Repayments are weekly or fortnightly to work with your situation.
A Larger Business Loan has an Origination Fee, which is calculated at 2.5% of the amount of the loan.
To be eligible for a credit of this size, your company needs to be in operation for at least 3 years, and have an annual income of $700K. It is necessary to 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 of proving at least 12 months of trading.
A Larger Business Loan can be used for nearly any company purpose including company renovations, to purchase equipment or inventory as well as for general working capital and much more. The loan is not available for personal reasons.
Asset security is required to access funding over $150,000. It is usually by way of charge against assets and can include the registration of this in the PPSR or filing as a caveat.
A personal or director’s guarantee is a commitment to pay back a loan that is generally based rather than stating the security of a specific asset. The person signing the guarantee is personally liable if the business borrower is unable to repay the debt.
The Personal Property Securities Register (PPSR) is an online, central register operated by the New Zealand Government. It reflects security interests that are registered for personal property (including the assets or goods). The PPSR grants prioritisation over property that is personal to be assigned according to the date the security interest that is registered.
A caveat is a legal document that is filed to offer the legal claim on a property.
If you’re applying for an enterprise loan of $250,000 or more, we may offer an initial pre-approval in order to simplify the process. We might be able to get this done without a credit check and within 6 hours of the initial application. This pre-approval is made based on an initial assessment, which involves answering a couple of financial health questions. It is neither an offer nor a guarantee of credit. Acceptance without condition is subject to an exhaustive credit evaluation, and any offer you might receive could be subject to different conditions.
You are eligible to apply for an business loan if you
The application process is fast and simple. Just fill out the online application within a couple minutes, and an experienced company lending specialist will contact you to guide you through the process.
To apply for up to $100,000, you’ll require ID details (valid Driver’s Licence), a valid NZBN/IRD as well as at least six months worth of bank statements.
In addition, for larger loan sizes, you’ll also need:
$100K – $250K: Application requirements, including credit consent, 6-12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K-$500K: Details for application including credit consent twelve months of bank records, IRD statement and the last two years’ finalised financial statements, in addition to interim financial statements for the current year including Aged Payables, Aged Receivables summaries.
For an unsecured loan ($5K and up) we typically offer an answer within an hour – as long as you apply at quality company timings and you allow us to use the advanced bank verification system link to instantly verify your bank information online. If you want to upload copies of your banking statements , we will be able to offer the decision within just one company day.
For the Larger Business Loan ($100K and up) we may be likely to provide the conditional pre-approval in around 6 hours. Once you’ve signed the pre-approval form, it will take approximately 2-3 days to receive final approval, however this could be shorter based on the circumstances of each application. Certain offers have been approved in less than 24 hours.
The quickest method can be make sure you apply during standard company hours and permit us to use the advance bank verification to verify your bank information online. If you decide to upload the copies of bank statements , it can take a bit longer.
For the Small Business Loan ($5K or more) we can often provide an answer in just one hour – provided you submit your request within standard business times and permit us to use the bank verification system to instantly verify your bank’s information online. If you decide to upload copies of your bank statement, we’ll provide a decision in as little as the span of one business day.
If you are applying for Larger Business Loans ($100K and up) we may be capable of provide you with a conditional pre-approval within about six hours. Once you’ve signed your pre-approval, turnaround times are approximately 2-3 days to receive final approval, however this could be shorter based upon the circumstances for each application. Some transactions have received approval in 24 hours.
The quickest method can be make sure you apply during standard business hours and let us use the sophisticated bank verification to check your bank’s information online. If you upload duplicates of your banking statements it may take a bit longer.
We offer loans that range from $5,000 and $500,000. When you submit an application for a certain amount we consider a variety of aspects that determine your health of your company as well as the amount of repayments that your company will be able to support. The total amount of the loan will be determined by the particular circumstances that are unique to your company.
When you make an application for a particular amount, we will consider a number of factors to determine the health of your business as well as the amount of repayments your company can afford. The amount you receive from your loan will be determined by the specifics of your company.
When you make an application for our company loan, we’ll assess the risk assessment for your business and offer you with a customised offer including the amount of loan, the term and interest rates. A business loan is an upfront cost loan which means you be aware of the total amount to be paid, including any charges, interest rates or fees.
Business loan interest rates vary due to factors like the amount of money borrowed, the company assets the money will be used for in addition to the industry that the company is operating in, how long the company has been operating as well as how long the business has enough cash flow to support the loan, and the overall well-being or creditworthiness of the business.
There aren’t any hidden charges for our business loans, and you’ll know precisely how much you need to pay and when, from the first day. There’s no compounding interest and the loan comes with 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 absolutely no upfront cost and no any obligation to sign up.
The Origination Fee includes the expenses associated with the setting up and management of the loan. You are only charged this fee if you choose to proceed with the loan. The Origination Fee for us is 2.5 percent of the loan amount.
You can choose to repay the entire amount of the advance loan at any time.
If you decide to do this please contact our helpful company credit experts. They will offer you with details for repayment as well as an early payout amount. This will be calculated as the sum of the principal balance and accrued interest to the time of early payout in addition to 1.5 percent of the principal balance and any outstanding fees.
To help you avoid missing payments and to work your cash flow schedule, we provide payments that are either weekly or daily. They will be automatically deducted from your designated company account.
Protecting your information, and being clear about how we collect, use, exchange and safeguard your data, is of paramount importance and is a crucial part of our relationship with you.
Yes. We utilise industry-recognised encryption techniques to protect your sensitive, personal and financial data and our funders are ISO 27001 certified for our commitment to the security of our customers as well as their privacy. We use an advanced bank verification system to immediately verify your bank account information online, allowing us to provide a fast response.
Asset-based borrowing occurs when an business owner borrows from the assets they have to make the funds for a loan. The asset could be an asset belonging to the personal, like the family home or a company asset such as a vehicle or piece or equipment.
The majority of banks, including the banks with the biggest size, prefer to secure loans against assets. If you’re having trouble paying back the loan, the asset might be sold by the lender. In essence, it is an opportunity to secure additional financing making use of the value of what you already have.
Up to $150,000 in loans there is no requirement for asset security upfront to access the money, however we do require an individual guarantee. As long as you follow your loan commitments (as specified in your loan contract) Asset security will never be needed. For loans over $150K generally there is personal guarantee and security in the form of charges on assets.
