The criteria for eligibility for an unsecured business loan in Auckland of between $5K and $100K are fairly minimal.
Looking for more funding? Review the conditions of eligibility for our $100K to $500K company credit.
All that’s needed to get started is your contact information (the name of your company, your name, email and telephone) and the amount you’d like to lend, and your monthly earnings.
In the course of the process and before settlement we’ll require confirmation of your identity but not for starting:
In addition, once we have started in the process, for loans of more than $150,000 you’ll also need fundamental financial statements:
Let’s get started.
Auckland unsecured loans offers amounts between $5,000 and $100,000. Terms range from 3 and 24 months, cash flow-friendly repayments that are either per day or weekly.
You can apply to your Small Business Loan in under 10 minutes on the phone. You’ll receive an instant response and have the funds in your account in 24 hours. Traditional company loans are based on an annual rate of interest as well as other fees and charges. The business loan is a loan that is priced upfront which means you know in advance the total amount due, which includes the interest, fees and charges. This is then divided into a daily or weekly payment amount.
The Small Business Loan can be used for virtually any business use, including cash flow management, business renovations, marketing, to purchase inventory or new equipment, or as general working capital and so much more. The loan is not available for personal reasons.
The Larger Business Loan is a larger amount of loan to help company expansion opportunities. Loans are between $100,000 and $500,000 with a term fixed that can last up to 36 months. Repayments are weekly or fortnightly in order to accommodate your cash flow.
The Larger Business Loan has an Origination Fee, which is calculated at 2.5 percent of the amount of the loan.
To be eligible for a credit of this size the business needs to have been operating for at least three years and generate an annual revenue of $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old and have a New Zealand business (with a valid NZBN/IRD) and be able to prove at least 12 months of trading.
A Larger Business Loan can be used to fund almost every business purpose including company remodeling, buying inventory or new equipment as well as for general working capital, and much more. The loan is not available to fund personal expenses.
Asset security is needed for accessing funds over $150,000. This is as a result of an charge over assets, and may include registering this through the PPSR or registering a caveat.
A director’s or personal ensure is a guarantee to repay credit that is generally based rather than stating the security of a specific asset. The person who signs the ensure is personally accountable if the business lender is not able to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online central registry run by the New Zealand Government. It records security interests that have been registered in respect of personal property (including the assets or goods). The PPSR gives prioritisation over property that is personal to be assigned in accordance with the date on which a security interest has been registered.
An affidavit is an official document filed to offer notice of a legal claim on a property.
When you’re applying for an enterprise loan of $250,000 or more we may be able to provide a preliminary pre-approval to help simplify the process. We might be able to get this done without a credit verification and within 6 hours of the initial application. The pre-approval process is based on a preliminary assessment which includes you answering a few financial health questions. This is in no way an offer, nor is it a guarantee of funds. The approval of a conditional loan is subject to a full credit assessment and any offer that you might receive could be on different conditions.
You may apply for an business loan if you
The application process is fast and simple. Simply complete the online form within a couple minutes, and an experienced company expert in lending will contact you to guide you through the process.
For a loan of up to $100,000 you’ll require proof of identity (valid Driver’s Licence) as well as an active NZBN/IRD, and at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll need:
$100K to $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: Information on the application including credit consent as well as 12 months bank statement, an IRD statements Last 2 years’ finalised financial statements, in addition to interim financial statements for the current year, Aged Payables and Aged Receivables reports.
For an unsecured loan ($5K up to $100,000) we typically provide an answer within one hour if you make your application during quality company time and you allow us to utilise the bank verification system to immediately verify your bank account information online. If you decide to send us copies of your bank statements we can offer the decision within just 1 company day.
For the Larger Business Loan ($100K up to $500,000) we might be likely to provide you with a conditional pre-approval within about six hours. Once you’ve signed the pre-approval, turnaround times are between 2 and 3 days for the final approval, however this could be shorter based upon the circumstances for each application. Some transactions have received approval within less than 24 hours.
The most effective method would be to ensure you apply during normal company hours, and allow us to use the advance bank verification to confirm your bank details online. If you choose to upload copies of your bank statement, it can take a bit longer.
For the Small Business Loan ($5K up to $100,000) we can often offer an answer in just one hour – as long as you make your application during normal business timings and you allow us to make use of the advanced bank verification system link 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.
If you are applying for Larger Business Loans ($100K or more) we might be likely to offer you with a conditional pre-approval in around 6 hours. After you’ve signed the pre-approval document, you will need to wait between 2 and 3 days for the final approval. However, it could be faster based on the particular circumstances of each application. Some transactions have received approval within the space of 24 hours.
The most efficient method for you to apply is ensure you apply during normal business hours, and allow us to use our advance bank verification to verify your bank information online. If you choose to send us copies of your bank accounts, it may take a bit longer.
We provide loans ranging from $5,000 and $500,000. When you submit an application for a particular amount, we consider a variety of elements for determining the health for your business and the amount of repayments your business will be able to support. The total amount of your loan will depend on the particular circumstances the company.
When you apply for a specific amount we will consider a number of elements to assess your health that is your business and the amount of payments your business will be able to support. The amount you receive from your loan will depend on the particulars the company.
When you request business loans with us company loan, we will assess the risk assessment that you have for your business and offer you with a customised proposal that includes the amount of the loan, the duration and interest rates. This business loan is an upfront priced loan and you’ll be aware of the total amount payable including any interest rates, fees or charges.
Business loan interest rates vary due to factors including the amount that is borrowed, what business assets the funds will be used for, the industry the company operates in, how long the business has been running, how long the business has enough cash flow to fund the loan, and the overall health or financial standing of the business.
There are no hidden fees with our company loans, and you’ll be aware of the amount you need to pay, and at what time, from the very first day. There’s no compounding interest and the loan comes with no additional fees (as as long as you pay your payments on time).
We do not charge an Application Fee. You can request a credit loan with no cost upfront or any obligation to sign up.
The Origination Fee is the cost associated in establishing and managing the loan. It is only charged for this fee if you proceed with the loan. Our Origination Fee is 2.5 percent of the amount of the loan.
You can repay all of your loan at any point in time.
If you decide to do this please speak to our friendly business credit experts. The experts will provide you with repayment details along with an early payout estimate. This will be calculated as the sum of the remaining principal amount plus any accrued interest as of the date of early payout, plus 1.5% of the principal amount remaining and any fees that remain unpaid.
To ensure you do not miss due dates and also to be in line your cash flow cycle we offer repayments either daily or weekly. These are automatically withdrawn from your nominated business account.
Security of your data, and making it clear how we collect the information we collect, use, share and protect your information, is of huge importance and a vital element of our relationship with you.
Yes. We utilise industry-recognised encryption techniques to protect your personal, sensitive financial and other data. Our funders are ISO 27001 qualified for our dedication to security for our clients and privacy. We use an advanced bank verification system that allows you to instantly verify your bank account details online to provide quick responses.
An asset-based loan is when the business owner makes use of an asset they own to get the loan. The asset may be an individual asset, such as the family home, or it could be a company asset like a truck or piece or equipment.
The vast majority of banks, not just the major banks, prefer to guarantee loans against an asset. If you are having difficulty paying back the loan, the asset might be transferred to the lender. In essence, it’s means of securing new financing by using the value of what you already have.
For loans that exceed $150K, the requirement for asset security is not required in advance to gain access to the funds However, we do need the personal guarantee. If you adhere to your loan commitments (as detailed in the loan contract) Asset security will never be needed. If you take out loans in excess of $150K generally, there is an individual guarantee and security in the form a charge over assets.
