The requirements for obtaining an unsecured business loan in Auckland of between $5K and $100K is fairly low.
Are you looking for additional funding? Take a look at the eligibility requirements for our $100K to $500K company loan.
All that is needed to begin is your contact information (company name, your name, email and telephone), how much you’d like to borrow and your monthly income.
While in the process and before settlement we’ll require confirmation of who you are, however, not in order to begin:
Once we’ve started in the process, for loans of more than $150,000 you’ll also need basic financial statements.
Let’s get started now.
Auckland unsecured loans offers the range of $5,000 to $100,000 with terms between 3 and 24 months, cash flow friendly repayments which can be made daily or weekly.
The application to your Small Business Loan in under 10 minutes online or by phone. You will receive an instant response and have the funds in your account within 24 hours. Traditional business loans reference an annual interest rate together with additional fees and charges. Our company loan is a loan that is priced upfront so you will know ahead of time the amount you will have to pay, including any interest, fees or charges. Then, it is broken down into either weekly or daily payment amount.
A Small Business Loan can be used for nearly every business purpose including managing cash flows, company remodels and marketing, to purchase inventory or new equipment, to fund general working capital and so much more. The loan cannot be used for personal reasons.
The Larger Business Loan is a larger amount of loan to help business growth opportunities. Loans range between $100,000 and $500,000 over a fixed term with a maximum of 36 months. Repayments are weekly or fortnightly, depending on you cashflow.
The Larger Business Loan has an Origination Fee that is calculated at 2.5 percent of the amount of the loan.
To be eligible for a loan that is this large the business needs to be in operation for at least 3 years and generate an annual revenue of $700,000. Your business must belong to a New Zealand Citizen (or Permanent Resident) over 18 years and have a New Zealand company (with a valid NZBN/IRD) and be able of proving at minimum 12 months of continuous trading.
A larger business loan can be used for almost all company need, including company renovations, purchase of inventory or new equipment, as general working capital and so much more. The loan is not available to fund personal expenses.
Asset security is required for accessing funds over $150,000. It is usually in the form of a charge over assets, and may include registering this with the PPSR or filing as a caveat.
A personal or director’s ensure is a commitment to pay back a loan that is general in nature, rather than stating the security for a particular asset. The person signing the guarantee is personally responsible if the company creditor is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is a central, national online register run by the New Zealand Government. It reflects security interests which are registered with respect to personal property (including objects or assets). The PPSR gives the priority of personal property granted according to the date the security interest that is registered.
A caveat is a legal form of document to offer the public notice of a legal claim to a property.
If you’re requesting larger company loans of $250K or more it’s possible to offer an initial pre-approval in order to ease the process. We may be able to make this decision without a credit check and within 6 hours of the initial application. The pre-approval process is based on an initial assessment that includes the answer to a series of financial well-being questions. It is neither an offer nor a guarantee of funds. Acceptance without condition is subject to an assessment of your creditworthiness and any offer you are offered could be subject to different conditions.
You are eligible to apply for a company loan if you:
The process for applying is fast and simple. Simply complete the online form in just a few minutes, and an experienced business lending specialist will call you to help you.
To apply for up to $100,000, you’ll need ID details (valid Driver’s Licence) and an NZBN/IRD that is valid and at least 6 months of bank statements.
Otherwise, for larger loan sizes, you’ll need:
$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 – $500K: Details for application including credit consent as well as 12 months of bank statements, IRD statement and the last two years’ finalised financial statements, plus interim financials from the current financial year, Aged Payables and Aged Receivables Summary.
For an unsecured loan ($5K up to $100,000) we typically offer an answer within one hour, provided you make your application during standard business hours and you allow us to make use of the advanced bank verification system to instantly verify your bank’s information online. If you decide to submit copies of your bank statements , we will be able to provide the decision within just one business day.
For the Larger Business Loan ($100K to $500K) we may be able to provide the conditional pre-approval in around 6 hours. After you’ve 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 agreements have been approved within less than 24 hours.
The fastest way would be to ensure you apply during normal company hours, and allow us to use our modern bank verification to check your bank’s information online. If you opt to send us documents from your account statements , it may take a bit longer.
For the Small Business Loan ($5K and up) we usually offer an answer within an hour if you submit your request in standard business time and permit us to utilise the advanced bank verification system to instantly verify your bank’s information online. If you decide to submit copies of your bank statements, we’ll be able to offer an answer in as little as 1 business day.
If you are applying for Larger Business Loans ($100K or more) we could be in a position to offer you with conditional pre-approval in around six hours. Once you’ve signed the pre-approval, turnaround times are about 2-3 days for final approval. However, this can be faster depending on the circumstances of each application. Some offers have been approved in 24 hours.
The fastest method would be to make sure you apply during standard business hours. Also, allow us to use our advance bank verification link to instantly verify your bank account information online. If you decide to upload copies of your bank statement, it will take a little longer.
We provide loans that range from $5,000 to $500,000. When you submit an application for a specific amount we take into consideration a range of aspects to determine what is the well-being of the business and the amount of payments your business will be able to support. The amount you receive from the loan will be determined by the specifics that are unique to your business.
When you submit an application for a particular amount, we look at a range of elements to determine the health of your business and the extent of payments your company can support. The total amount of your loan will depend on the specifics for your business.
When you request one of our business credit, we will assess the risk profile the business and offer you with a customised offer, including the amount of the loan, the duration and interest rates. This business loan is an upfront cost loan therefore you will know in advance the total amount payable including any charges, interest rates or fees.
Interest rates for company loans rates depend on several variables like the amount to be borrowed, what business assets the money will be used for, the industry the business is operating in, how long the business has been running, what percentage of the business has sufficient cash flow to cover the loan, and overall health and creditworthiness of the business.
There aren’t any hidden costs with our company loans, and you’ll know precisely how much you’ll need to pay, and when, starting from the very first day. There’s no compounding and no extra fees (as long as you make your payments in time).
We do not charge an application fee. You can get a cash loan absolutely no upfront cost and no any obligation to sign up.
The Origination Fee covers the costs associated with the setting up and management of the loan. This is only a fee if you choose to 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 loan in full at any time.
If you are deciding to take this route, please speak to our friendly business loans specialists. We will provide you with details on repayment and an early payout figure. It will be calculated using the sum of the principal remaining plus any accrued interest as of the time of early payout and 1.5% of the principal balance and any fees that remain unpaid.
To ensure you do not miss payments and to work with your cash flow cycle we offer repayments either weekly or daily. They will be automatically deducted from your 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 ensure the security of your information is of huge importance and an integral part of our relationship you.
Yes. We employ industry-recognised encryption standards to secure your personal, sensitive 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 utilise a sophisticated banking verification system to instantly confirm your bank account information online so we can provide an immediate response.
The term "asset-based" refers to borrowing where a business owner borrows from an asset that they own to get the funds for a loan. The asset could be an individual asset, such as the family home, or it could be a business property like a truck or other piece of machinery.
The vast majority of banks, including the banks with the biggest size, prefer to guarantee loans against assets. If you have trouble paying back the loan, then the asset could be taken over by the lender. In essence it’s the process of securing new financing taking advantage of the value of what you already own.
For loans that exceed $150,000, no asset security is required upfront to access the money however, we do require an individual guarantee. As long as you follow the loan terms (as specified in the loan contract) Asset security is not required. If you take out loans in excess of $150K generally there is a personal guarantee and security in the form charges on assets.
