The criteria for eligibility for an unsecured business loan in Auckland of between $5K and $100K are pretty minimal.
Need more funds? Find out the guidelines for eligibility for our $100K-$500K company loans.
All that is needed to get started is your contact details (the name of your company and your name, as well as email and telephone) and the amount you’d like to borrow, and your monthly income.
In the course of the process and before settlement we’ll need confirmation of your identity but not for starting:
Additionally after we get started, for loans greater than $150,000 you will also require basic financial statements.
Let’s get started.
Auckland unsecured loans provides amounts between $5,000 and $100,000. Terms range from 3 and 24 months and cash flow friendly repayments that are either daily or weekly.
You can apply to the Small Business Loan in under 10 minutes over the phone. You’ll get a same day response and the funds could be in your account in 24 hours. Traditional company loans are based on an annual interest rate as well as other fees and charges. This company loan is a loan that is priced upfront so you will be aware in advance of the total amount due, which includes the interest, fees and charges. Then, it is broken down into either weekly or daily payment amount.
The Small Business Loan can be used to fulfill almost every company purpose including managing cash flows, company 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 business expansion opportunities. The loan ranges from $100,000 to $500,000 over a fixed term up to 36 months. Repayments are scheduled weekly or fortnightly depending on the flow of cash.
A Larger Business Loan has an Origination Fee that is calculated at 2.5 percentage of the loan amount.
In order to be eligible for a loan that is this large the business needs to be in operation for at least 3 years, and have an annual income of $700K. You must be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 or have a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at least 12 months of trading.
A larger company loan can be used to fund almost every business reason, such as business improvements, purchasing equipment or inventory, as general working capital and so much more. The loan is not available for personal reasons.
Asset security is necessary for funding of more than $150,000. This can be done as a result of an charge over assets and can include registering this through the PPSR or registering as a caveat.
A director’s or personal guarantee is a commitment to repay credit that is generally based rather than specifying the security of a specific asset. The person signing the ensure is personally liable if the business the borrower fails to repay the debt.
The Personal Property Securities Register (PPSR) is an online, central register operated by the New Zealand Government. It contains security interests granted to individuals who own personal property (including goods or assets). The PPSR permits preference over private property granted according to the date the registration of a security interest.
An affidavit is an official document lodged to provide notice of a legal claim against a property.
If you’re requesting the Larger Business Loan that exceeds $250,000, we may offer an initial pre-approval in order to smooth out the process. We might be able to apply for this without a credit check, and within 6 hours of your initial application. This pre-approval is based on an initial evaluation that involves answering a couple of financial health questions. It is in no way an offer, nor is it a guarantee of finance. Acceptance without condition is subject to a full credit assessment and any offer you might receive could have different terms.
You are eligible to apply for a company loan if you
The application process is quick and simple. Just complete the online application in few minutes and a dedicated business credit specialist will contact you to guide you.
For a loan of up to $100,000, you’ll need identification details (valid Driver’s License), a valid NZBN/IRD and at least 6 months’ worth of bank statements.
For larger loan sizes, you’ll require:
$100K-$250K: Information about the application including credit approval, 6-12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K-$500K: Information on the application including credit consent as well as 12 months of bank statements, IRD statement as well as the two most recent years’ financial statements, and interim financial statements for the current year such as age-related payables and aged Receivables summaries.
For an unsecured loan ($5K to $100K) we usually provide a response in one hour if you apply in standard company time and you allow us to make use of the advanced bank verification system to instantly verify your bank information online. If you decide to upload copies of your bank statements , we are able to offer the decision within an company day.
If you are applying for a Larger Business Loan ($100K or more) we could be likely to provide you with pre-approval conditional to your application within about 6 hours. Once you’ve signed the pre-approval document, you will require to wait approximately 2-3 days to receive final approval, however it could be faster based upon the circumstances for each application. Some agreements have been approved in the space of 24 hours.
The quickest way to apply for you to apply is make sure you apply during standard company hours, and allow us to use our advance bank verification to confirm your bank details online. If you upload the copies of bank statements , it may take a bit longer.
For the Small Business Loan ($5K or more) we usually offer an answer within one hour – as long as you submit your request within standard business hours and allow us to use the advanced bank verification system to instantly verify your bank’s information online. If you opt to upload copies of your bank statement, we’ll provide an answer in as little as the span of one business day.
For Larger Business Loans ($100K or more) we might be capable of provide you with a conditional pre-approval within six hours. Once you’ve signed your pre-approval document, you will need to wait approximately 2-3 days to receive final approval. However, this can be faster depending on the circumstances of each application. Certain agreements have been approved within the space of 24 hours.
The fastest way is to make sure you apply during standard business hours, and allow us to use our advance bank verification to instantly verify your bank information online. If you choose to upload duplicates of your banking statements it takes a bit longer.
We provide loans that range from $5,000 and $500,000. If you apply for a certain amount we take into consideration a range of aspects in order to assess the well-being that is your company and the amount of payments your company can support. The amount you receive from the loan will be determined by the specifics that are unique to your company.
When you make an application for a specific amount we consider a variety of variables to assess the health that is your company and the level of payments your business can support. The total amount of your loan will be contingent on the specifics of your company.
When you apply for our business loans, we’ll assess the risk assessment of your business and provide you with a tailored proposal that includes the loan amount, the terms and interest rates. This business loan is an upfront-priced loan which means you be aware in advance of the total amount you will have to pay, including charges or interest.
Interest rates for company loans rates differ based on various factors including the amount that is borrowed, what business assets the money will be used for as well as the field the company operates in, how long the company is in operation and what percentage of the company has sufficient cash flow to fund the loan, and also the overall health or financial standing of the company.
There aren’t any hidden charges with our company loans, and you’ll know precisely how much it is that you need to pay, and at what time, from the day you sign up. There’s not any compounding interest and there are no additional charges (as long as you make your payments on time).
We do not charge an application fee. You are able to get a cash loan with no upfront cost or the obligation to take action.
The Origination Fee covers the expenses involved with the setting up and management of the loan. The only way to pay this cost if you take out the loan. Our Origination Fee is 2.5% of the amount of the loan.
You can repay the entire amount of the loan in full at any time.
If you choose to take this route, please talk to one of our helpful business credit experts. We will offer you with repayment details as well as an early payout amount. This is calculated as the sum of the principal balance and accrued interest to the time of the early payout plus 1.5 percent of the principal amount remaining and any fees that remain unpaid.
To help you avoid missing repayments and to fit in your cash flow schedule, we offer repayments that are either weekly or daily. These are automatically withdrawn from your designated company account.
Making sure that your information is secure, and making it clear how we collect the information we collect, use, share and secure your information, is of paramount importance and an integral part of our relationship you.
Yes. We utilise industry-recognised encryption protocols to safeguard your sensitive, personal as well as financial data. Our funders are ISO 27001 certified for our commitment to security for our customers and security. We utilise a sophisticated bank verification system that allows you to immediately verify your bank account information online. This allows us to provide an immediate response.
The term "asset-based" refers to borrowing where a company owner utilises assets they own to obtain the loan. The asset can be a personal asset like the family home or it could be a company property like a truck as well as a piece of machine.
The vast majority of the lenders not just the major banks, prefer to secure loans against an asset. If you have trouble paying back the loan, your assets could be offered for sale by the lender. In essence, it is a way of securing new financing taking advantage of the value of what you already own.
For loans of up to $150,000, the requirement for asset security is not required prior to the loan’s access, however we do require a personal guarantee. In the event that you fulfill your loan obligations (as stated in your loan contract), asset security will never be needed. For loans of over $150,000 typically, you will need an individual guarantee and security is provided in the form of the charge of assets.
