The eligibility requirements 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 to $500K business loans.
All that’s needed to start is your contact details (the name of your company and your name, as well as email or phone number) and the amount you want to borrow, as well as your monthly income.
Through the process and before settlement we will require confirmation of your identity, but not to get started:
Additionally after we get started in the process, for loans greater than $150,000 you’ll require basic financial statements.
Let’s get started.
Auckland unsecured loans provides amounts of between $5,000 and $100,000 with terms between 3 and 24 month and cash flow-friendly repayments which can be made daily or weekly.
The application to get this Small Business Loan in under 10 minutes online or over the phone. You’ll get an answer within the same day and funds may be on your account within 24 hours. Traditional business loans are based on an interest rate per annum together with additional fees and charges. Our company loan is a pre-paid loan so you will know in advance the total amount payable including any fees, interest or charges. This is then broken down into a daily or weekly installment amount.
A Small Business Loan can be used for virtually every business use, including the management of cash flow, business renovations, marketing to purchase inventory or new equipment, for general working capital and much more. The loan is not available for personal purposes.
The Larger Business Loan is a larger loan size to support company expansion opportunities. Loans range from $100,000 to $500,000 with a fixed-term up to 36 months. Repayments are scheduled weekly or fortnightly depending on you cashflow.
A Larger Business Loan has an Origination Fee, determined at 2.5% of the amount of the loan.
To qualify for a loan of this size the business needs to have been operating for at least three years, and have an annual income of $700,000. Your company must belong to a New Zealand Citizen (or Permanent Resident) over 18 years or have a New Zealand business (with a valid NZBN/IRD) and be able to prove at the least 12 months of operating.
A larger company loan is a great option for almost any business purpose including company renovations, purchase of new equipment or inventory for general working capital and so much more. The loan cannot be used for personal reasons.
Asset security is required for accessing funds over $150,000. It is usually by taking a charge against assets, which could also include the registration of this on the PPSR or making as a caveat.
A director’s or personal guarantee is a promise to repay a loan which is general in nature, rather than specifying security over an asset. The person who signs the ensure is personally responsible if the company the borrower fails to re-pay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register run by the New Zealand Government. It reflects security interests registered in respect of personal property (including the assets or goods). The PPSR grants preference over private property granted depending on the date that a security interest that is registered.
Caveats are legal document filed to provide the public notice of a legal claim to a property.
If you’re applying for larger business loans that is greater than $250,000 we can offer an initial pre-approval that will help smooth out the process. It is possible to apply for this without a credit check, and within 6 hours of your initial application. This pre-approval is made based on an initial evaluation that involves you answering some financial health questions. It’s in no way an offer, nor is it a guarantee of finance. The approval of a conditional loan is subject to an exhaustive credit evaluation, and any offer you receive could have different terms.
You can apply for a company loan if you
The process for applying is fast and simple. Just complete the online application within a few minutes and an experienced business lending specialist will contact you to help you.
To be eligible for up to $100,000 you’ll need the right identification documents (valid Driver’s License) along with an NZBN/IRD that is valid and at least six months of bank statements.
For larger loan sizes, you’ll also need:
$100K – $250K: Application requirements, including credit consent, 6-12 months of IRD statements, bank statements (if credit is over $150K).
$250K – $500K: Information on the application including credit consent and 12 months of bank statements, IRD statement Last 2 years’ finalised financial statements, plus interim financial statements for the current year, Aged Payables and Aged Receivables reports.
For an unsecured loan ($5K to $100K) we typically offer an answer within an hour, provided you apply in standard company timings and allow us to utilise the advanced bank verification system to instantly verify your bank details online. If you want to upload copies of your banking statements , we’ll be able to offer a decision in as little as 1 company day.
For the Larger Business Loan ($100K to $500K) we may be likely to provide the conditional pre-approval in around 6 hours. After you’ve signed the pre-approval form, it will take around 2-3 days for final approval, however this could be shorter based on the specifics of each application. Certain offers have been approved within 24 hours.
The fastest way would be to make sure you apply during standard company hours. You can also allow us to use the advanced bank verification system to verify your bank information online. If you decide to upload documents from your account statements , it takes a bit longer.
For the Small Business Loan ($5K or more) we usually provide an answer within one hour – provided you submit your request at standard business timings and allow us to make use of the advanced bank verification system to instantly verify your bank information online. If you want to send us copies of your bank statements, we are able to offer a decision within 1 business day.
If you are applying for Larger Business Loans ($100K or more) we could be likely to provide you with pre-approval conditional to your application within about six hours. Once you’ve signed the pre-approval form, it will take about 2-3 days for final approval. However, this may be quicker depending on the specifics of each application. Certain agreements have been approved in 24 hours.
The most efficient method can be ensure you apply during normal business hours. You can also let us use the advance bank verification link to instantly verify your bank account information online. If you decide to upload documents from your account statements, it takes a bit longer.
We provide the loan amount between $5,000 to $500,000. When you submit an application for a certain amount, we consider a variety of variables to determine what is the health that is your company as well as the amount of the repayments your company can support. The amount you receive from the loan will be determined by the specific circumstances the company.
When you submit an application for a set amount, we take into consideration a variety of variables to determine how much we can lend you such as well-being for your business as well as the amount of repayments that your business will be able to support. The total amount of the loan will be determined by the particulars the company.
If you decide to request our business credit, we’ll assess the risk profile for your business and offer you with a customised offer, including the loan amount, the terms and the interest rates. The company loan is an upfront cost loan so you will know the exact amount you will have to pay, including interest rates, fees or charges.
Interest rates for business loans rates vary due to variables like the amount to be borrowed, the business assets the funds are used to purchase in addition to the industry that the company operates in, the long the company is in operation for, in the event that the business has sufficient cash flow to pay for the loan, and also the overall health and creditworthiness of the company.
There aren’t any hidden charges with our business loans, and you’ll know precisely what it is that you need to pay, and when, right from the day you sign up. There’s no compounding interest and the loan comes with no additional fees (as as long as you pay your payments punctually).
We do not charge an application fee. You can apply for a loan with no upfront cost or obligation to proceed.
The Origination Fee is the cost associated with 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 amount of loan.
You can choose to repay all of your loan in full at any time.
If you do decide to take this route, please speak to our friendly business loans specialists. They will provide you with the details of your repayment along with an early payout estimate. The figure will be calculated as the sum of the principal balance and accrued interest to the time of the early payout and 1.5% of the principal remaining plus any outstanding fees.
To ensure you do not miss due dates and also to be in line your cash flow schedule, we offer repayments that are either daily or weekly. They will be automatically deducted from your designated company account.
Making sure that your information is secure, and knowing the ways we gather data, process, exchange and protect your information, is of huge importance and is a crucial element of our relationship with 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 bank verification system that allows you to immediately verify your bank account information online to offer a fast response.
The term "asset-based" refers to borrowing where a business owner uses the assets they have to secure the loan. The asset could be a personal asset like the family home or a business asset like a truck or piece of equipment.
The vast majority of lenders, even the major banks, prefer to secure loans against assets. If you have trouble paying back the loan, your asset may be transferred to the lender. In essence it is an opportunity to secure additional financing taking advantage of the value of what you already have.
For loans that exceed $150K, it is not necessary to secure assets upfront to access the money, however we do need the personal guarantee. So long as you comply with your loan obligations (as stipulated in your loan contract document) and you are able to meet your obligations, asset security will never be needed. For loans over $150,000 generally, you are able to get the option of a personal guarantee and security in the form a charge over assets.
