The eligibility requirements for an unsecured business loan in Auckland of between $5K and $100K are pretty minimal.
Need more funds? Check out the conditions of eligibility for our $100K to $500K business financing.
All that’s required to get started is your contact details (the name of your company, your name, email, phone) as well as the amount you want to borrow, and your monthly revenue.
During the process and before settlement we’ll require confirmation of your identity but not for starting:
Once we’ve started with loans over $150,000 you will also require basic financial statements:
Let’s get started now.
Auckland unsecured loans provides amounts between $5,000 and $100,000. The terms range between 3 and 24 months. They also offer cash flow-friendly repayments that are either per day or weekly.
Apply for your Small Business Loan in under 10 minutes on the internet or by phone. You will receive an answer within the same day and the money could be in your account within 24 hours. Traditional business loans reference an annual rate of interest along with other charges and fees. This company loan is a loan that is priced upfront therefore you’ll be aware of the total amount to be paid, including any fees, charges or charges. Then, it is broken down into either weekly or daily repayment figure.
The Small Business Loan can be used for almost any business reason, such as managing cash flows, company remodeling, marketing for purchasing inventory or new equipment, to fund general working capital and so much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger loan size to support company growth opportunities. Loans range between $100,000 and $500,000 with a term fixed with a maximum of 36 months. Repayments are scheduled weekly or fortnightly to work with the flow of cash.
This Larger Business Loan has an Origination Fee, which is calculated at 2.5% of the loan amount.
In order to be eligible for a loan that is this large the business needs to have been operating for at least three years and have an annual turnover of $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) over 18 years as well as own a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at least 12 months of trading.
A large business loan can be used for nearly any company reason, such as business renovations, purchase of inventory or new equipment for general working capital and so much more. The loan is not available for personal use.
Asset security is required to obtain funding above $150,000. This is in the form of a charge over assets, and could include the registration of this on the PPSR or registering as a caveat.
A director’s or personal guarantee is a commitment to repay a loan which is generally based rather than stating the security of a specific asset. The person signing the ensure is personally liable if the business lender is not able 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 registered in respect of personal property (including the assets or goods). The PPSR grants preference over private property granted according to the date the security interest that is registered.
A caveat is a legal document lodged to provide the public notice of a legal claim to a property.
If you’re requesting an enterprise loan that is greater than $250K we can offer a preliminary pre-approval to help ease the process. We could be able to make this decision without a credit check, and within 6 hours of your initial application. This pre-approval is made based on an initial evaluation that involves the answer to a series of financial health questions. It’s not an offer of credit or guarantee of credit. Acceptance without condition is subject to an assessment of your creditworthiness and any offer you receive could be based on different conditions.
You can apply for an company loan if you:
The application process is fast and easy. Just complete the online application within a couple minutes, and a dedicated business lending specialist will contact you to help you.
To be eligible for up to $100,000, you’ll require identification details (valid Driver’s Licence) as well as a valid NZBN/IRD as well as at least 6 months of bank statements.
If you’re looking for loans with larger sizes, you’ll also require:
$100K – $250K: Information about the application including credit consent, 6 – 12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K to $500K: Information on the application including credit consent and 12 month bank accounts, the IRD statements and the last two years’ finalised financial statements, plus interim financials for the current financial year, Aged Payables and Aged Receivables summaries.
For an unsecured loan ($5K to $100K) we usually offer an answer within an hour, provided you submit your request within standard company hours and permit us to utilise the bank verification system link to instantly verify your bank’s information online. If you opt to submit copies of your bank statement, we’ll offer a decision within an business day.
For the Larger Business Loan ($100K or more) we may be capable of offer you with conditional pre-approval in around 6 hours. Once you have signed the pre-approval form, it will take about 2-3 days for final approval. However, this could be shorter based on the circumstances of each application. Certain agreements have been approved in 24 hours.
The quickest method can be ensure you apply during normal business hours. You can also let us use the advance bank verification link to instantly check your bank’s information online. If you opt to upload copies of your bank statement, it takes a bit longer.
For the Small Business Loan ($5K to $100K) we usually provide an answer in just one hour if you apply within standard business timings and you allow us to make use of the advanced bank verification system link to instantly verify your bank’s information online. If you want to upload copies of your bank statements we can offer a decision in as little as the span of one business day.
If you are applying for Larger Business Loans ($100K to $500K) we may be able to offer you with conditional pre-approval within about 6 hours. Once you have signed the pre-approval, the turnaround time is about 2-3 days for final approval. However, this can be faster depending upon the circumstances for each application. Some offers have been approved within just 24 hours.
The quickest method would be to ensure you apply during standard business hours. Also, let us use the modern bank verification link to instantly confirm your bank details online. If you send us duplicates of your banking statements, it may take a bit longer.
We provide loans ranging from $5,000 to $500,000. When you submit an application for a particular amount, we will consider a number of elements that determine your health for your company and the extent of repayments your company can support. The total amount of your loan will depend on the specifics for your company.
When you submit an application for a certain amount, we consider a variety of variables to determine your health of your business and the extent of payments your company will be able to support. The amount you receive from the loan will be determined by the specific circumstances that are unique to your business.
When you make an application for the company loans, we’ll assess the risk profile of your business and offer you with a tailored offer including the amount of the loan, the duration and the interest rates. This business loan is an upfront priced loan and you’ll be aware in advance of the total amount you will have to pay, including charges or interest.
The interest rates on business loans rates depend on several factors like the amount of money that is borrowed, what company assets the funds are used to purchase in addition to the industry that the business operates in, how long the company has been running for, whether the company has enough cash flow to fund the loan, and also the overall health and creditworthiness of the company.
There are no hidden costs with our company loans, and you’ll know exactly how much it is that you need to pay and when, from the day you sign up. There’s no compounding interest and no additional fees (as as long as you pay your payments on time).
We don’t charge an Application Fee. You are able to make an application for loans with no cost upfront or the obligation to take action.
The Origination Fee includes the expenses associated with setting up and managing the loan. The only way to pay this fee if you decide to take the loan. Our Origination Fee is 2.5 percentage of the amount of loan.
You can choose to repay the total amount of your loan early at any time.
If you decide to take this route, please call our helpful business credit experts. The professionals will provide you with the details of your repayment along with an early payout estimate. This will be calculated as the total of the remaining principal amount and any accrued interest at the time of the early payout and 1.5 percent of the principal amount remaining as well as any outstanding fees.
To make sure that you don’t miss repayments and to fit in your cash flow cycle we offer repayments that are either weekly or daily. They will be automatically deducted from your designated business account.
The security of your personal information, as well as making it clear how we collect the information we collect, use, share and protect your information, is of paramount importance and is a crucial element of our relationship with you.
Yes. We use industry recognised encryption standards to secure your sensitive, personal as well as financial data. Our funders are ISO 27001 qualified for our commitment to protecting the security of customers and privacy. We utilise a sophisticated bank verification system that allows you to instantly verify the bank account details online to provide rapid response.
The term "asset-based" refers to borrowing where the company owner borrows from assets they own to make a loan. The asset may be a personal asset like the family home, or an business asset like a truck or piece of equipment.
The vast majority of banks, even the major banks, prefer to secure loans against an asset. If you’re having trouble paying back the loan then the asset might be offered for sale by the lender. In essence, it is an opportunity to secure additional financing using the value of what you already have.
For loans up to $150,000 there is no requirement for asset security before you are able to access the money, however we do require a personal guarantee. As long as you follow your loan obligations (as specified in the loan contract), asset security is not needed. For loans that exceed $150,000, typically, you will need personal guarantee and security that is in the form a charge over assets.
