The criteria for eligibility 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 company loans.
All you need to begin is your contact information (company name, your name, email and telephone) along with the amount you’d like to borrow and your monthly revenue.
While in the process and before settlement we will need confirmation of your identity, however, not in order to begin:
Once we’ve started in the process, for loans over $150,000 you’ll need basic financial statements:
Let’s get started.
Auckland unsecured loans offers amounts of between $5,000 and $100,000. The terms range between 3 and 24 months, cash flow-friendly repayments, which are either daily or weekly.
Apply for the Small Business Loan in under 10 minutes online or by phone. You will receive an answer within the same day and the funds could be in your account in 24 hours. Traditional company loans reference an annual rate of interest together with additional fees and charges. This company loan is a pre-paid loan which means you know ahead of time the total amount payable including any interest, fees or charges. This is then broken down into a daily or weekly amount to be paid back.
A Small Business Loan can be used for almost every business need, such as managing cash flows, company remodels and marketing, to purchase inventory or new equipment, or as general working capital and so much more. The loan cannot be used to fund personal expenses.
The Larger Business Loan is a larger size loan to aid in business growth opportunities. Loans are between $100,000 and $500,000 over a fixed term that can last up to 36 months. Repayments are either weekly or fortnightly, depending on the flow of cash.
It is crucial to note that the Larger Business Loan has an Origination Fee which is determined at 2.5% of the amount of the loan.
To be eligible for a credit in this amount the company needs to have been trading for at least 3 years and generate an annual revenue of $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) at least 18 years old as well as own 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 for almost all company need, including company improvements, purchasing equipment or inventory as well as for general working capital, and much more. The loan cannot be used to fund personal expenses.
Asset security is needed to obtain funding above $150,000. This can be done by way of charge on assets, and could include the registration of this in the PPSR or filing as a caveat.
A director’s or personal guarantee is a commitment to repay a loan which is generally based rather than defining the security of a specific asset. The person signing the guarantee is personally liable if the business lender is not able to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online, central register run by the New Zealand Government. It lists security interests that are registered in respect of personal property (including objects or assets). The PPSR permits priority over personal property to be granted according to the date the security interest that is registered.
Caveats are legal document filed to provide an official notice of a claim against a property.
If you’re requesting larger company loans that is greater than $250,000 we can offer a preliminary pre-approval to help smooth out the process. We may be able to make this decision without a credit verification and within six hours of your initial application. This pre-approval is made based on a preliminary assessment which includes the answer to a series of financial well-being checks. This is not an offer of credit or guarantee of funds. Unconditional approval is subject to an assessment of your creditworthiness and any offer you are offered could have different terms.
You may be eligible for an company loan if you:
The process for applying is fast and easy. Simply complete the online form in just a few minutes, and a dedicated business loan specialist will call you to guide you through the process.
To apply for up $100,000, you’ll need identification details (valid Driver’s Licence) and an active NZBN/IRD, and at least 6 months of bank statements.
For larger loan sizes, you’ll require:
$100K – $250K: Information about the application including credit consent, 6 – 12 months of bank statements, IRD statement (if credit is over $150K).
$250K to $500K: Details for application including credit consent and 12 months of bank records, IRD statements, last 2 years finalised financial statements, in addition to interim current financial year financials including Aged Payables, Aged Receivables summaries.
For an unsecured loan ($5K to $100K) We can usually offer an answer in just one hour if you make your application during standard business hours and allow us to make use of the advanced bank verification system to immediately verify your bank account information online. If you opt to upload copies of your banking statements , we are able to offer an answer in just an business day.
For Larger Business Loans ($100K and up) we may be capable of provide the conditional pre-approval in about 6 hours. After you’ve signed the pre-approval, turnaround times are around 2-3 days for final approval. However, this could be shorter based on the particular circumstances of each application. Some transactions have received approval within 24 hours.
The fastest way can be make sure you apply during standard company hours. Also, let us use the advanced bank verification system to verify your bank account information online. If you decide to send us copies of your bank statement, it takes a bit longer.
For the Small Business Loan ($5K and up) we typically provide an answer within an hour – as long as you apply in normal business hours and allow us to use the advanced bank verification system to immediately verify your bank account information online. If you want to send us copies of your bank statement, we’ll provide a decision in as little as 1 business day.
For Larger Business Loans ($100K up to $500,000) we could be likely to provide the conditional pre-approval within six hours. Once you’ve signed your pre-approval form, it will take approximately 2-3 days to receive final approval, however it could be faster based on the specifics of each application. Some deals have been approved in just 24 hours.
The fastest way is to ensure you apply during standard business hours and let us use the advanced bank verification system to confirm your bank details online. If you choose to send us duplicates of your banking accounts, it can 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 to determine how much we can lend you well-being for your company and the amount of repayments your company will be able to support. The total amount of the loan will be determined by the particular circumstances of your business.
When you make an application for a particular amount, we look at a range of elements to assess the health for your company and the extent of repayments your business can afford. The total amount of the loan will be determined by the specific circumstances of your business.
If you decide to make an application for the business loans, we’ll assess the risk assessment of your business and provide an individualised proposal that includes loan amount, term and interest rates. This company loan is a loan that is priced upfront so you will know the exact amount payable including any charges or interest.
Interest rates for business loans rates depend on several factors like the amount of money borrowed, what business assets the funds are used to purchase in addition to the industry that the business is operating in, how long the company has been operating, how long the business has enough cash flow to pay for the loan, and overall well-being or financial standing of the company.
There are no hidden fees for our business loans. You’ll know exactly how much you’ll be required to pay, and when, from the day you sign up. There’s no compounding interest, and no additional fees (as long as you are able to make your payments punctually).
We do not charge an Application Fee. You are able to make an application for loans absolutely no upfront cost and no obligation to proceed.
The Origination Fee covers the costs associated with the setting up and management of the loan. The only way to pay this fee if you choose to proceed with the loan. Our Origination Fee is 2.5% of the loan amount.
You may choose to pay back the entire amount of the advance loan at any time.
If you do decide to do this please call our helpful company loan specialists. The experts will offer you with details for repayment and an early payout figure. This is calculated as the sum of the principal amount remaining and any accrued interest at the time of the early payout in addition to 1.5 percent of the principal balance plus any outstanding fees.
To help you avoid missing payment dates and to align your cash flow schedule, we provide payments that are either daily or weekly. They will be automatically deducted from your designated business account.
Security of your data, and knowing the ways we gather, use, exchange and ensure the security of your information is of huge importance and a vital element of our relationship with you.
Yes. We employ industry-recognised encryption techniques to protect your sensitive, personal financial information and our funders are ISO 27001 certified for our commitment to customer security and security. We utilise a sophisticated bank verification system that allows you to immediately verify your bank account information online. This allows us to offer rapid response.
The term "asset-based" refers to borrowing where a business owner makes use of the assets they have to make a loan. The asset can be an asset belonging to the personal, like the family home or it could be a business asset like a truck or other piece of machinery.
The majority of the lenders including the big banks, tend to guarantee loans against an asset. If you’re having trouble paying back the loan then the asset could be sold by the lender. In essence, it’s the process of securing new financing by using the value of what you already own.
For loans that exceed $150,000, no asset security is required prior to the loan’s access However, we do need an individual guarantee. In the event that you fulfill your loan obligations (as specified in the loan contract) and you are able to meet your obligations, asset security will never be required. For loans over $150,000 typically, you will need the option of a personal ensure and security in the form of charges on assets.
