The eligibility requirements for an unsecured business loan in Auckland of between $5K and $100K are pretty minimal.
Are you looking for additional funding? Review the conditions of eligibility for our $100K-$500K company loans.
All that is needed for starting is your contact details (the name of your company and your name, as well as email and phone) and the amount you’d like to borrow and your monthly revenue.
During the process and before settlement we’ll require confirmation of your identity, however, not in order to begin:
Once we’ve started in the process, for loans of more than $150,000 you will also require fundamental financial statements:
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Auckland unsecured loans offers amounts of between $5,000 and $100,000, with terms ranging from 3 and 24 months, cash flow friendly repayments which can be made daily or weekly.
You can apply for the Small Business Loan in under 10 minutes via the internet or by phone. You will receive an immediate response, and funds may be on your account within 24 hours. Traditional business loans refer to an annual rate of interest as well as other fees and charges. Our company loan is an upfront priced loan and you’ll be aware in advance of the total amount payable including the interest, fees and charges. This is then broken down into either weekly or daily installment amount.
The Small Business Loan can be used for nearly any company need, such as control of cash flow business remodels and marketing to purchase inventory or new equipment, as general working capital, and much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger size of loan that can be used to fund 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 in order to accommodate the flow of cash.
It is crucial to note that the Larger Business Loan has an Origination Fee that is determined at 2.5% of the amount of the loan.
In order to be eligible for a loan of this size the company needs to have been operating for a minimum of 3 years and have an annual turnover of $700,000. Your company must belong to a New Zealand Citizen (or Permanent Resident) who is over the age of 18 as well as own a New Zealand company (with a valid NZBN/IRD) and be able to prove at minimum 12 months of business.
A large business loan can be used to fund almost all business need, including business renovations, to purchase new equipment or inventory 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 taking a charge against assets, which could also include registration through the PPSR or making as a caveat.
A personal or director’s guarantee is a promise to pay off a credit line that is generally in nature rather than stipulating security over an asset. The person who signs the guarantee is personally accountable if the company borrower is unable to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online registry run by the New Zealand Government. It reflects security interests granted to individuals who own personal property (including the assets or goods). The PPSR gives prioritisation over property that is personal to be assigned according to the date a security interest was registered.
An affidavit is an official document filed to provide notice of a legal claim to a property.
When you’re applying for a Larger Business Loan of more than $250K it is possible to offer an initial pre-approval to simplify the process. We could be able to get this done without credit checks and within 6 hours of your initial application. This pre-approval is based on a preliminary assessment which includes you answering some financial health questions. This is not an offer of credit or guarantee of funds. Acceptance without condition is subject to an exhaustive credit evaluation, and any offer that you may receive may be based on different conditions.
You can apply for an company loan if you:
The application process is fast and simple. Just complete the online application in just a few minutes, and an experienced business loan specialist will be in touch to help you.
To be eligible for up to $100,000 you’ll require ID details (valid Driver’s Licence), an active NZBN/IRD, and at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K – $250K: Details of application, including credit consent, 6 – 12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K to $500K: Application details including credit consent, 12 months bank statement, an IRD statement Last 2 years’ finalised financial statements, as well as interim current financial year financials, Aged Payables and Aged Receivables summary.
For an unsecured loan ($5K and up) We can usually provide a response in one hour, provided you make your application in standard business time and you allow us to make use of the advanced bank verification system link to immediately verify your bank account information online. If you want to send us copies of your bank statements we can provide a decision within 1 company day.
For the Larger Business Loan ($100K or more) we might be likely to provide you with a conditional pre-approval in around 6 hours. Once you’ve signed the pre-approval form, it will take between 2 and 3 days for the final approval, however it could be faster based upon the circumstances for each application. Some transactions have received approval within less than 24 hours.
The quickest way to apply is to ensure you apply during normal company hours. You can also permit us to use the advanced bank verification system link to instantly confirm your bank details online. If you opt to upload the copies of bank statement, it may take a bit longer.
For the Small Business Loan ($5K to $100K) We can usually offer an answer in just one hour, provided you make your application within normal business timings and permit us to use the advanced bank verification system link to instantly verify your bank’s information online. If you want to upload copies of your banking statements, we are able to provide an answer in just an business day.
If you are applying for Larger Business Loans ($100K to $500K) we may be likely to provide you with a conditional pre-approval in about six hours. Once you’ve signed your pre-approval, the turnaround time is about 2-3 days for final approval. However, it could be faster based on the particular circumstances of each application. Some offers have been approved within the space of 24 hours.
The fastest method for you to apply is ensure you apply during normal business hours and let us use the modern bank verification to check your bank’s information online. If you send us documents from your account statement, it can take a bit longer.
We provide loans ranging from $5,000 to $500,000. When you make an application for a specific amount we look at a variety of aspects in order to assess your health of the business and the level of repayments that your business can support. The total amount of your loan will be contingent on the specifics the business.
When you apply for a set amount, we consider a variety of variables to determine how much we can lend you such as well-being of your company and the amount of payments your business can afford. The amount you receive from your loan will depend on the particular circumstances that are unique to your company.
If you decide to request the business loans, we will assess the risk profile that you have for your business and offer you with a customised offer that includes the amount of the loan, the duration and the interest rates. The business loan is a loan that is priced upfront therefore you will know in advance the total amount you will have to pay, including charges or interest.
Business loan interest rates differ based on various factors such as the amount that is borrowed, what business assets the money will be used for and the sector the company is operating in, how long the business has been operating and how long the company has sufficient cash flow to pay for the loan, and overall well-being and creditworthiness of the company.
There are no hidden fees with our company loans. You’ll know precisely what you be required 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 long as you are able to make your payments punctually).
We don’t charge an Application Fee. You are able to request a credit loan with 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. This is only a fee if you choose to proceed with the loan. Our Origination Fee is 2.5% of the amount of the loan.
You can repay the entire amount of the loan at any point in time.
If you do decide to do this please talk to one of our helpful company lending specialists. We will offer you with the details of your repayment along with an early payout estimate. It will be calculated using the sum of the principal remaining and accrued interest to the time of early payment plus 1.5% of the remaining principal and any fees that remain unpaid.
To ensure that you don’t miss payments and to work with your cash flow cycle we provide payments that are either daily or weekly. These are automatically withdrawn from your nominated company account.
The security of your personal information, as well as being transparent about the ways we gather the information we collect, use, share and secure your information, is crucial and an integral part of our relationship you.
Yes. We use industry recognised encryption standards to secure your personal, sensitive and financial data and our funders are ISO 27001 qualified for our commitment to the security of our clients as well as their privacy. We utilise a sophisticated bank verification system that allows you to instantly confirm your bank account information online. This allows us to offer an immediate response.
An asset-based loan is when an business owner borrows from the assets they have to make the loan. The asset may be a personal asset like the family home, or it could be a company asset such as a vehicle or other piece of machinery.
The vast majority of the lenders including the banks with the biggest size, prefer to make loans secured by assets. If you have trouble paying back the loan, then your asset may be sold by the lender. In essence it is the process of securing new financing using the worth of the asset you already own.
For loans of up to $150K, no asset security is required before you can access the money However, we do require a personal guarantee. In the event that you fulfill the terms of your loan (as detailed in your loan contract), asset security is not needed. For loans over $150K generally there is personal guarantee and security that is in the form the charge of assets.
