The criteria for eligibility for an unsecured business loan in Auckland of between $5K and $100K are pretty minimal.
Are you looking for additional funding? Find out the guidelines for eligibility for our $100K-$500K company loan.
All that is needed to get started is your contact details (the name of your company, your name, email address and telephone) as well as the amount you’d like to lend, as well as your monthly income.
During the process and before settlement we will require confirmation of who you are, however, not in order to begin:
Additionally after we get started in the process, for loans that exceed $150,000, you’ll also need fundamental financial statements:
Let’s get started now.
Auckland unsecured loans offers amounts of between $5,000 and $100,000, with terms ranging from 3 and 24 months and cash flow-friendly repayments that are either per day or weekly.
It is possible to apply to your Small Business Loan in under 10 minutes on the phone. You’ll receive an immediate response, and have the funds in your account in 24 hours. Traditional business loans are based on an annual rate of interest together with additional fees and charges. The company loan is an upfront priced loan which means you know in advance the amount you will have to pay, including any fees, interest or charges. Then, it is divided into a daily or weekly amount to be paid back.
The Small Business Loan can be used to fulfill almost every company use, including control of cash flow business remodels and marketing for purchasing inventory or new equipment, to fund general working capital and much more. The loan cannot be used for personal use.
The Larger Business Loan is a larger size of loan that can be used to fund business expansion opportunities. Loans are between $100,000 and $500,000 with a term fixed up to 36 months. The repayments are made weekly or fortnightly depending on the flow of cash.
A Larger Business Loan has an Origination Fee, determined at 2.5% of the loan amount.
To qualify for a loan that is this large, your company needs to have been operating for a minimum of 3 years with an annual turnover of $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old and have a New Zealand company (with a valid NZBN/IRD) and be able of proving at minimum 12 months of continuous trading.
A Larger Business Loan can be used for nearly every company use, including business remodeling, buying equipment or inventory as well as for general working capital, and much more. The loan is not available to fund personal expenses.
Asset security is needed for funding of more than $150,000. This can be done by way of charge against assets, and could include registration on the PPSR or filing as a caveat.
A personal or director’s ensure is a guarantee to pay back a loan that is general in nature rather than defining the security of a specific asset. The person who is signing the ensure is personally responsible if the company lender is not able to make the repayment.
The Personal Property Securities Register (PPSR) is an online central registry run by the New Zealand Government. It records security interests that have been which are registered with respect to personal property (including items or assets). The PPSR permits the priority of personal property assigned in accordance with the date on which a security interest was registered.
An affidavit is an official document filed to offer notice of a legal claim against a property.
When you’re applying for a Larger Business Loan that is greater than $250,000 we may be able to provide an initial pre-approval to make the process. It is possible to get this done without a credit check, and within 6 hours of the initial application. This pre-approval is based on an initial assessment, which involves you answering some financial well-being checks. It’s not an offer or guarantee of finance. Acceptance without condition is subject to a full credit assessment and any offer that you are offered could have different terms.
You are eligible to apply for an company loan if you:
The application process is quick and simple. Simply complete the online form in just a few minutes, and a dedicated company expert in lending will be in touch to guide you.
To apply for up to $100,000, you’ll require proof of identity (valid Driver’s Licence) along with a valid NZBN/IRD and at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K to $250K: Details of application, including credit consent, 6-12 months of IRD statements, bank statements (if credit is over $150K).
$250K – $500K: Application details including credit consent and 12 month bank accounts, the IRD statements and the last two years’ finalised financial statements, as well as interim financials for the current financial year as well as Aged Payables and Receivables summaries.
For an unsecured loan ($5K up to $100,000) We can usually offer an answer in just one hour – as long as you make your application at standard company hours and permit us to utilise the bank verification system to immediately verify your bank account information online. If you decide to send us copies of your bank statement, we’ll offer the decision within just an business day.
For Larger Business Loans ($100K or more) we might be in a position to offer the conditional pre-approval within 6 hours. After you’ve signed your pre-approval, the turnaround time is around 2-3 days for final approval. However, this can be quicker based upon the circumstances for each application. Certain transactions have received approval within less than 24 hours.
The quickest way to apply is to ensure you apply during normal company hours, and allow us to use the advanced bank verification system link to confirm your bank details online. If you choose to send us duplicates of your banking accounts, it will take a little longer.
For the Small Business Loan ($5K or more) we can often offer an answer within one hour – provided you make your application at normal business times and you allow us to make use of the advanced bank verification system to instantly verify your bank information online. If you choose to submit copies of your bank statements we can offer an answer within one business day.
For Larger Business Loans ($100K or more) we could be in a position to offer you with conditional pre-approval within about 6 hours. After you’ve signed the pre-approval form, it will take approximately 2-3 days to receive final approval. However, this can be faster depending on the specifics of each application. Some agreements have been approved in 24 hours.
The fastest way for you to apply is make sure you apply during standard business hours. You can also permit us to use the advanced bank verification system link to verify your bank information online. If you decide to send us documents from your account statements, it takes a bit longer.
We provide the loan amount between $5,000 and $500,000. When you make an application for a certain amount, we take into consideration a range of variables for determining what is the health of your company and the amount of repayments your business can support. The amount you receive from the loan will be determined by the specific circumstances the business.
When you make an application for a specific amount we consider a variety of elements to assess your health of the company as well as the amount of payments your company is able to afford. The amount you receive from your loan will be contingent on the specifics the company.
When you request the company loan, we’ll assess the risk profile that you have for your business and provide you with a customised offer that includes the loan amount, the terms and the interest rates. The company loan is an upfront-priced loan therefore you will be aware in advance of the total amount payable including any costs, fees, or interest rates.
Interest rates for business loans rates vary due to factors such as the amount that is borrowed, the business assets the funds will be used for, the industry the business operates in, how long the company has been operating and what percentage of the company has enough cash flow to pay for the loan, and the general health and creditworthiness of the business.
There aren’t any hidden charges with our company loans, and you’ll know precisely what you need to pay and when, starting from the very first day. There’s no compounding and no extra fees (as as you make your payments on time).
We do not charge an Application Fee. You can apply for a loan with no upfront cost or any obligation to sign up.
The Origination Fee is the cost associated with setting up and managing the loan. The only way to pay this fee if you decide to take the loan. The Origination Fee for us is 2.5 percent of the amount of the loan.
You can repay the entire amount of the loan at any point in time.
If you are deciding to pursue this option, please speak to our friendly business loan professionals. They’ll offer you with repayment details and an early payment figure. The figure will be calculated as the total of the remaining principal amount and accrued interest to the date of early payout plus 1.5 percent of the principal remaining and any fees that remain unpaid.
To help you avoid missing due dates and also to be in line your cash flow cycle we provide repayments either weekly or daily. These are automatically withdrawn from your business account.
Making sure that your information is secure, and being transparent about how we collect data, process, exchange and secure your information, is of paramount importance and a vital part of our relationship you.
Yes. We utilise industry-recognised encryption standards to secure your personal, sensitive financial information and our funders are ISO 27001 certified for our commitment to the security of our customers as well as their security. We utilise a sophisticated banking verification system to immediately confirm your bank account information online, allowing us to provide an immediate response.
An asset-based loan is when a business owner uses assets they own to obtain the funding. The asset may 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 vast majority of banks, including the banks with the biggest size, prefer to make loans secured by assets. If you are having difficulty paying back the loan, your assets could be sold by the lender. In essence it’s an opportunity to secure new financing by taking advantage of the value of what you already have.
For loans that exceed $150K, the requirement for asset security is not required upfront to access the money, however we require a personal guarantee. need a personal guarantee. In the event that you fulfill the terms of your loan (as stipulated in your loan contract), asset security will never be required. For loans of over $150,000 generally, there is the option of a personal ensure and security in the form of a charge over assets.
