The criteria for eligibility for an unsecured business loan in Auckland of between $5K and $100K are fairly minimal.
Do you need more money? Check out the conditions of eligibility for our $100K-$500K business financing.
All you need to get started is your contact information (the name of your company, your name, email address or phone number) along with the amount you’d like to borrow, and your monthly income.
In the course of the process and before settlement we’ll require confirmation of who you are but not before we can begin:
In addition, once we have started with loans over $150,000 you will also require the following financial statements:
Let’s get started.
Auckland unsecured loans provides 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.
It is imaginable to apply to get this Small Business Loan in under 10 minutes over the phone. You’ll get an instant response and have the funds available in just 24 hours. Traditional business loans have an interest rate per annum as well as other fees and charges. This business loan is a cash-based loan therefore you’ll know ahead of time the total amount due, which includes any interest, fees or charges. Then, it is broken down into a daily or weekly amount to be paid back.
The Small Business Loan can be used to fulfill almost any business use, including cash flow management, business remodels and marketing for purchasing inventory or new equipment, to fund general working capital and so much more. The loan is not available for personal purposes.
The Larger Business Loan is a larger size loan to aid in company expansion opportunities. Loans range between $100,000 and $500,000 with a term fixed for up to 36 months. The repayments are made weekly or fortnightly to work with the flow of cash.
It is important to note that the Larger Business Loan has an Origination Fee, determined at 2.5 percent of the amount of the loan.
To be eligible for a loan of this size, your business needs to be in operation for at least 3 years, and have an annual income of $700,000. Your business must belong to a New Zealand Citizen (or Permanent Resident) over 18 years as well as own a New Zealand company (with a valid NZBN/IRD) and be able to prove at minimum 12 months of continuous trading.
A larger company loan can be used for almost every company purpose including business remodeling, buying inventory or new equipment as well as for general working capital and much more. The loan cannot be used for personal purposes.
Asset security is necessary for accessing funds over $150,000. It’s as a result of an charge against assets, and could be registered on the PPSR or registering as a caveat.
A director’s or personal guarantee is a guarantee to pay back a loan that is general in nature rather than defining security over a particular asset. The person who signs the guarantee is personally accountable if the company the borrower fails to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It reflects security interests granted to individuals who own personal property (including objects or assets). The PPSR grants preference over private property assigned in accordance with the date on which a security interest was registered.
An affidavit is an official document lodged to provide notice of a legal claim on a property.
If you’re applying for a Larger Business Loan of $250K or more we may be able to provide an initial pre-approval to make the process. It is possible to make this decision without credit checks and within 6 hours of your initial application. This pre-approval is based on an initial assessment that includes the answer to a series of financial health checks. It’s not an offer or guarantee of finance. Acceptance without condition is subject to a full credit assessment and any offer you might receive could be on different terms.
You can apply for a company loan if you
The process for applying is fast and easy. Complete the online form within a few minutes and a dedicated company lending specialist will call you to guide you.
To apply for up to $100,000, you’ll require ID details (valid Driver’s License), a valid NZBN/IRD and at least 6 months of bank statements.
For larger loan sizes, you’ll require:
$100K – $250K: Application requirements, including credit consent, 6 – 12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K to $500K: Information on the application including credit consent, 12 months of bank records, IRD statements as well as the two most recent years’ financial statements, as well as interim financial statements for the current year, Aged Payables and Aged Receivables summaries.
For an unsecured loan ($5K to $100K) we usually offer an answer in just one hour if you apply in quality company time and permit us to make use of the advanced bank verification system link to immediately verify your bank account information online. If you choose to upload copies of your bank statement, we’ll provide the decision in just the span of one business day.
For the Larger Business Loan ($100K or more) we might be able to provide you with conditional pre-approval within about 6 hours. After you’ve signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval, however this can be quicker based on the circumstances of each application. Certain transactions have received approval in the space of 24 hours.
The most efficient method for you to apply is make sure you apply during normal company hours. Also, let us use the advanced bank verification system link to instantly verify your bank account information online. If you decide to upload documents from your account statement, it can take a bit longer.
For the Small Business Loan ($5K and up) we usually offer an answer in just one hour – provided you submit your request within normal business hours and you allow us to use the bank verification system to immediately verify your bank account information online. If you want to upload copies of your bank statement, we’ll offer a decision in as little as an business day.
For the Larger Business Loans ($100K and up) we may be in a position to provide you with pre-approval conditional to your application in around six hours. Once you’ve signed your pre-approval, turnaround times are around 2-3 days for final approval, however this may be quicker depending upon the circumstances for each application. Some deals have been approved within the space of 24 hours.
The fastest way is to ensure you apply during standard business hours. You can also let us use the sophisticated bank verification to instantly verify your bank information online. If you choose to upload documents from your account statement, it will take a little longer.
We provide loans that range from $5,000 to $500,000. If you apply for a specific amount we consider a variety of variables for determining your health of the business as well as the amount of repayments your company can support. The total amount of the loan will be determined by the particular circumstances of your company.
When you submit an application for a particular amount, we take into consideration a variety of aspects to assess the well-being of your company and the amount of payments your business will be able to support. The total amount of the loan will be determined by the specific circumstances that are unique to your company.
If you decide to make an application for one of our business loan, we will assess the risk profile the company and offer you with a tailored proposal that includes loan amount, term and interest rates. The company loan is an upfront cost loan which means you be aware in advance of the total amount you will have to pay, including charges or interest.
Business loan interest rates depend on a variety of variables like the amount to be borrowed, the business assets the money are used to purchase as well as the field the business is in, how long the company is in operation, how long the business has sufficient cash flow to support the loan, and general health or creditworthiness of the company.
There aren’t any hidden charges with our business loans. You’ll be aware of the amount you’ll need to pay, and when, right from the day you sign up. There’s no compounding and the loan comes with no additional fees (as long as you are able to make your payments in time).
We do not charge an Application Fee. You can make an application for loans absolutely no upfront cost and no the obligation to take action.
The Origination Fee covers the expenses involved with setting up and managing the loan. You are only charged this fee if you proceed with the loan. Our Origination Fee is 2.5% of the loan amount.
You can decide to repay the entire amount of your advance loan at any time.
If you decide to take this route, please speak to our friendly company loan professionals. The specialists will offer you with details on repayment and an early payment figure. It will be calculated using the sum of the principal balance and accrued interest to the time of early payment and 1.5 percent of the principal remaining and any fees that remain unpaid.
To help you avoid missing repayments and to fit in your cash flow cycle we offer repayments either daily or weekly. They are automatically deducted from your nominated company account.
The security of your personal information, as well as knowing the ways we gather data, process, exchange and secure your information, is vital and an integral aspect of our relationship with you.
Yes. We employ industry-recognised encryption standards to protect your personal, sensitive financial information and our funders are ISO 27001 qualified for our dedication to security for our customers and privacy. We make use of an advanced banking verification system to immediately verify your bank account details online. This allows us to provide quick responses.
The term "asset-based" refers to borrowing where the business owner utilises an asset that they own to make the funding. The asset can be either an individual property, such as the family home or it could be a company asset such as a truck as well as a piece of machine.
The majority of banks, including the major banks, prefer to secure loans against an asset. If you’re having trouble paying back the loan, then your asset may be sold by the lender. In essence, it is the process of securing additional financing making use of the value of what you already own.
For loans that exceed $150,000, there is no requirement for asset security before you are able to access the money However, we do need the personal guarantee. If you adhere to the terms of your loan (as stated in the loan contract), asset security will never be required. For loans of over $150,000 generally, you can get an individual ensure and security in the form an asset charge.
