The requirements for getting an unsecured business loan in Auckland of between $5K and $100K are fairly minimal.
Looking for more funding? Take a look at the conditions of eligibility for our $100K-$500K company financing.
All that’s needed to start is your contact information (company name, your name, email, phone) as well as the amount you’d like to borrow and your monthly income.
During the process and before settlement we will need confirmation of who you are, but not before we can begin:
Additionally after we get started in the process, for loans greater than $150,000 you will also need fundamental financial statements:
Let’s get started now.
Auckland unsecured loans provides amounts of between $5,000 and $100,000 with terms between 3 and 24 month and cash flow friendly repayments which can be made daily or weekly.
It is possible to apply to the Small Business Loan in under 10 minutes online or over the phone. You’ll get an immediate response, and funds may be in your account in 24 hours. Traditional business loans are based on an annual rate of interest as well as other fees and charges. The business loan is a cash-based loan so you will know in advance the amount you will have to pay, including the interest, fees and charges. This is then divided into a daily or weekly payment amount.
A Small Business Loan can be used for almost every business use, including control of cash flow business remodels and marketing to purchase inventory, new equipment, as general working capital and much more. The loan cannot be used for personal reasons.
The Larger Business Loan is a larger loan size to support business expansion opportunities. Loans are between $100,000 and $500,000 over a fixed term that can last up to 36 months. The repayments are made weekly or fortnightly to work with the flow of cash.
This Larger Business Loan has an Origination Fee which is calculated at 2.5 percentage of the loan amount.
To be eligible for a credit of this size, your company needs to have been operating for at least three years with an annual turnover of $700K. You must be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old and have a New Zealand business (with a valid NZBN/IRD) and be able of proving at minimum 12 months of continuous trading.
A large business loan is a great option for almost all company purpose including company improvements, purchasing 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 needed for funding of more than $150,000. This can be done as a result of an charge over assets, which could also include registration with the PPSR or filing as a caveat.
A director’s or personal guarantee is a commitment to repay credit 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 lender is not able to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online, central register that is operated by the New Zealand Government. It records security interests that have been granted to individuals who own personal property (including the assets or goods). The PPSR grants prioritisation over property that is personal to be granted in accordance with the date on which a security interest that is registered.
An affidavit is an official document that is filed to provide the legal claim on a property.
When you’re applying for the Larger Business Loan that is greater than $250K we may be able to provide an initial pre-approval that will help ease the process. We could be able to get this done without a credit check and within 6 hours of your initial application. This pre-approval is made based on an initial assessment that includes you answering a few financial health checks. It is not an offer or guarantee of funds. Unconditional approval is subject to an extensive credit evaluation and any offer you may receive may have different terms.
You may apply for an company loan if you;
The application process is quick and simple. Just fill out the online application within a couple minutes, and an experienced business credit specialist will call you to help you.
For a loan of up to $100,000, you’ll need proof of identity (valid Driver’s License) as well as a valid NZBN/IRD and at least 6 months’ worth of bank statements.
If you’re looking for loans with larger sizes, you’ll also need:
$100K-$250K: Details of application, including credit approval, 6-12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K – $500K: Application details including credit consent, 12 months of bank records, IRD statements and the last two years’ finalised financial statements, in addition to interim current financial year financials as well as Aged Payables and Receivables summary.
For an unsecured loan ($5K to $100K) we typically offer an answer within one hour if you submit your request during quality company time and you allow us to use the advanced bank verification system to instantly verify your bank information online. If you want to submit copies of your bank statements we can provide an answer in just one business day.
For the Larger Business Loan ($100K up to $500,000) we could be in a position to provide you with pre-approval conditional to your application within about six hours. Once you have signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval, however it could be faster based on the circumstances of each application. Some offers have been approved within less than 24 hours.
The quickest way to apply for you to apply is make sure you apply during normal company hours. You can also allow us to use our advanced bank verification system link to verify your bank account information online. If you choose to send us copies of your bank accounts, it will take a little longer.
For the Small Business Loan ($5K or more) We can usually provide a response in one hour, provided you submit your request during normal business timings and let us utilise the advanced bank verification system link to instantly verify your bank details online. If you choose to send us copies of your bank statement, we’ll offer a decision in just the span of one business day.
If you are applying for Larger Business Loans ($100K and up) We may be capable of offer you with conditional pre-approval within six hours. Once you have signed the pre-approval form, it will take between 2 and 3 days for the final approval. However, this could be shorter based on the circumstances of each application. Certain deals have been approved within just 24 hours.
The fastest method would be to make sure you apply during standard business hours. You can also allow us to use the advanced bank verification system to verify your bank information online. If you opt to send us copies of your bank statements, it may take a bit longer.
We provide the loan amount between $5,000 and $500,000. If you apply for a specific amount we will consider a number of factors that determine how much we can lend you well-being for your company and the level of payments your company is able to afford. The total amount of the loan will be determined by the specifics the company.
When you apply for a specific amount we consider a variety of aspects to assess the health of the business and the extent of the repayments your business can afford. The total amount of your loan will be determined by the particular circumstances of your company.
If you decide to apply for the business loan, we’ll assess the risk profile for your company and offer an individualised proposal that includes loan amount, term and the interest rates. The company loan is an upfront priced loan so you will know the exact amount to be paid, including any interest rates, fees or charges.
Business loan interest rates differ based on various factors such as the amount that is borrowed, the company assets the funds are used to purchase in addition to the industry that the business is in, how long the company has been in operation as well as in the event that the business has sufficient cash flow to cover the loan, as well as the overall health or creditworthiness of the company.
There aren’t any hidden costs with our business loans. You’ll be aware of the amount it is that you be required to pay, and when, from the very first day. There’s not any compounding interest and the loan comes with no additional fees (as as you make your payments in time).
We don’t charge an application fee. You are able to get a cash loan with absolutely no upfront cost and no the obligation to take action.
The Origination Fee is the cost associated with establishing and managing the loan. This is only a fee if you choose to proceed with the loan. Our Origination Fee is 2.5% of the loan amount.
You can choose to repay all of your loan early at any time.
If you are deciding to take this route, please contact our helpful business credit experts. The professionals will provide you with repayment details and an early payout figure. This will be calculated as the sum of the principal amount remaining and accrued interest to the time of early payout and 1.5% of the principal remaining and any outstanding fees.
To help you avoid missing repayments and to fit in with your cash flow cycle we offer repayments either weekly or daily. They are automatically deducted from the nominated company account.
The security of your personal information, as well as being clear about the ways we gather, use, exchange and ensure the security of your information is of huge importance and is an essential aspect of our relationship with you.
Yes. We make use of industry-standard 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 employ a highly sophisticated bank verification system that allows you to immediately verify your bank account information online to offer a fast response.
An asset-based loan is when a company owner utilises an asset they own to obtain the loan. The asset may be an individual asset, such as the family home, or it could be a business property like a truck or other piece of machinery.
The vast majority of lending institutions, including the banks with the biggest size, prefer to make loans secured by assets. If you are having difficulty paying back the loan, then your asset may be sold by the lender. In essence it’s a way of securing new funding using the value of what you already own.
Up to $150K in loans there is no requirement for asset security in advance to gain access to the funds but we do require an individual guarantee. So long as you comply with your loan commitments (as specified in the loan contract) and you are able to meet your obligations, asset security will never be required. For loans that exceed $150K, generally, you can get the option of a personal guarantee and security is provided in the form of charges on assets.
