The criteria for eligibility for an unsecured business loan in Auckland of between $5K and $100K is fairly low.
Are you looking for additional funding? Take a look at the eligibility requirements for our $100K to $500K business financing.
All that’s needed for starting is your contact details (the name of your company, your name, email address and phone) along with the amount you want to borrow, and your monthly earnings.
In the course of the process and before settlement we will need confirmation of your identity, but not to get started:
Once we’ve started, for loans that exceed $150,000, you’ll require the following financial statements:
Let’s get started.
Auckland unsecured loans provides amounts of between $5,000 and $100,000. Terms range from 3 and 24 months. They also offer cash flow friendly repayments that are either daily or weekly.
It is possible to apply to get the Small Business Loan in under 10 minutes by phone. You will receive an instant response and the money could be on your account within 24 hours. Traditional company loans refer to an annual interest rate as well as other fees and charges. This business loan is a pre-paid loan so you will be aware in advance of the total amount to be paid, including the interest, fees and charges. Then, it is broken down into weekly or daily payment amount.
The Small Business Loan can be used for almost every company use, including the management of cash flow, company improvements, advertising to purchase inventory, new equipment, for 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 company growth opportunities. The loan ranges from $100,000 to $500,000 over a fixed term that can last up to 36 months. Repayments are scheduled weekly or fortnightly to work with your situation.
A Larger Business Loan has an Origination Fee, which is calculated at 2.5 percent of the amount of the loan.
To qualify for a loan that is this large, your business needs to have been trading for at least 3 years and have an annual turnover of $700K. Your company must belong to 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 the least 12 months of operating.
A Business Loan of a larger size can be used for almost every company reason, such as business 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 necessary to obtain funding above $150,000. It is usually in the form of a charge on assets, which could also be registered on the PPSR or filing as a caveat.
A personal or director’s ensure is a promise to repay credit that is general in nature, rather than stating security over a particular asset. The person signing the ensure is personally liable in the event that the company the borrower fails to repay the debt.
The Personal Property Securities Register (PPSR) is an online, central registry run by the New Zealand Government. It contains security interests granted to individuals who own personal property (including items or assets). The PPSR allows preference over private property granted depending on the date that a security interest was registered.
A caveat is a legal document that is filed to provide notice of a legal claim against a property.
When you’re applying for larger company loans of $250,000 or more, we may offer an initial pre-approval that will help make the process. We may be able to make this decision without a credit verification and within 6 hours of the initial application. The pre-approval process is based on an initial assessment that includes answering a couple of financial health questions. It is neither an offer nor a guarantee of financing. A conditional approval is subject an extensive credit evaluation and any offer you receive could be on different conditions.
You can apply for a company loan if you;
The process for applying is fast and simple. Simply complete the online form in just a few minutes, and an experienced business lending specialist will contact you to guide you through the process.
To apply for up $100,000 you’ll need ID details (valid Driver’s License) along with an active NZBN/IRD, and at least six months of bank statements.
For larger loan sizes, you’ll need:
$100K to $250K: Application details including credit approval, 6-12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K to $500K: Details of the application, including credit consent and 12 months bank statement, an IRD statement as well as the two most recent years’ financial statements, and interim financial statements for the current year, Aged Payables and Aged Receivables summary.
For an unsecured loan ($5K and up) we usually provide an answer in just one hour, provided you make your application in standard company times and let us use the advanced bank verification system to immediately verify your bank account information online. If you decide to upload copies of your banking statements , we will be able to offer the decision in just 1 business day.
If you are applying for a Larger Business Loan ($100K and up) we might be likely to offer you with conditional pre-approval within six hours. Once you’ve signed the pre-approval document, you will require to wait approximately 2-3 days to receive final approval, however it could be faster based on the circumstances of each application. Some transactions have received approval in just 24 hours.
The quickest way to apply for you to apply is make sure you apply during standard business hours and allow us to use the advance bank verification link to instantly verify your bank information online. If you choose to send us copies of your bank accounts, it may take a bit longer.
For the Small Business Loan ($5K up to $100,000) we can often offer a response in one hour – as long as you submit your request during normal business timings and you allow us to use the bank verification system to instantly verify your bank’s information online. If you want to send us copies of your bank statements we can provide an answer in as little as an business day.
If you are applying for Larger Business Loans ($100K to $500K) we might be likely to offer you with pre-approval conditional to your application within about six hours. Once you have signed the pre-approval, turnaround times are around 2-3 days for final approval, however this may be quicker depending on the specifics of each application. Certain offers have been approved within the space of 24 hours.
The quickest method can be ensure you apply during standard business hours, and allow us to use the advanced bank verification system link to verify your bank account information online. If you choose to upload documents from your account statements it takes a bit longer.
We offer loan amounts between $5,000 to $500,000. When you submit an application for a specific amount we consider a variety of elements in order to assess the health of your company and the amount of repayments your business can support. The total amount of your loan will be contingent on the specific circumstances that are unique to your business.
When you submit an application for a specific amount we consider a variety of factors to determine your well-being for your company as well as the amount of the repayments your business can support. The amount you receive from the loan will be determined by the specific circumstances the company.
When you make an application for one of our business loans, we’ll assess the risk profile of your business and offer you with a tailored offer, including the amount of loan, the term and interest rates. This business loan is an upfront priced loan so you will be aware of the total amount payable including any interest rates, fees or charges.
The interest rates on business loans rates vary due to factors like the amount of money that is borrowed, what business assets the funds are used to purchase as well as the field the company is operating in, how long the business is in operation, what percentage of the company has enough cash flow to cover the loan, and also the general health or financial standing of the company.
There are no hidden fees for our company loans. You’ll know exactly how much it is that you need to pay, and when, starting from the first day. There’s no compounding and no additional fees (as as you make your payments on time).
We don’t charge an application fee. You are able to apply for a loan without any upfront costs or obligation to proceed.
The Origination Fee covers the expenses involved with setting up and managing the loan. This is only a fee if you proceed with the loan. Our Origination Fee is 2.5 percentage of the loan amount.
You can choose to repay the entire amount of your loan at any point in time.
If you are deciding to do this please contact our helpful business lending specialists. The professionals will provide you with details on repayment and an early payout figure. This will be calculated as the total of the principal balance plus any accrued interest as of the time of early payout, plus 1.5% of the principal balance as well as any outstanding fees.
To ensure you do not miss payment dates and to align your cash flow cycle we offer repayments either weekly or daily. These are automatically deducted from your business account.
Making sure that your information is secure, and being upfront about the ways we gather data, process, exchange and protect your information, is of paramount importance and an integral part of our relationship you.
Yes. We use industry recognised encryption protocols to safeguard your sensitive, personal financial and other data. Our funders are ISO 27001 certified for our dedication to protecting the security of clients and security. We use an advanced bank verification system to instantly verify your bank account details online. This allows us to provide an immediate response.
The term "asset-based" refers to borrowing where the company owner makes use of the assets they have to obtain the loan. The asset could be an individual property, such as the family home or a business property like a truck or piece of equipment.
The majority of lenders, not just the largest banks, are inclined to make loans secured by an asset. If you’re struggling to pay back the loan, the asset could be taken over by the lender. In essence, it’s an opportunity to secure new financing by using the value of what you already have.
For loans of up to $150,000, it is not necessary to secure assets in advance to gain access to the funds, however we do need a personal guarantee. So long as you comply with your loan commitments (as specified in your loan contract document) Asset security is not needed. For loans of over $150K typically, you will need an individual guarantee and security in the form of a charge over assets.
