The requirements for getting an unsecured business loan in Auckland of between $5K to $100K are quite minimal.
Are you looking for additional funding? Check out the eligibility requirements for our $100K to $500K company loans.
All that’s needed to start is your contact information (the name of your company, your name, email, phone) along with the amount you’d like to borrow, and your monthly revenue.
While in the process and before settlement we’ll require confirmation of your identity, but not for starting:
In addition, once we have started in the process, for loans over $150,000 you will also need basic financial statements:
Let’s get started.
Auckland unsecured loans offers the range of $5,000 to $100,000. Terms range from 3 and 24 months. They also offer 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 online or over the phone, receive an instant response and funds may be in your account within 24 hours. Traditional business loans are based on an interest rate per annum along with other charges and fees. We offer a company loan is a cash-based loan so you will be aware of the total amount to be paid, including any fees, interest or charges. Then, it is broken down into either weekly or daily repayment figure.
The Small Business Loan can be used to fulfill almost any company need, such as managing cash flows, company renovations, marketing to purchase inventory or new equipment, or 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 company growth opportunities. Loans are between $100,000 and $500,000 with a term fixed for up to 36 months. Repayments are scheduled weekly or fortnightly in order to accommodate your situation.
The Larger Business Loan has an Origination Fee which is determined at 2.5 percentage of the loan amount.
In order to be eligible for a loan of this size the business needs to have been operating for at least three years and generate an annual revenue of at least $700,000. You must be a New Zealand Citizen (or Permanent Resident) over 18 years and have a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of business.
A large company loan is a great option for almost every business purpose including business remodeling, buying new equipment or inventory or as general working capital, and much more. The loan is not available for personal purposes.
Asset security is required for accessing funds over $150,000. This can be done by way of charge against assets, and could include the registration of this in the PPSR or filing a caveat.
A director’s or personal ensure is a guarantee to pay off a credit line that is generally based rather than stipulating the security of a specific asset. The person who signs the ensure is personally accountable if the company borrower is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online, central registry run by the New Zealand Government. It lists security interests that are registered in respect of personal property (including goods or assets). The PPSR grants priority over personal property to be granted depending on the date that a registration of a security interest.
An affidavit is an official form of document to offer notice of a legal claim against a property.
If you’re applying for a Larger Business Loan of $250K or more, we may offer a preliminary pre-approval to help ease the process. We might be able to get this done without credit checks and within 6 hours of your initial application. The pre-approval is based upon an initial assessment, which involves you answering some financial health questions. It is neither an offer nor a guarantee of finance. A conditional approval is subject an exhaustive credit evaluation, and any offer you might receive could be on different conditions.
You are eligible to apply for a business loan if you
The application process is quick and easy. Simply complete the online form in few minutes and a dedicated company lending specialist will be in touch to guide you through the process.
To apply for up to $100,000 you’ll need the right identification documents (valid Driver’s Licence), a valid NZBN/IRD and at least 6 months of bank statements.
If you’re looking for loans with larger sizes, you’ll need:
$100K-$250K: Information about the application including credit consent, 6 – 12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K-$500K: Application details including credit consent twelve month bank accounts, the IRD statements, last 2 years finalised financial statements, and interim current financial year financials as well as Aged Payables and Receivables summary.
For an unsecured loan ($5K or more) we can often offer an answer within one hour – as long as you make your application within standard company time and permit us to utilise the advanced bank verification system to instantly verify your bank’s information online. If you choose to upload copies of your banking statements we can offer a decision within just the span of one company day.
For the Larger Business Loan ($100K up to $500,000) we may be in a position to provide you with conditional pre-approval within six hours. After you’ve signed the pre-approval document, you will need to wait around 2-3 days for final approval, however this can be quicker based on the circumstances of each application. Some agreements have been approved within just 24 hours.
The fastest way is to make sure you apply during standard company hours. You can also permit us to use the advanced bank verification system to instantly verify your bank information online. If you opt to upload documents from your account statement, it can take a bit longer.
For the Small Business Loan ($5K up to $100,000) we can often provide an answer in just one hour, provided you make your application within normal business time and permit us to use the advanced bank verification system link to instantly verify your bank’s information online. If you choose to send us copies of your bank statements, we are able to provide the decision in as little as one business day.
If you are applying for Larger Business Loans ($100K and up) we may be able to offer you with a conditional pre-approval within about six hours. Once you’ve signed your pre-approval form, it will take around 2-3 days for final approval, however it could be faster based on the specifics of each application. Certain offers have been approved within the space of 24 hours.
The quickest method would be to ensure you apply during standard business hours, and let us use the advance bank verification link to instantly check your bank’s information online. If you opt to upload documents from your account accounts, it may take a bit longer.
We offer the loan amount between $5,000 and $500,000. When you submit an application for a certain amount, we take into consideration a range of aspects for determining the well-being of your business and the amount of repayments your business can afford. The amount you receive from the loan will be determined by the specifics the company.
When you apply for a certain amount, we will consider a number of factors to determine how much we can lend you such as health that is your business and the amount of payments your company can afford. The amount you receive from your loan will depend on the particular circumstances for your company.
If you decide to request the company loan, we will assess the risk profile of your company and offer you with a customised proposal that includes the amount of the loan, the duration and the interest rates. This business loan is an upfront-priced loan so you will know in advance the total amount you will have to pay, including costs, fees, or interest rates.
Interest rates for company loans rates differ based on various variables like the amount to be of money borrowed, the business assets the funds will be used for in addition to the industry that the company is in, how long the company is in operation and how long the company has enough cash flow to pay for the loan, as well as the overall well-being and creditworthiness of the company.
There are no hidden fees with our business loans. You’ll be aware of the amount you be required to pay, and when, right from day one. There’s no compounding and the loan comes with no additional fees (as as long as you pay your payments in time).
We don’t charge an Application Fee. You are able to make an application for loans no cost upfront or commitment to apply.
The Origination Fee covers the expenses involved with setting up and managing the loan. This is only a fee if you choose to proceed with the loan. The Origination Fee for us is 2.5% of the amount of loan.
You can choose to repay the total amount of your loan early at any time.
If you choose to take this route, please speak to our friendly business lending specialists. They will provide you with repayment details as well as an early payout amount. This is calculated as the total of the principal amount remaining and the accrued interest up to the time of early payout in addition to 1.5% of the principal amount remaining and any fees that remain unpaid.
To ensure that you don’t miss payments and to work with your cash flow general, we offer repayments either daily or weekly. They are automatically deducted from your designated company account.
Security of your data, and knowing the ways we gather the information we collect, use, share and protect your information, is of paramount importance and is an essential aspect of our relationship with you.
Yes. We utilise industry-recognised encryption standards to protect your sensitive, personal financial information and our funders are ISO 27001 qualified for our commitment to security for our clients and privacy. We use an advanced bank verification system to immediately confirm your bank account information online so we can offer a fast response.
The term "asset-based" refers to borrowing where the business owner uses an asset they own to obtain the loan. The asset may be an individual property, such as the family home or it could be a business asset like a truck or piece or equipment.
The majority of lending institutions, including the major banks, prefer to secure loans against assets. If you’re struggling to pay back the loan, your asset may be offered for sale by the lender. In essence it’s means of securing additional financing making use of the value of what you already own.
For loans up to $150,000 there is no requirement for asset security prior to the loan’s access However, we do need an individual guarantee. So long as you comply with the terms of your loan (as stated in your loan contract document) and you are able to meet your obligations, asset security is not needed. For loans over $150K generally there is a personal ensure and security in the form an asset charge.
