The requirements for obtaining an unsecured business loan in Auckland of between $5K and $100K are pretty minimal.
Are you looking for additional funding? Check out the guidelines for eligibility for our $100K-$500K company loan.
All that’s needed for starting is your contact details (company name, your name, email or phone number) and the amount you’d like to borrow and your monthly income.
In the course of the process and before settlement we will need confirmation of who you are, but not before we can begin:
In addition, once we have started, for loans that exceed $150,000, you’ll 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 daily or weekly.
You can apply to get your Small Business Loan in under 10 minutes via the internet or on the phone. You’ll receive an answer within the same day and funds may be in your account in 24 hours. Traditional business loans have an annual interest rate plus other fees and charges. We offer a company loan is a cash-based loan so you will be aware of the total amount payable including any fees, charges or charges. This is then broken down into weekly or daily repayment figure.
The Small Business Loan can be used to fulfill almost every business use, including cash flow management, business improvements, advertising for purchasing inventory or new equipment, to fund general working capital and much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger loan size to support business growth opportunities. Loans range between $100,000 and $500,000 with a term fixed up to 36 months. Repayments are scheduled weekly or fortnightly in order to accommodate your cash flow.
A Larger Business Loan has an Origination Fee, calculated at 2.5% of the amount of the loan.
In order to be eligible for a loan that is this large the business needs to have been operating for a minimum of 3 years and generate an annual revenue of at least $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old or have a New Zealand business (with a valid NZBN/IRD) and be able of proving at least 12 months of trading.
A large business loan can be used for nearly all company purpose including company improvements, purchasing inventory or new equipment, as general working capital and so much more. The loan is not available for personal use.
Asset security is needed to access funding over $150,000. This can be done in the form of a charge on assets, and may include the registration of this through the PPSR or making as a caveat.
A director’s or personal guarantee is a guarantee to pay off a credit line that is general in nature rather than specifying the security of a specific asset. The person who is signing the guarantee is personally responsible if the company creditor is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register that is operated by the New Zealand Government. It contains security interests which are registered with respect to personal property (including items or assets). The PPSR gives the priority of personal property assigned in accordance with the date on which a security interest that is registered.
Caveats are legal document filed to offer the public notice of a legal claim on a property.
If you’re requesting an enterprise loan that exceeds $250K we may be able to provide an initial pre-approval in order to simplify the process. We may be able to apply for this without credit checks and within 6 hours of the initial application. The pre-approval is based upon a preliminary assessment which includes you answering some financial health checks. It’s not an offer of credit or guarantee of credit. Acceptance without condition is subject to an exhaustive credit evaluation, and any offer that you are offered could be on different conditions.
You may apply for a business loan if you
The process for applying is fast and simple. Simply complete the online form within a few minutes and an experienced business expert in lending will be in touch to assist you.
For a loan of up to $100,000, you’ll require identification details (valid Driver’s License) along with an NZBN/IRD that is valid and at least 6 months’ worth of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K to $250K: Information about the application including credit consent, 6 – 12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K – $500K: Details for application including credit consent, 12 months of bank statements, IRD statements and the last two years’ finalised financial statements, as well as interim financial statements for the current year such as age-related payables and aged Receivables summaries.
For an unsecured loan ($5K up to $100,000) we usually provide an answer in just one hour – as long as you make your application in quality company timings and let us use the advanced bank verification system link to instantly verify your bank’s information online. If you decide to send us copies of your bank statements we can offer an answer within 1 business day.
For the Larger Business Loan ($100K or more) we may be in a position to offer you with pre-approval conditional to your application within about six hours. After you’ve signed the pre-approval document, you will require to wait between 2 and 3 days for the final approval. However, this can be quicker based upon the circumstances for each application. Certain offers have been approved within less than 24 hours.
The most effective method for you to apply is make sure you apply during normal company hours, and allow us to use the advance bank verification to instantly verify your bank account information online. If you decide to upload the copies of bank statement, it will take a little longer.
For the Small Business Loan ($5K up to $100,000) we usually provide a response in one hour, provided you submit your request at standard business timings and let us use the advanced bank verification system to instantly verify your bank details online. If you opt to upload copies of your banking statements we can offer the decision within 1 business day.
For Larger Business Loans ($100K and up) we may be likely to offer you with pre-approval conditional to your application in around six hours. After you’ve signed the pre-approval, turnaround times are between 2 and 3 days for the final approval. However, this can be faster depending on the circumstances of each application. Some transactions have received approval in just 24 hours.
The fastest way for you to apply is ensure you apply during normal business hours. You can also allow us to use our advance bank verification to instantly check your bank’s information online. If you choose to send us copies of your bank statements, it takes a bit longer.
We provide the loan amount between $5,000 to $500,000. When you make an application for a particular amount, we will consider a number of factors to determine what is the health of the company and the level of payments your business is able to afford. The amount you receive from the loan will be determined by the specific circumstances for your business.
If you apply for a set amount, we consider a variety of elements to assess how much we can lend you such as health of the business as well as the amount of repayments that your business can afford. The amount you receive from the loan will be determined by the specifics that are unique to your business.
When you apply for the company financing, we’ll assess the risk assessment for your business and offer you with a tailored offer including loan amount, term and interest rates. A business loan is an upfront priced loan and you’ll be aware in advance of the total amount to be paid, including any costs, fees, or interest rates.
The interest rates on business loans rates depend on a variety of factors like the amount of money that is borrowed, what business assets the funds are used to purchase in addition to the industry that the business is operating in, how long the company has been operating, in the event that the business has sufficient cash flow to support the loan, and also the overall well-being and creditworthiness of the business.
There aren’t any hidden charges for our business loans. You’ll know exactly how much you’ll be required to pay, and when, starting from the very first day. There’s not any compounding interest and the loan comes with no additional fees (as long as you make your payments in time).
We don’t charge an application fee. You can get a cash loan with no cost upfront or the obligation to take action.
The Origination Fee is the cost associated with setting up and managing the loan. The only way to pay this fee if you proceed with the loan. The Origination Fee for us is 2.5 percentage of the amount of loan.
You may choose to pay back the entire amount of your loan early at any time.
If you decide to take this route, please call our helpful business loans specialists. They will provide you with details on repayment and an early payment figure. This will be calculated as the sum of the remaining principal amount plus any accrued interest as of the time of early payment plus 1.5% of the principal balance as well as any outstanding fees.
To ensure you do not miss payments and to work with your cash flow cycle we offer repayments either weekly or daily. These are automatically withdrawn from your company account.
The security of your personal information, as well as being transparent about the ways we gather the information we collect, use, share and safeguard your data, is of huge importance and an integral aspect of our relationship with you.
Yes. We employ industry-recognised encryption standards to secure your personal, sensitive financial and other data. Our funders are ISO 27001 certified for our dedication to the security of our clients as well as their security. We employ an exceptionally sophisticated bank verification system to instantly verify your bank account information online, allowing us to provide rapid response.
The term "asset-based" refers to borrowing where the company owner makes use of the assets they have to obtain the funds for a loan. The asset may be an individual asset, such as the family home or it could be a company property like a truck or piece of equipment.
The vast majority of banks, not just the largest banks, are inclined to secure loans against assets. If you’re struggling to pay back the loan, then your assets could be offered for sale by the lender. In essence it’s an opportunity to secure new financing using the value of what you already own.
Up to $150,000 in loans there is no requirement for asset security prior to the loan’s access, however we do require an individual guarantee. If you adhere to your loan obligations (as stated in your loan contract) and you are able to meet your obligations, asset security will never be required. For loans over $150K typically, you will need an individual guarantee and security in the form an asset charge.
