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Services in Castor Bay

  • Castor Bay Unsecured Business Loans
  • Castor Bay Business Finance
  • Business Lending Castor Bay
  • Business Loan Castor Bay
  • Castor Bay Small Business Finance
  • Castor Bay Business Funding
  • Castor Bay Working Capital
  • Small Business Lending Castor Bay
  • Castor Bay Short Term Business Loans

Business Finance Castor Bay Auckland 0620 NZ

Simple eligibility checklist

Small Business Loan Eligibility Criteria

The eligibility requirements for an unsecured business loan in Auckland of between $5K and $100K are fairly minimal.

  • A minimum of six months in business
  • A minimum of $6,000 in revenue per month
  • You must be a New Zealand based business with a New Zealand Business Number (NZBN)
  • Passport or
  • Driver’s License to serve as evidence of identity
  • Use an account with a New Zealand bank as your principal account for trading
  • Bank statements from the previous 6 months

Are you looking for additional funding? Check out the conditions of eligibility for our $100K to $500K business loan.

Quick application checklist

What do you need to apply

All that’s needed to get started is your contact details (the name of your company, your name, email, phone) as well as the amount you’d like to borrow, as well as your monthly income.

Through the process and before settlement we’ll require confirmation of your identity, however, not in order to begin:

  • Idenfication details (valid Driver’s License)
  • Details of the company including time of trading as well as ownership information and the NZBN (New Zealand Business Number)

In addition, once we have started, for loans of more than $150,000 you’ll also need the following financial statements:

  • Profit & Loss statement
  • Aged payables
  • Aged receivables

Let’s get started.

 

FAQ: business lending & business loans for business owners

Business Loans Frequently Ask Questions

Details of The Auckland Small Business Loans

Tell me what you think of the Auckland Small Business Loans

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 can be made daily or weekly.

How is this Unsecured Loan different from the traditional business loan?

You can apply to get your Small Business Loan in under 10 minutes via the internet or over the phone, receive an instant response and the funds could be in your account in 24 hours. Traditional business loans reference an annual rate of interest together with additional fees and charges. We offer a business loan is a cash-based loan and you’ll know ahead of time the total amount due, which includes any fees, interest or charges. This is then divided into weekly or daily repayment figure.

What could the Small Business Loan be used for?

The Small Business Loan can be used for nearly any company use, including the management of cash flow, business renovations, marketing to purchase inventory or new equipment, for general working capital, and much more. The loan cannot be used for personal use.

Concerning Larger Auckland Business Loans

What is the Larger Auckland Business Loan?

The Larger Business Loan is a larger amount of loan to help business growth opportunities. Loans range from $100,000 to $500,000 over a fixed term up to 36 months. Repayments are scheduled weekly or fortnightly, depending on the flow of cash.

How is the Origination Fee determined?

The Larger Business Loan has an Origination Fee which is calculated at 2.5% of the loan amount.

Am I eligible for the Larger Business Loan?

To be eligible for a credit of this size the business needs to be operating for at least three years, and have an annual income of $700,000. Your company must belong to a New Zealand Citizen (or Permanent Resident) over 18 years or have a New Zealand business (with a valid NZBN/IRD) and be able of proving at least 12 months of trading.

What can I use the funding for?

A Larger Business Loan is a great option for almost every company purpose including business remodeling, buying new equipment or inventory, as general working capital, and much more. The loan is not available for personal purposes.

Is the Larger Business Loan a secured loan?

Asset security is needed for accessing funds over $150,000. It is usually as a result of an charge on assets and can include registration in the PPSR or making as a caveat.

A personal or director’s ensure is a commitment to pay off a credit line that is general in nature rather than defining security over a particular asset. The person who signs the guarantee is personally liable in the event that the business lender is not able to pay back 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 that are registered for personal property (including goods or assets). The PPSR gives priority over personal property to be granted according to the date a security interest that is registered.

An affidavit is an official form of document to offer notice of a legal claim on a property.

What is a pre-approval minus Credit Check?

If you’re applying for larger company loans that is greater than $250K we can offer an initial pre-approval to make the process. We could be able to get this done without a credit check, and within six hours of your initial application. The pre-approval process is based on an initial evaluation that involves you answering some financial health questions. It’s in no way an offer, nor is it a guarantee of financing. Acceptance without condition is subject to a full credit assessment and any offer you might receive could be based on different conditions.

Application process

Do I have the right to receive funds?

You can apply for an company loan if you

  • are a New Zealand Citizen (or Permanent Resident)
  • are over the age of 18 and have a New Zealand business (with a valid NZBN/IRD)
  • you must prove at least 6 months’ worth of transactions (for you to qualify for unsecured loan $5K – $100K) or three years of trading (for the Larger Business Loan $100K up to $500K)

How do I apply?

The application process is quick and easy. Just fill out the online application in just a few minutes, and a dedicated business lending specialist will call you to assist you.

For a loan of up to $100,000, you’ll require the right identification documents (valid Driver’s Licence) along with an NZBN/IRD that is valid and at least six months worth of bank statements.

In addition, for larger loan sizes, you’ll require:

$100K – $250K: Application details including credit consent, 6 – 12 months of bank statements, IRD statement (if credit is over $150K).
$250K-$500K: Details of the application, including credit consent twelve months of bank records, IRD statements as well as the two most recent years’ financial statements, and interim current financial year financials as well as Aged Payables and Receivables summaries.

What speed will I be able to get a decision?

For an unsecured loan ($5K to $100K) we typically offer an answer within one hour if you apply at quality company time and you allow us to utilise the advanced bank verification system to instantly verify your bank details online. If you opt to upload copies of your banking statements , we will be able to offer the decision within just an company day.

For Larger Business Loans ($100K and up) we may be able to provide you with a conditional pre-approval in about six hours. Once you’ve signed the 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. Some deals have been approved within 24 hours.

The quickest method for you to apply is make sure you apply during standard business hours and let us use the modern bank verification to instantly check your bank’s information online. If you choose to upload duplicates of your banking statements , it will take a little longer.

How fast will I get the cash?

For the Small Business Loan ($5K to $100K) we usually offer an answer within an hour – as long as you submit your request at normal business timings and permit us to use the advanced bank verification system to instantly verify your bank information online. If you want to upload copies of your bank statements, we are able to provide the decision in just one business day.

For Larger Business Loans ($100K and up) we might be able to provide you with pre-approval conditional to your application within 6 hours. Once you’ve signed the pre-approval document, you will need to wait approximately 2-3 days to receive final approval, however this may be quicker depending on the circumstances of each application. Certain agreements have been approved within 24 hours.

The quickest method would be to make sure you apply during normal business hours and allow us to use the advanced bank verification system link to instantly verify your bank account information online. If you upload the copies of bank statement, it can take a bit longer.

What is the maximum amount I can borrow?

We offer the loan amount between $5,000 to $500,000. If you apply for a certain amount, we take into consideration a range of variables to determine how much we can lend you health of the company and the extent of the repayments your company is able to afford. The total amount of your loan will be contingent on the specifics the company.

When you submit an application for a particular amount, we look at a range of aspects to assess your health of the business and the level of payments your business will be able to support. The amount you receive from your loan will be determined by the specifics of your business.

Fees & repayments

How do you charge for a business loan?

When you apply for the business loans, we’ll assess the risk assessment of your company and provide you with a customised offer including the loan amount, the terms and interest rates. The business loan is an upfront priced loan so you will know the exact amount to be paid, including any charges or interest.

What is the factor that determines the price I am charged?

The interest rates on company loans rates depend on a variety of factors like the amount of money borrowed, the business assets the funds will be used for as well as the field the company is in, how long the business has been operating as well as how long the company has enough cash flow to fund the loan, and overall well-being or creditworthiness of the business.

What are the fees?

There aren’t any hidden charges for our business loans. You’ll know precisely how much it is that you be required to pay and when, from the day you sign up. There’s no compounding interest and no additional fees (as as you make your payments punctually).

We don’t charge an application fee. You can get a cash loan with absolutely no upfront cost and no the obligation to take action.

The Origination Fee is the cost associated in establishing and managing the loan. The only way to pay this fee if you choose to proceed with the loan. Our Origination Fee is 2.5 percent of the amount of the loan.

Can I pay off the loan earlier?

You can decide to repay the total amount of your loan at any point in time.

If you choose to do this please speak to our friendly company credit experts. The specialists will provide you with details for repayment as well as an early payout amount. The figure will be calculated as the sum of the principal amount remaining and any accrued interest at the time of the early payout and 1.5% of the principal remaining as well as any outstanding fees.

What is the process for repayments?

To ensure that you don’t miss due dates and also to be in line with your cash flow standard, we provide repayments either weekly or daily. They will be automatically deducted from your nominated company account.

Security & privacy

Will my information be secure?

Making sure that your information is secure, and being clear about how we collect the information we collect, use, share and secure your information, is crucial and an integral aspect of our relationship with you.

Is it safe to link my bank account to the platform?

Yes. We utilise industry-recognised encryption standards to secure your sensitive, personal and financial data and our funders are ISO 27001 qualified for our commitment to security for our clients and privacy. We utilise a sophisticated bank verification system that allows you to instantly verify your bank account details online to provide rapid response.

About business loans

What is asset-based borrowing (a secured loan)?

The term "asset-based" refers to borrowing where an company owner uses an asset that they own to secure the funding. The asset may be an individual property, such as the family home or an business asset like a truck or other piece of machinery.

The majority of the lenders not just the largest banks, are inclined to guarantee loans against assets. If you’re struggling to pay back the loan then the asset might be offered for sale by the lender. In essence, it’s means of securing new financing by taking advantage of the value of what you already own.

What do I require security to get a company loan?

For loans that exceed $150K, it is not necessary to secure assets in advance to gain access to the funds, however we do need a personal guarantee. If you adhere to the loan terms (as stated in the loan contract) the security of assets will never be needed. For loans of over $150,000 generally, there is the option of a personal guarantee and security that is in the form the charge of assets.

Fast Business Loans Services

Unsecured Business Loans

Unsecured Business Loans

Eligibility Requirements

Eligibility Requirements

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