The criteria for eligibility for an unsecured business loan in Auckland of between $5K and $100K are pretty minimal.
Do you need more money? Find out the conditions of eligibility for our $100K-$500K business loan.
All you need to start is your contact information (company name, your name, email or phone number) as well as the amount you’d like to borrow, and your monthly revenue.
While in the process and before settlement we will need confirmation of your identity, but not to get started:
After we start, for loans of more than $150,000 you’ll require basic 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 months. They also offer cash flow friendly repayments that are either daily or weekly.
It is possible to apply for this Small Business Loan in under 10 minutes online or over the phone, receive an immediate response, and the money could be available in just 24 hours. Traditional business loans have an annual interest rate plus other fees and charges. We offer a company loan is a loan that is priced upfront and you’ll know ahead of time the total amount due, which includes any interest, fees or charges. Then, it is divided into a daily or weekly amount to be paid back.
The Small Business Loan can be used to fulfill almost any business need, such as managing cash flows, company improvements, advertising to purchase inventory, new equipment, to fund general working capital, and much more. The loan is not available for personal purposes.
The Larger Business Loan is a larger size of loan that can be used to fund business expansion opportunities. Loans are between $100,000 and $500,000 over a fixed term that can last up to 36 months. Repayments are either weekly or fortnightly in order to accommodate your cash flow.
The Larger Business Loan has an Origination Fee which is calculated at 2.5 percent of the loan amount.
To be eligible for a loan that is this large, your business needs to be in operation for at least 3 years and generate an annual revenue of $700,000. 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 to prove at minimum 12 months of business.
A Business Loan of a larger size can be used to fund almost every business use, including business renovations, to purchase inventory or new equipment as well as for general working capital and so much more. The loan cannot be used for personal purposes.
Asset security is necessary for funding of more than $150,000. It is usually by taking a charge against assets, and may be registered on the PPSR or making a caveat.
A director’s or personal guarantee is a guarantee to pay back a loan that is general in nature, rather than specifying security over an asset. The person who signs the ensure is personally accountable if the business lender is not able to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online, central register run by the New Zealand Government. It records security interests that have been registered in respect of personal property (including objects or assets). The PPSR allows preference over private property granted depending on the date that a security interest was registered.
An affidavit is an official document filed to offer the public notice of a legal claim against a property.
If you’re applying for the Larger Business Loan that exceeds $250K we can offer an initial pre-approval that will help simplify the process. We might be able to apply for this without a credit check and within 6 hours of your initial application. This pre-approval is based on an initial assessment, which involves answering a couple of financial well-being checks. This is neither an offer nor a guarantee of credit. A conditional approval is subject a full credit assessment and any offer that you are offered could be on different conditions.
You are eligible to apply for an company loan if you
The application process is quick and easy. Just fill out the online application in few minutes and a dedicated company expert in lending will be in touch to assist you.
To apply for up $100,000, you’ll need ID details (valid Driver’s License) as well as an NZBN/IRD that is valid 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 approval, 6-12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K – $500K: Information on the application including credit consent twelve month bank accounts, the IRD statements, last 2 years finalised financial statements, in addition to interim financials from the current financial year including Aged Payables, Aged Receivables reports.
For an unsecured loan ($5K up to $100,000) we can often provide a response in one hour, provided you make your application within standard company timings and allow us to utilise the bank verification system link to immediately verify your bank account information online. If you want to submit copies of your bank statements we can provide an answer in just an company day.
If you are applying for a Larger Business Loan ($100K or more) we may be in a position to provide you with conditional pre-approval in about 6 hours. After you’ve signed your pre-approval, the turnaround time is about 2-3 days for final approval, however this could be shorter based on the specifics of each application. Certain agreements have been approved in less than 24 hours.
The quickest way to apply can be ensure you apply during normal business hours. Also, let us use the advance bank verification link to instantly check your bank’s information online. If you choose to upload documents from your account statements it takes a bit longer.
For the Small Business Loan ($5K up to $100,000) we typically offer an answer within an hour – provided you apply at normal business hours and permit us to make use of the advanced bank verification system link to instantly verify your bank details online. If you opt to upload copies of your banking statements we can offer the decision within an business day.
If you are applying for Larger Business Loans ($100K up to $500,000) We may be in a position to provide you with conditional pre-approval in about six hours. After you’ve signed the pre-approval, turnaround times are between 2 and 3 days for the final approval, however this could be shorter based on the circumstances of each application. Certain offers have been approved within just 24 hours.
The fastest method for you to apply is ensure you apply during normal business hours. You can also allow us to use our advanced bank verification system to instantly confirm your bank details online. If you opt to send us documents from your account statements it will take a little longer.
We offer the loan amount between $5,000 to $500,000. When you make an application for a specific amount we will consider a number of variables to determine how much we can lend you well-being of your company and the level of payments your business is able to afford. The total amount of your loan will depend on the specifics for your company.
If you apply for a specific amount we take into consideration a variety of factors to assess how much we can lend you such as health for your business and the extent of payments your company will be able to support. The amount you receive from your loan will depend on the specific circumstances of your business.
When you apply for business loans with us company loans, we will assess the risk assessment that you have for your company and provide you with a tailored proposal that includes the amount of loan, the term and the interest rates. This company loan is an upfront-priced loan which means you know the exact amount you will have to pay, including charges, interest rates or fees.
Business loan interest rates vary due to factors including the amount borrowed, what company assets the funds will be used for as well as the field the business operates in, how long the company has been running as well as how long the company has enough cash flow to cover the loan, and the general health and creditworthiness of the business.
There aren’t any hidden charges for our company loans. You’ll know precisely how much you be required to pay and when, starting from the day you sign up. There’s no compounding and there are no additional charges (as as you make your payments in time).
We do not charge an Application Fee. You are able to apply for a loan absolutely no upfront cost and no the obligation to take action.
The Origination Fee covers the expenses involved with setting up and managing the loan. You are only charged this fee if you decide to take the loan. Our Origination Fee is 2.5 percentage of the amount of loan.
You may choose to pay back all of your advance loan at any time.
If you do decide to take this route, please call our helpful company loans professionals. They will provide you with repayment details along with an early payout estimate. The figure will be calculated as the sum of the remaining principal amount and any accrued interest at the time of the early payout plus 1.5% of the principal amount remaining and any outstanding fees.
To make sure that you don’t miss repayments and to fit in your cash flow schedule, we provide payments that are either weekly or daily. These are automatically withdrawn from your business account.
Security of your data, and being transparent about how we collect data, process, exchange and ensure the security of your information is of paramount importance and is an essential part of our relationship with you.
Yes. We use industry recognised encryption techniques to protect your sensitive, personal and financial data and our funders are ISO 27001 certified for our dedication to protecting the security of customers and privacy. We make use of an advanced bank verification system to immediately confirm your bank account information online. This allows us to offer rapid response.
An asset-based loan is when the company owner uses assets they own to obtain the funding. The asset may be a personal asset like the family home, or a company asset like a truck as well as a piece of machine.
The vast majority of the lenders not just the banks with the biggest size, prefer to secure loans against an asset. If you’re having trouble paying back the loan, your asset may be taken over by the lender. In essence it is the process of securing new funding taking advantage of the value of what you already own.
For loans of up to $150K, there is no requirement for asset security before you are able to access the money but we do require the personal guarantee. As long as you follow the terms of your loan (as detailed in your loan contract document) the security of assets is not required. For loans over $150K generally there is an individual guarantee and security in the form an asset charge.
