The eligibility requirements for an unsecured business loan in Auckland of between $5K and $100K are pretty minimal.
Do you need more money? Find out the guidelines for eligibility for our $100K-$500K company loan.
All that is needed to get started is your contact information (company name, your name, email, phone), how much you’d like to borrow, and your monthly income.
Through the process and before settlement we’ll need confirmation of your identity, but not before we can begin:
In addition, once we have started with loans of more than $150,000 you’ll also need basic financial statements:
Let’s get started.
Auckland unsecured loans offers amounts of between $5,000 and $100,000 with terms between 3 and 24 months and cash flow friendly repayments that are either daily or weekly.
You can apply for the Small Business Loan in under 10 minutes on the internet or over the phone. You’ll get an immediate response, and the funds could be in your account within 24 hours. Traditional company loans have an annual rate of interest plus other fees and charges. This business loan is a loan that is priced upfront and you’ll be aware in advance of the total amount to be paid, including any interest, fees or charges. This is then divided into weekly or daily amount to be paid back.
It is a Small Business Loan can be used to fulfill almost every business use, including cash flow management, business improvements, advertising, to purchase inventory or new equipment, or as general working capital and much more. The loan is not available for personal reasons.
The Larger Business Loan is a larger size loan to aid in business expansion opportunities. Loans are between $100,000 and $500,000 with a term fixed up to 36 months. Repayments are either weekly or fortnightly in order to accommodate your cash flow.
This Larger Business Loan has an Origination Fee, calculated at 2.5 percentage of the amount of the loan.
In order to be eligible for a loan in this amount the company needs to be trading for at least 3 years and have an annual turnover of $700,000. Your business must belong to a New Zealand Citizen (or Permanent Resident) who is over the age of 18, own a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of business.
A larger business loan can be used to fund almost every company purpose including company remodeling, buying inventory or new equipment, as general working capital, and much more. The loan is not available to fund personal expenses.
Asset security is required for funding of more than $150,000. This is by way of charge against assets, which could also include registering this through the PPSR or making a caveat.
A director’s or personal guarantee is a commitment to pay back a loan that is general in nature rather than specifying the security for a particular asset. The person who signs the guarantee is personally liable if the company the borrower fails to repay the debt.
The Personal Property Securities Register (PPSR) is an online, central register operated by the New Zealand Government. It contains security interests which are registered with respect to personal property (including items or assets). The PPSR permits preference over private property granted according to the date the registration of a security interest.
A caveat is a legal form of document to offer notice of a legal claim to a property.
If you’re seeking larger company loans of $250,000 or more it’s possible to offer a preliminary pre-approval to help simplify the process. It is possible to get this done 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 health checks. This is in no way an offer, nor is it a guarantee of financing. The approval of a conditional loan is subject to an extensive credit evaluation and any offer that you receive could be subject to different conditions.
You are eligible to apply for an company loan if you:
The application process is simple and easy. Complete the online form within a couple minutes, and a dedicated company lending specialist will be in touch to assist you.
To apply for up $100,000 you’ll require the right identification documents (valid Driver’s Licence), an NZBN/IRD that is valid and at least 6 months of bank statements.
For larger loan sizes, you’ll require:
$100K – $250K: Application details including credit approval, 6-12 months of bank statements, IRD statement (if credit is over $150K).
$250K to $500K: Application details including credit consent as well as 12 months of bank statements, IRD statement, last 2 years finalised financial statements, plus interim financial statements for the current year as well as Aged Payables and Receivables Summary.
For an unsecured loan ($5K or more) we usually provide an answer within one hour, provided you submit your request within standard company times and let us use the advanced bank verification system to immediately verify your bank account information online. If you opt to upload copies of your banking statements we can offer an answer within an company day.
For Larger Business Loans ($100K to $500K) we may be in a position to offer you with pre-approval conditional to your application in about six hours. After you’ve signed the pre-approval form, it will take around 2-3 days for final approval, however this can be quicker based upon the circumstances for each application. Certain agreements have been approved within less than 24 hours.
The quickest way to apply would be to make sure you apply during standard business hours, and allow us to use our advanced bank verification system to instantly confirm your bank details online. If you decide to send us duplicates of your banking statement, it takes a bit longer.
For the Small Business Loan ($5K to $100K) We can usually offer an answer within one hour – provided you apply in normal business timings and allow us to utilise the advanced bank verification system to immediately verify your bank account information online. If you choose to upload copies of your banking statement, we’ll provide the decision in as little as an business day.
If you are applying for Larger Business Loans ($100K and up) we could be capable of offer you with pre-approval conditional to your application within 6 hours. Once you’ve signed the pre-approval, the turnaround time is around 2-3 days for final approval, however this can be faster depending on the circumstances of each application. Certain offers have been approved in less than 24 hours.
The most effective method is to make sure you apply during normal business hours, and allow us to use our modern bank verification to instantly check your bank’s information online. If you decide to upload copies of your bank statement, it will take a little longer.
We offer loans ranging from $5,000 and $500,000. When you make an application for a certain amount, we look at a variety of variables to determine your well-being of the business and the extent of the repayments your business can support. The amount you receive from your loan will depend on the specific circumstances that are unique to your company.
When you apply for a certain amount, we consider a variety of aspects to assess the health for your business and the amount of repayments your business is able to afford. The total amount of the loan will be determined by the particulars for your company.
When you make an application for our company loans, we will assess the risk profile the company and provide you with a customised proposal that includes the loan amount, the terms and interest rates. The business loan is an upfront-priced loan so you will know the exact amount payable including any charges or interest.
The interest rates on company loans rates vary due to factors such as the amount that is borrowed, what company assets the funds are used to purchase as well as the field the business operates in, how long the company has been running as well as whether the business has sufficient cash flow to cover the loan, and overall health as well as creditworthiness company.
There aren’t any hidden costs for our business loans, and you’ll know precisely what it is that you need to pay and when, from the day you sign up. There’s no compounding interest, and no extra fees (as long as you make your payments in time).
We do not charge an application fee. You can make an application for loans with with no upfront cost or obligation to proceed.
The Origination Fee covers the expenses involved with the setting up and management of the loan. You are only charged this fee if you choose to proceed with the loan. Our Origination Fee is 2.5% of the loan amount.
You can repay the total amount of your loan early at any time.
If you decide to take this route, please talk to one of our helpful company credit specialists. We will offer you with details on repayment along with an early payout estimate. This will be calculated as the sum of the principal amount remaining and any accrued interest at the time of early payout, plus 1.5 percent of the remaining principal and any outstanding fees.
In order to help you avoid missing due dates and also to be in line with your cash flow cycle we provide payments that are either daily or weekly. They are automatically deducted from your company account.
The security of your personal information, as well as knowing how we collect the information we collect, use, share and protect your information, is of huge importance and a vital aspect of our relationship with you.
Yes. We employ industry-recognised encryption protocols to safeguard your personal, sensitive and financial data and our funders are ISO 27001 certified for our commitment to customer security and security. We employ an exceptionally sophisticated bank verification system link to instantly verify your bank account information online, allowing us to offer quick responses.
The term "asset-based" refers to borrowing where a business owner uses assets they own to secure the funding. The asset could be an individual property, such as the family home, or a business property like a truck or piece of equipment.
The vast majority of banks, not just the largest banks, are inclined to guarantee loans against assets. If you’re having trouble paying back the loan, then the asset could be taken over by the lender. In essence it is a way of securing additional financing taking advantage of the value of what you already own.
For loans of up to $150,000, no asset security is required upfront to access the money, however we do need the personal guarantee. As long as you follow your loan commitments (as specified in the loan contract) the security of assets will never be required. For loans over $150,000 generally, there is personal guarantee and security in the form of the charge of assets.
