The criteria for eligibility for an unsecured business loan in Auckland of between $5K and $100K is fairly low.
Are you looking for additional funding? Take a look at the guidelines for eligibility for our $100K-$500K company loan.
All you need to start is your contact details (company name, your name, email address, phone) and the amount you’d like to borrow and your monthly revenue.
Through the process and before settlement we’ll require confirmation of your identity however, not in order to begin:
After we start with loans of more than $150,000 you’ll also require fundamental financial statements:
Let’s get started now.
Auckland unsecured loans offers amounts between $5,000 and $100,000, with terms ranging from 3 and 24 months. They also offer cash flow-friendly repayments which can be made daily or weekly.
You can apply to get this Small Business Loan in under 10 minutes online or by phone. You will receive a same day response and the money could be available in just 24 hours. Traditional company loans refer to an annual rate of interest along with other charges and fees. Our company loan is a cash-based loan so you will be aware in advance of the total amount to be paid, including the interest, fees and charges. Then, it is divided into a daily or weekly repayment figure.
It is a Small Business Loan can be used for almost every company need, such as managing cash flows, company improvements, advertising for purchasing inventory or new equipment, as general working capital and much more. The loan cannot be used to fund personal expenses.
The Larger Business Loan is a larger size of loan that can be used to fund business growth opportunities. Loans are between $100,000 and $500,000 over a fixed term that can last up to 36 months. Repayments are scheduled weekly or fortnightly in order to accommodate you cashflow.
The Larger Business Loan has an Origination Fee, which is determined at 2.5% of the loan amount.
To be eligible for a loan in this amount, your company needs to be trading for at least 3 years with an annual turnover of at least $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 as well as own a New Zealand business (with a valid NZBN/IRD) and be able of proving at least 12 months of trading.
A Larger Business Loan is a great option for almost all company use, including business remodeling, buying new equipment or inventory, as general working capital and much more. The loan is not available for personal purposes.
Asset security is necessary to obtain funding above $150,000. It is usually by way of charge on assets, which could also include registration through the PPSR or the registration of a caveat.
A personal or director’s guarantee is a commitment to pay off a credit line that is general in nature rather than specifying security over a particular asset. The person who signs the guarantee is personally liable in the event that the business borrower 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 records security interests that have been granted to individuals who own personal property (including items or assets). The PPSR gives priority over personal property to be granted in accordance with the date on which a security interest was registered.
An affidavit is an official document filed to offer an official notice of a claim on a property.
When you’re applying for larger company loans that is greater than $250,000, we may offer an initial pre-approval to ease the process. We might be able to do this without a credit check, and within six hours of your initial application. The pre-approval process is based on a preliminary assessment which includes you answering some financial health questions. It’s neither an offer nor a guarantee of credit. A conditional approval is subject a full credit assessment and any offer that you receive could be on different conditions.
You may apply for a company loan if you
The application process is fast and simple. Just complete the online application within a couple minutes, and an experienced business 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 License) and a valid NZBN/IRD as well as at least six months worth of bank statements.
For larger loan sizes, you’ll need:
$100K to $250K: Details of application, including credit consent, 6 – 12 months of IRD statements, bank statements (if loan above $150K).
$250K to $500K: Details for application including credit consent twelve month bank accounts, the IRD statement as well as the two most recent years’ financial statements, and interim financials from the current financial year including Aged Payables, Aged Receivables Summary.
For an unsecured loan ($5K to $100K) we can often provide an answer within one hour, provided you submit your request at quality company timings and let us make use of 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 offer the decision within just 1 business day.
If you are applying for a Larger Business Loan ($100K to $500K) we may be capable of offer the conditional pre-approval in about 6 hours. Once you’ve signed the pre-approval, turnaround times are around 2-3 days for final approval, however this can be quicker based on the specifics of each application. Certain offers have been approved within just 24 hours.
The quickest way to apply can be ensure you apply during normal company hours, and permit us to use the advance bank verification to instantly check your bank’s information online. If you opt to send us duplicates of your banking statements it may take a bit longer.
For the Small Business Loan ($5K and up) we typically provide an answer in just one hour – as long as you submit your request at normal business times and let us use the advanced bank verification system to immediately verify your bank account information online. If you decide to upload copies of your bank statements, we will be able to provide a decision within an business day.
If you are applying for Larger Business Loans ($100K and up) 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, it could be faster based on the circumstances of each application. Some transactions have received approval within just 24 hours.
The fastest way can be ensure you apply during normal business hours and allow us to use the advance bank verification link to instantly verify your bank account information online. If you opt to upload copies of your bank accounts, it will take a little longer.
We offer the loan amount between $5,000 and $500,000. When you make an application for a particular amount, we look at a variety of elements in order to assess your well-being of your company and the amount of repayments your company will be able to support. The amount you receive from your loan will be contingent on the specifics that are unique to your business.
When you submit an application for a particular amount, we take into consideration a variety of variables to determine your health of the business and the extent of repayments your business can support. The amount you receive from the loan will be determined by the specific circumstances the business.
If you decide to request business loans with us business financing, we will assess the risk profile that you have for your company and provide you with a customised offer, including the loan amount, the terms and the interest rates. It is a company loan is an upfront-priced loan therefore you will know the exact amount due, which includes any charges, interest rates or fees.
The interest rates on company loans rates depend on a variety of factors including the amount that is borrowed, what company assets the funds are used to purchase in addition to the industry that the company operates in, how long the business has been running for, whether the company has enough cash flow to support the loan, and also the general health or creditworthiness of the business.
There aren’t any hidden costs for our business loans. You’ll know precisely what it is that you be required to pay and when, from day one. There’s no compounding interest and there are no additional charges (as long as you make your payments in time).
We don’t charge an Application Fee. You can make an application for loans with with no upfront cost or commitment to apply.
The Origination Fee is the cost associated with setting up and managing the loan. This is only a fee if you decide to take the loan. Our Origination Fee is 2.5 percent of the loan amount.
You can choose to repay all of your loan in full at any time.
If you do decide to do this please talk to one of our helpful business credit specialists. We will provide you with details for repayment and an early payout figure. It will be calculated using the sum of the principal balance and the accrued interest up to the time of early payout in addition to 1.5% of the principal balance and any outstanding fees.
To ensure you do not miss payments and to work with your cash flow routine, we provide repayments either weekly or daily. These are automatically deducted from your designated company account.
Protecting your information, and being upfront about the ways we gather information, use it, and exchange it, as well as safeguard your data, is of huge importance and an integral part of our relationship you.
Yes. We use industry recognised encryption standards to protect your sensitive, personal as well as financial data. Our funders are ISO 27001 qualified for our commitment to protecting the security of customers and privacy. We make use of an advanced banking verification system to immediately confirm your bank account information online, allowing us to provide an immediate response.
An asset-based loan is when a company owner makes use of the assets they have to make the funds for a loan. The asset can be an individual asset, such as the family home, or it could be a company asset like a truck or piece of equipment.
The majority of the lenders even the banks with the biggest size, prefer to make loans secured by an asset. If you’re struggling to pay back the loan then your assets could be offered for sale by the lender. In essence it is the process of securing new financing by taking advantage of the value of what you already have.
For loans that exceed $150,000, no asset security is required before you are able to access the money however, we do need the personal guarantee. So long as you comply with the loan terms (as detailed in your loan contract document) the security of assets will never be needed. If you take out loans in excess of $150,000 generally, there is an individual ensure and security is provided in the form of a charge over assets.
