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 conditions of eligibility for our $100K-$500K company loan.
All that’s required to start is your contact information (company name, your name, email and phone), how much you’d like to borrow, as well as your monthly income.
During the process and before settlement we will need confirmation of who you are, but not to get started:
Additionally after we get started, for loans that exceed $150,000, you will also need the following financial statements:
Let’s get started now.
Auckland unsecured loans offers amounts between $5,000 and $100,000. Terms range from 3 and 24 months. They also offer cash flow friendly repayments which can be made daily or weekly.
Apply to get your Small Business Loan in under 10 minutes online or on the phone. You’ll receive an answer within the same day and the money could be in your account in 24 hours. Traditional company loans reference an interest rate per annum along with other charges and fees. Our business loan is a cash-based loan and you’ll know ahead of time the total amount payable including any interest, fees or charges. Then, it is broken down into either weekly or daily installment amount.
The Small Business Loan can be used for almost every company reason, such as cash flow management, business renovations, marketing for purchasing inventory or new equipment, to fund general working capital and so much more. The loan is not available for personal purposes.
The Larger Business Loan is a larger size loan to aid in company expansion opportunities. The loan ranges from $100,000 to $500,000 with a fixed-term with a maximum of 36 months. Repayments are scheduled weekly or fortnightly depending on the flow of cash.
It is important to note that the Larger Business Loan has an Origination Fee, which is calculated at 2.5 percent of the loan amount.
In order to be eligible for a loan in this amount the business needs to have been in operation for at least 3 years with an annual turnover of at least $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old as well as own a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of continuous trading.
A large company loan can be used for nearly all company use, including business renovations, purchase of new equipment or inventory or as general working capital and much more. The loan is not available for personal use.
Asset security is needed for accessing funds over $150,000. This is in the form of a charge over assets and can be registered in the PPSR or registering as a caveat.
A director’s or personal guarantee is a commitment to repay a loan which is general in nature, rather than stating security over a particular asset. The person who is signing the guarantee is personally responsible if the company the borrower fails to re-pay the debt.
The Personal Property Securities Register (PPSR) is a central, national online registry run by the New Zealand Government. It lists security interests that are granted to individuals who own personal property (including objects or assets). The PPSR permits priority over personal property to be assigned in accordance with the date on which a security interest that is registered.
An affidavit is an official document filed to offer the public notice of a legal claim on a property.
If you’re requesting larger company loans of more than $250,000 it’s possible to offer an initial pre-approval in order to make the process. It is possible to get this done without a credit verification and within 6 hours of your initial application. This pre-approval is made based on an initial assessment, which involves answering a couple of financial well-being 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 may receive may be on different conditions.
You are eligible to apply for an company loan if you;
The application process is simple and easy. Just complete the online application in just a few minutes, and a dedicated company lending specialist 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 a valid NZBN/IRD as well as at least 6 months of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K – $250K: Information about the application including credit approval, 6-12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K-$500K: Application details including credit consent, 12 months of bank statements, IRD statements, last 2 years finalised financial statements, in addition to interim current financial year financials such as age-related payables and aged Receivables reports.
For an unsecured loan ($5K and up) we can often provide an answer within one hour if you make your application during quality company timings 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 banking statement, we’ll provide an answer within just an business day.
For Larger Business Loans ($100K to $500K) we may be able to offer you with a conditional pre-approval in around 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 may be quicker depending on the circumstances of each application. Some offers have been approved within the space of 24 hours.
The most efficient method can be ensure you apply during standard company hours, and allow us to use our advanced bank verification system link to verify your bank account information online. If you choose to upload duplicates of your banking accounts, it takes a bit longer.
For the Small Business Loan ($5K up to $100,000) We can usually offer an answer within an hour – provided you apply within normal business timings and you allow us to make use of the advanced bank verification system link to instantly verify your bank’s information online. If you want to send us copies of your bank statements we can provide a decision in as little as one business day.
If you are applying for Larger Business Loans ($100K and up) We may be capable of offer the conditional pre-approval in around 6 hours. Once you’ve signed the pre-approval form, it will take around 2-3 days for final approval, however this can be faster depending on the circumstances of each application. Certain deals have been approved in less than 24 hours.
The most efficient method is to ensure you apply during standard business hours, and permit us to use the modern bank verification to confirm your bank details online. If you send us the copies of bank statements it will take a little longer.
We provide loans ranging from $5,000 to $500,000. When you make an application for a particular amount, we will consider a number of variables for determining what is the health that is your company and the amount of the repayments your company can support. The total amount of your loan will be contingent on the specifics that are unique to your company.
When you submit an application for a particular amount, we will consider a number of variables to determine how much we can lend you such as health of the business and the amount of payments your company is able to afford. The amount you receive from your loan will be determined by the specific circumstances the company.
If you decide to make an application for business loans with us company financing, we’ll assess the risk profile that you have for your company and offer an individualised proposal that includes the amount of the loan, the duration and the interest rates. The business loan is an upfront priced loan therefore you will be aware of the total amount you will have to pay, including charges or interest.
The interest rates on business loans rates depend on several factors such as the amount that is borrowed, what business assets the funds will be used for and the sector the business is in, how long the business is in operation as well as what percentage of the company has sufficient cash flow to fund the loan, and the general health as well as creditworthiness company.
There aren’t any hidden charges for our business loans, and you’ll know precisely how much you’ll need to pay and when, from day one. There’s not any compounding interest and the loan comes with no additional fees (as long as you make your payments on time).
We don’t charge an Application Fee. You can apply for a loan with no upfront cost or the obligation to take action.
The Origination Fee covers the costs associated with the setting up and management of the loan. This is only a fee if you choose to proceed with the loan. The Origination Fee for us is 2.5 percent of the amount of the loan.
You may choose to pay back the total amount of your loan at any point in time.
If you are deciding to take this route, please talk to one of our helpful company loan professionals. They will offer you with the details of your repayment as well as an early payout amount. The figure will be calculated as the sum of the principal amount remaining and accrued interest to the time of early payment in addition to 1.5 percent of the principal remaining plus any outstanding fees.
In order to help you avoid missing payment dates and to align your cash flow cycle we offer repayments either daily or weekly. These are automatically withdrawn from your nominated business account.
The security of your personal information, as well as knowing how we collect, use, exchange and secure your information, is of huge importance and a vital part of our relationship with you.
Yes. We employ industry-recognised encryption standards to secure your sensitive, personal and financial data and our funders are ISO 27001 certified for our dedication to the security of our clients as well as their security. We utilise a sophisticated bank verification system to immediately verify the bank account details online. This allows us to offer quick responses.
Asset-based borrowing occurs when the company owner utilises an asset they own to obtain the funds for a loan. The asset could be a personal asset like the family home, or an company asset such as a vehicle or other piece of machinery.
The vast majority of the lenders not just the big banks, tend to secure loans against an asset. If you are having difficulty paying back the loan, then your assets could be taken over by the lender. In essence it is means of securing additional financing making use of the value of what you already have.
For loans of up to $150,000, no asset security is required before you can access the money, however we do need a personal guarantee. As long as you follow the terms of your loan (as stated in the loan contract) and you are able to meet your obligations, asset security will never be required. If you take out loans in excess of $150,000 generally, there is the option of a personal guarantee and security in the form of a charge over assets.
