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 to $500K company credit.
All you need to begin is your contact information (the name of your company, your name, email and telephone), how much you want to borrow, and your monthly income.
Through the process and before settlement we will require confirmation of your identity but not to get started:
Additionally after we get started, for loans of more than $150,000 you’ll also require basic 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 and cash flow-friendly repayments which can be made daily or weekly.
Apply for your Small Business Loan in under 10 minutes by phone. You will receive a same day response and the money could be in your account in 24 hours. Traditional company loans have an annual interest rate plus other fees and charges. We offer a business loan is a cash-based loan therefore you’ll be aware of the total amount payable including the interest, fees and charges. Then, it is divided into weekly or daily amount to be paid back.
A Small Business Loan can be used to fulfill almost every business reason, such as managing cash flows, company improvements, advertising, to purchase inventory or new equipment, for general working capital and much more. The loan cannot be used to fund personal expenses.
The Larger Business Loan is a larger loan size to support company growth opportunities. Loans range between $100,000 and $500,000 over a fixed term that can last up to 36 months. The repayments are made weekly or fortnightly in order to accommodate the flow of cash.
It is important to note that the Larger Business Loan has an Origination Fee, determined at 2.5% of the loan amount.
To be eligible for a loan that is this large the business needs to have been in operation for at least 3 years with an annual turnover of $700K. You must be a New Zealand Citizen (or Permanent Resident) who is over the age of 18, own a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at least 12 months of trading.
A Larger Business Loan can be used for nearly any business use, including company renovations, to purchase new equipment or inventory, as general working capital and much more. The loan cannot be used for personal use.
Asset security is necessary to obtain funding above $150,000. This can be done by taking a charge over assets, and may include registration in the PPSR or making as a caveat.
A director’s or personal guarantee 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 is signing the guarantee is personally liable if the company lender is not able to re-pay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register operated by the New Zealand Government. It reflects security interests that are registered for personal property (including goods or assets). The PPSR gives priority over personal property to be assigned in accordance with the date on which a security interest has been registered.
Caveats are legal document filed to offer the public notice of a legal claim against a property.
If you’re seeking a Larger Business Loan that exceeds $250,000 it’s possible to offer an initial pre-approval in order to make the process. We may be able to apply for this without a credit check and within six hours of your initial application. The pre-approval is based upon an initial assessment that includes you answering a few financial well-being checks. It is not an offer of credit or guarantee of credit. The approval of a conditional loan is subject to an assessment of your creditworthiness and any offer that you might receive could be subject to different terms.
You may be eligible for a business loan if you
The application process is fast and simple. Just fill out the online application within a few minutes and an experienced company lending specialist will call you to assist you.
To apply for up to $100,000 you’ll need the right identification documents (valid Driver’s Licence) as well as an active NZBN/IRD, and at least six months of bank statements.
Otherwise, for larger loan sizes, you’ll need:
$100K – $250K: Details of application, including credit consent, 6 – 12 months of bank statements, IRD statement (if credit is over $150K).
$250K to $500K: Application details including credit consent and 12 months of bank statements, IRD statement Last 2 years’ finalised financial statements, and interim current financial year financials as well as Aged Payables and Receivables Summary.
For an unsecured loan ($5K to $100K) We can usually offer an answer within one hour – as long as you apply at standard business time and allow us to make use of the advanced bank verification system to instantly verify your bank information online. If you choose to submit copies of your bank statements we can provide an answer within just the span of one business day.
For the Larger Business Loan ($100K or more) we might be capable of offer you with pre-approval conditional to your application within about six hours. After you’ve signed your pre-approval document, you will need to wait about 2-3 days for final approval, however this can be quicker based upon the circumstances for each application. Certain agreements have been approved within 24 hours.
The quickest method would be to ensure you apply during standard company hours and allow us to use the advance bank verification link to instantly confirm your bank details online. If you upload copies of your bank statements it may take a bit longer.
For the Small Business Loan ($5K or more) we typically provide a response in one hour – as long as you apply during normal business times and allow us to use the advanced bank verification system link to instantly verify your bank’s information online. If you choose to upload copies of your banking statements, we’ll be able to offer the decision in just one business day.
For Larger Business Loans ($100K or more) we could be likely to offer you with conditional pre-approval within 6 hours. After you’ve signed the pre-approval form, it will take around 2-3 days for final approval, however this could be shorter based on the circumstances of each application. Some agreements have been approved in 24 hours.
The fastest method would be to make sure you apply during normal business hours and let us use the advance bank verification link to instantly check your bank’s information online. If you choose to send us duplicates of your banking statements, it will take a little longer.
We offer loans ranging from $5,000 and $500,000. When you submit an application for a certain amount we consider a variety of variables in order to assess the well-being that is your company and the extent of repayments your company is able to afford. The amount you receive from your loan will depend on the specific circumstances that are unique to your company.
If you apply for a set amount, we consider a variety of variables to assess how much we can lend you such as health of your company and the extent of the repayments your business can afford. The amount you receive from your loan will be determined by the particular circumstances for your business.
When you make an application for the company financing, we’ll assess the risk profile the business and offer you with a tailored offer including loan amount, term and interest rates. The business loan is an upfront-priced loan so you will be aware of the total amount to be paid, including any interest rates, fees or charges.
The interest rates on company loans rates vary due to variables like the amount to be that is borrowed, what company assets the funds are used to purchase in addition to the industry that the company operates in, the long the business is in operation and in the event that the company has enough cash flow to pay for the loan, and overall health and creditworthiness of the company.
There aren’t any hidden charges for our company loans, and you’ll be aware of the amount you’ll be required to pay and when, from day one. There’s no compounding interest, and there are no additional charges (as as long as you pay your payments in time).
We don’t charge an application fee. You are able to get a cash loan with with no upfront cost or commitment to apply.
The Origination Fee covers the expenses involved in establishing and managing the loan. The only way to pay this cost if you take out the loan. The Origination Fee for us is 2.5 percent of the loan amount.
You can repay the entire amount of the loan in full at any time.
If you decide to do this please speak to our friendly company lending professionals. The professionals will provide you with the details of your repayment as well as an early payout amount. This will be calculated as the sum of the principal remaining and the accrued interest up to the time of early payment in addition to 1.5% of the principal remaining and any fees that remain unpaid.
To help you avoid missing repayments and to fit in your cash flow schedule, we provide payments that are either daily or weekly. These are automatically deducted from your nominated company account.
Making sure that your information is secure, and being clear about the ways we gather the information we collect, use, share and secure your information, is of huge importance and is a crucial part of our relationship with you.
Yes. We make use of industry-standard encryption techniques to protect your personal, sensitive as well as financial data. Our funders are ISO 27001 certified for our dedication to protecting the security of clients and security. We use an advanced bank verification system to instantly verify the bank account details online to offer an immediate response.
Asset-based borrowing occurs when a business owner makes use of an asset that they own to get a loan. The asset can be either an individual property, such as the family home or a business asset such as a vehicle or piece or equipment.
The majority of banks, even the major banks, prefer to guarantee loans against assets. If you’re having trouble paying back the loan, then the asset might be taken over by the lender. In essence it is the process of securing new financing making use of the value of what you already have.
For loans of up to $150,000, it is not necessary to secure assets in advance to gain access to the funds However, we do require an individual guarantee. So long as you comply with the terms of your loan (as detailed in your loan contract) and you are able to meet your obligations, asset security will never be needed. For loans that exceed $150K, generally there is a personal guarantee and security that is in the form charges on assets.
