The criteria for eligibility for an unsecured business loan in Auckland of between $5K and $100K are fairly minimal.
Need more funds? Review the eligibility requirements for our $100K-$500K company loans.
All that’s needed to get started is your contact information (company name and your name, as well as email and phone), how much you’d like to lend, and your monthly income.
Through the process and before settlement we’ll require confirmation of your identity but not before we can begin:
After we start when it comes to loans that exceed $150,000, you will also require basic financial statements.
Let’s get started.
Auckland unsecured loans offers amounts of 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.
You can apply for your Small Business Loan in under 10 minutes via the internet or over the phone. You’ll get an instant response and the funds could be in your account in 24 hours. Traditional business loans refer to an interest rate per annum together with additional fees and charges. We offer a business loan is a loan that is priced upfront therefore you’ll know ahead of time the amount you will have to pay, including any interest, fees or charges. This is then broken down into either weekly or daily installment amount.
The Small Business Loan can be used for almost every business need, such as cash flow management, company remodeling, marketing for purchasing inventory or new equipment, as general working capital and much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger size of loan that can be used to fund business expansion opportunities. The loan ranges from $100,000 to $500,000 with a fixed-term up to 36 months. The repayments are made weekly or fortnightly to work with the flow of cash.
This Larger Business Loan has an Origination Fee, which is determined at 2.5% of the amount of the loan.
To qualify for a loan that is this large, your business needs to be trading for at least 3 years and have an annual turnover of $700,000. 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 demonstrate at the least 12 months of operating.
A Larger Business Loan can be used for almost every business use, including business remodeling, buying equipment or inventory for general working capital and so much more. The loan cannot be used for personal reasons.
Asset security is required to obtain funding above $150,000. This can be done in the form of a charge over assets, and may include registration through the PPSR or filing as a caveat.
A director’s or personal guarantee is a commitment to repay a loan which is generally based rather than specifying the security for a particular asset. The person signing the guarantee is personally responsible if the company the borrower fails to repay the debt.
The Personal Property Securities Register (PPSR) is an online, central registry run by the New Zealand Government. It contains security interests which are registered with respect to personal property (including items or assets). The PPSR allows preference over private property granted depending on the date that a security interest has been registered.
Caveats are legal document that is filed to provide the public notice of a legal claim on a property.
If you’re applying for larger business loans of more than $250K it’s possible to offer a preliminary pre-approval to help ease the process. We might be able to get this done without a credit verification and within 6 hours of your initial application. The pre-approval is based upon an initial evaluation that involves answering a couple of financial well-being checks. This is neither an offer nor a guarantee of finance. A conditional approval is subject an extensive credit evaluation and any offer that you are offered could be based on different conditions.
You are eligible to apply for a company loan if you;
The application process is fast and simple. Simply complete the online form in just a few minutes, and an experienced company loan specialist will be in touch to help you.
To be eligible for up to $100,000 you’ll need ID details (valid Driver’s License) and an NZBN/IRD that is valid and at least 6 months’ worth of bank statements.
For larger loan sizes, you’ll require:
$100K-$250K: Application requirements, including credit approval, 6-12 months of bank statements, IRD statement (if credit is over $150K).
$250K – $500K: Information on the application including credit consent, 12 month bank accounts, the IRD statements Last 2 years’ finalised financial statements, plus interim financial statements for the current year, Aged Payables and Aged Receivables summaries.
For an unsecured loan ($5K and up) we usually offer an answer within an hour, provided you submit your request in standard company hours and let us use the advanced bank verification system link to instantly verify your bank information online. If you want to upload copies of your bank statement, we’ll offer the decision within 1 company day.
For the Larger Business Loan ($100K to $500K) we may be likely to offer the conditional pre-approval within 6 hours. Once you’ve signed the pre-approval document, you will need to wait about 2-3 days for final approval. However, it could be faster based upon the circumstances for each application. Some transactions have received approval in less than 24 hours.
The fastest way for you to apply is make sure you apply during normal business hours. Also, let us use the advance bank verification to instantly confirm your bank details online. If you opt to upload copies of your bank statement, it may take a bit longer.
For the Small Business Loan ($5K and up) We can usually offer an answer in just one hour – as long as you submit your request in normal business timings and allow us to 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 the decision within an business day.
For Larger Business Loans ($100K up to $500,000) We may be able to provide you with pre-approval conditional to your application in about six hours. Once you’ve signed your pre-approval, the turnaround time is around 2-3 days for final approval. However, this can be faster depending on the particular circumstances of each application. Some transactions have received approval in the space of 24 hours.
The fastest way is to ensure you apply during standard business hours, and let us use the sophisticated bank verification link to verify your bank account information online. If you upload the copies of bank statements, it can take a bit longer.
We offer the loan amount between $5,000 to $500,000. If you apply for a certain amount we look at a variety of variables for determining the well-being that is your company and the extent of payments your business is able to afford. The total amount of the loan will be determined by the particular circumstances of your business.
When you make an application for a specific amount we consider a variety of elements to determine your well-being that is your business as well as the amount of payments your business can afford. The amount you receive from your loan will be determined by the particular circumstances for your business.
When you request the company financing, we’ll assess the risk profile that you have for your company and offer an individualised offer, including loan amount, term and the interest rates. It is a business loan is an upfront-priced loan which means you know the exact amount payable including any charges or interest.
The interest rates on company loans rates depend on a variety of factors such as the amount that is borrowed, what company assets the money are used to purchase in addition to the industry that the company operates in, the long the company has been running, how long the business has sufficient cash flow to support the loan, and overall well-being as well as creditworthiness company.
There aren’t any hidden charges with our business loans, and you’ll know exactly how much it is that you need to pay, and when, right from the first day. There’s no compounding interest and the loan comes with no additional fees (as as you make your payments punctually).
We do not charge an application fee. You can apply for a loan absolutely no upfront cost and no the obligation to take action.
The Origination Fee covers the costs associated with establishing and managing the loan. You are only charged this fee if you choose to proceed with the loan. The Origination Fee for us is 2.5 percentage of the loan amount.
You can choose to repay the entire amount of the loan in full at any time.
If you choose to pursue this option, please speak to our friendly business loan experts. We will offer you with details for repayment as well as an early payout amount. This is calculated as the sum of the principal amount remaining and accrued interest to the date of early payout and 1.5% of the remaining principal and any fees that remain unpaid.
To make sure that you don’t miss payment dates and to align your cash flow cycle we offer repayments either weekly or daily. They are automatically deducted from your designated business account.
Making sure that your information is secure, and making it clear how we collect data, process, exchange and ensure the security of your information is of paramount importance and is a crucial aspect of our relationship with you.
Yes. We utilise industry-recognised encryption techniques to protect your sensitive, personal financial and other data. Our funders are ISO 27001 qualified for our commitment to security for our customers and privacy. We make use of an advanced bank verification system to instantly verify your bank account information online to provide a fast response.
The term "asset-based" refers to borrowing where an business owner borrows from assets they own to obtain the loan. The asset could be a personal asset like the family home or it could be a company asset such as a vehicle or piece of equipment.
The vast majority of lenders, including the big banks, tend to guarantee loans against an asset. If you’re having trouble paying back the loan then your assets could be transferred to the lender. In essence, it’s means of securing new funding taking advantage of the value of what you already own.
Up to $150K in loans no asset security is required upfront to access the money however, we do need the personal guarantee. If you adhere to your loan obligations (as stated in the loan contract) Asset security is not needed. For loans over $150,000 generally, you are able to get a personal guarantee and security is provided in the form of a charge over assets.
