The requirements for obtaining an unsecured business loan in Auckland of between $5K and $100K is fairly low.
Need more funds? Check out the conditions of eligibility for our $100K to $500K business financing.
All that’s needed to get started is your contact information (company name, your name, email address, phone) as well as the amount you’d like to borrow as well as your monthly income.
Through the process and before settlement we will need confirmation of who you are, but not before we can begin:
Once we’ve started with loans greater than $150,000 you will also need fundamental financial statements:
Let’s get started.
Auckland unsecured loans provides amounts between $5,000 and $100,000. The terms range between 3 and 24 months and cash flow friendly repayments which can be made daily or weekly.
Apply to the Small Business Loan in under 10 minutes online or over the phone. You’ll get a same day response and the funds could be in your account in 24 hours. Traditional company loans have an annual interest rate plus other fees and charges. The company loan is a pre-paid loan which means you know in advance the total amount to be paid, including any interest, fees or charges. Then, it is broken down into weekly or daily repayment figure.
The Small Business Loan can be used for almost any business purpose including cash flow management, company remodels and marketing, 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 amount of loan to help business growth opportunities. Loans range from $100,000 to $500,000 with a term fixed up to 36 months. Repayments are weekly or fortnightly in order to accommodate your cash flow.
The Larger Business Loan has an Origination Fee which is calculated at 2.5% of the amount of the loan.
To qualify for a loan of this size the business needs to be operating for at least three years and generate an annual revenue of at least $700K. You must be a New Zealand Citizen (or Permanent Resident) at least 18 years old or have a New Zealand business (with a valid NZBN/IRD) and be able to prove at minimum 12 months of continuous trading.
A larger company loan can be used for almost any business use, including company improvements, purchasing inventory or new equipment for 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. It’s as a result of an charge over assets and can include registering this with the PPSR or registering as a caveat.
A personal or director’s guarantee is a commitment to repay a loan which is generally in nature rather than stating the security for a particular asset. The person signing the guarantee is personally accountable if the business borrower is unable to repay the debt.
The Personal Property Securities Register (PPSR) is an online, central register operated by the New Zealand Government. It reflects security interests granted to individuals who own personal property (including the assets or goods). The PPSR grants prioritisation over property that is personal to be granted according to the date a security interest that is registered.
A caveat is a legal document lodged to provide the public notice of a legal claim on a property.
When you’re applying for larger company loans of more than $250K it’s possible to offer an initial pre-approval to ease the process. We might be able to apply for this without a credit check, and within six hours of your initial application. This pre-approval is made based on a preliminary assessment which includes you answering some financial health questions. It’s not an offer or guarantee of funds. Acceptance without condition is subject to an extensive credit evaluation and any offer you may receive may be based on different terms.
You may apply for an business loan if you
The application process is simple and simple. Just fill out the online application within a couple minutes, and a dedicated company credit specialist will call you to help you.
For a loan of up to $100,000, you’ll require ID details (valid Driver’s Licence), a valid NZBN/IRD and at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll also need:
$100K-$250K: Application details including credit approval, 6-12 months of bank statements, IRD statement (if credit is over $150K).
$250K-$500K: Details of the application, including credit consent twelve months of bank records, IRD statement, last 2 years finalised financial statements, and interim financials from the current financial year including Aged Payables, Aged Receivables summaries.
For an unsecured loan ($5K to $100K) we can often offer a response in one hour if you submit your request in standard business timings and allow us to utilise the bank verification system to instantly verify your bank’s information online. If you decide to upload copies of your bank statement, we’ll provide a decision within the span of one company day.
For the Larger Business Loan ($100K to $500K) we may be able to provide you with conditional pre-approval in about 6 hours. Once you’ve signed the pre-approval document, you will need to wait about 2-3 days for final approval. However, this could be shorter based on the particular circumstances of each application. Some transactions have received approval in just 24 hours.
The quickest way to apply can be make sure you apply during normal company hours. You can also let us use the modern bank verification to instantly verify your bank information online. If you decide to send us duplicates of your banking accounts, it will take a little longer.
For the Small Business Loan ($5K and up) we typically offer an answer within an hour – provided you make your application in standard business hours and allow us to make use of the advanced bank verification system link to instantly verify your bank information online. If you opt to upload copies of your banking statements we can offer a decision in just the span of one business day.
For Larger Business Loans ($100K to $500K) we could be capable of provide you with conditional pre-approval within six hours. Once you’ve signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval. However, it could be faster based upon the circumstances for each application. Some offers have been approved in 24 hours.
The most efficient method is to ensure you apply during standard business hours. You can also allow us to use our modern bank verification link to instantly check your bank’s information online. If you opt to send us copies of your bank statement, it may take a bit longer.
We provide loans that range from $5,000 and $500,000. If you apply for a specific amount we take into consideration a range of variables that determine what is the health of the business and the level of repayments that your business will be able to support. The total amount of your loan will be contingent on the particular circumstances the business.
When you submit an application for a particular amount, we look at a range of variables to assess the health of your company and the extent of payments your business will be able to support. The total amount of the loan will be determined by the particular circumstances of your business.
If you decide to make an application for one of our company credit, we will assess the risk assessment for your business and provide you with a tailored offer including the amount of loan, the term and the interest rates. This company loan is an upfront priced loan which means you be aware in advance of the total amount payable including any charges, interest rates or fees.
The interest rates on company loans rates vary due to factors like the amount of money borrowed, the company assets the funds will be used for and the sector the business is operating in, how long the business has been in operation, what percentage of the business has enough cash flow to support the loan, as well as the overall health or financial standing of the business.
There are no hidden costs with our business loans. You’ll be aware of the amount you’ll be required to pay, and at what time, from the day you sign up. There’s no compounding interest and there are no additional charges (as long as you are able to make your payments punctually).
We don’t charge an application fee. You are able to get a cash loan with no cost upfront or any obligation to sign up.
The Origination Fee covers the expenses involved in establishing and managing the loan. It is only charged for this fee if you decide to take the loan. The Origination Fee for us is 2.5% of the amount of loan.
You may choose to pay back the entire amount of the loan at any point in time.
If you decide to pursue this option, please talk to one of our helpful business loans experts. They will provide you with details for repayment and an early payment figure. The figure will be calculated as the sum of the principal remaining and accrued interest to the date of early payout plus 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 offer repayments either daily or weekly. They will be automatically deducted from your company account.
Making sure that your information is secure, and being clear about the ways we gather data, process, exchange and protect your information, is crucial and a vital aspect of our relationship with you.
Yes. We make use of industry-standard encryption standards to protect your personal, sensitive financial information and our funders are ISO 27001 qualified for our dedication to the security of our clients as well as their privacy. We employ an exceptionally sophisticated bank verification system link to instantly verify the bank account details online so we can offer an immediate response.
The term "asset-based" refers to borrowing where a business owner uses the assets they have to get the funding. The asset could be a personal asset like the family home, or an company asset such as a vehicle as well as a piece of machine.
The vast majority of lending institutions, not just the big banks, tend to guarantee loans against an asset. If you are having difficulty paying back the loan, then your asset may be transferred to the lender. In essence it is a way of securing new funding using the value of what you already have.
For loans of up to $150K, no asset security is required before you are able to access the money However, we require a personal guarantee. need the personal guarantee. So long as you comply with the loan terms (as stated in the loan contract) Asset security will never be required. For loans over $150K generally there is the option of a personal guarantee and security that is in the form a charge over assets.
