The criteria for eligibility for an unsecured business loan in Auckland of between $5K and $100K are pretty minimal.
Need more funds? Find out the conditions of eligibility for our $100K to $500K business loan.
All that’s needed for starting is your contact information (company name, your name, email and phone) and the amount you’d like to lend, as well as your monthly income.
While in the process and before settlement we will need confirmation of your identity, but not to get started:
Once we’ve started in the process, for loans that exceed $150,000, you will also require basic financial statements:
Let’s get started now.
Auckland unsecured loans offers amounts of 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.
The application to get this Small Business Loan in under 10 minutes online or by phone. You will receive an answer within the same day and the funds could be on your account within 24 hours. Traditional business loans are based on an interest rate per annum together with additional fees and charges. We offer a company loan is a loan that is priced upfront therefore you’ll be aware of the amount you will have to pay, including any fees, charges or charges. Then, it is broken down into weekly or daily payment amount.
It is a Small Business Loan can be used to fulfill almost every company use, including managing cash flows, company renovations, marketing, to purchase inventory or new equipment, to fund general working capital and much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger amount of loan to help business growth opportunities. Loans are between $100,000 and $500,000 for a fixed period of for up to 36 months. Repayments are weekly or fortnightly depending on your situation.
The Larger Business Loan has an Origination Fee that is calculated at 2.5 percent of the amount of the loan.
To be eligible for a credit that is this large the company needs to have been trading for at least 3 years with an annual turnover of $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) at least 18 years old or have a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at the least 12 months of operating.
A larger business loan can be used for nearly all business use, including company improvements, purchasing inventory or new equipment, as general working capital and much more. The loan cannot be used for personal purposes.
Asset security is required to access funding over $150,000. It’s as a result of an charge over assets, which could also include the registration of this with the PPSR or registering as a caveat.
A personal or director’s ensure is a guarantee to pay back a loan that is general in nature, rather than stipulating security over an asset. The person signing the guarantee is personally responsible if the company lender is not able to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online central register that is operated by the New Zealand Government. It lists security interests that are granted to individuals who own personal property (including items or assets). The PPSR grants preference over private property assigned in accordance with the date on which a security interest that is registered.
Caveats are legal document lodged to offer an official notice of a claim against a property.
If you’re applying for larger company loans of more than $250K we can offer a preliminary pre-approval to help ease the process. It is possible to apply for 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 checks. It’s not an offer or guarantee of credit. Acceptance without condition is subject to a full credit assessment and any offer that you are offered could have different terms.
You may be eligible for an business loan if you:
The process for applying is fast and easy. Complete the online form in just a few minutes, and an experienced business credit specialist will call you to guide you.
To be eligible for up to $100,000, you’ll require proof of identity (valid Driver’s Licence) along with a valid NZBN/IRD and at least six months of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K – $250K: Application details including credit consent, 6 – 12 months of IRD statements, bank statements (if loan above $150K).
$250K to $500K: Details of the application, including credit consent and 12 months of bank records, IRD statement Last 2 years’ finalised financial statements, and interim financials for the current financial year including Aged Payables, Aged Receivables reports.
For an unsecured loan ($5K up to $100,000) we typically provide an answer in just one hour if you apply within quality company timings and permit us to use the advanced bank verification system to instantly verify your bank information online. If you want to send us copies of your bank statements , we’ll be able to offer a decision within just 1 company day.
For the Larger Business Loan ($100K up to $500,000) we may be able to provide you with a conditional pre-approval within six hours. After you’ve signed your pre-approval, the turnaround time is about 2-3 days for final approval, however this may be quicker depending on the circumstances of each application. Certain transactions have received approval in just 24 hours.
The fastest way would be to make sure you apply during standard business hours. Also, allow us to use our advance bank verification link to instantly confirm your bank details online. If you opt to upload copies of your bank accounts, it can take a bit longer.
For the Small Business Loan ($5K up to $100,000) we can often provide an answer within one hour – provided you make your application in normal business times and let us make use of the advanced bank verification system link to instantly verify your bank details online. If you want to send us copies of your bank statements, we will be able to provide the decision in just one business day.
For Larger Business Loans ($100K or more) we may be capable of offer the conditional pre-approval within about six hours. Once you have signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval, however this can be faster depending on the particular circumstances of each application. Some offers have been approved within just 24 hours.
The most effective method would be to make sure you apply during normal business hours. You can also let us use the advanced bank verification system to check your bank’s information online. If you decide to upload the copies of bank statement, it may take a bit longer.
We offer loan amounts between $5,000 to $500,000. When you make an application for a particular amount, we will consider a number of aspects for determining your well-being of your company and the extent of payments your company will be able to support. The total amount of the loan will be determined by the specific circumstances of your company.
When you submit an application for a set amount, we take into consideration a variety of aspects to assess the health that is your business as well as the amount of repayments your business can support. The amount you receive from the loan will be determined by the specifics for your company.
If you decide to apply for business loans with us business credit, we will assess the risk profile that you have for your company and provide an individualised proposal that includes loan amount, term and the interest rates. A business loan is an upfront-priced loan and you’ll know in advance the total amount to be paid, including any interest rates, fees or charges.
Interest rates for business loans rates depend on a variety of variables like the amount to be borrowed, the company assets the funds will be used for as well as the field the company operates in, the long the business has been in operation for, how long the company has enough cash flow to pay for the loan, and overall health and creditworthiness of the company.
There are no hidden fees for our business loans, and you’ll be aware of the amount you need to pay, and at what time, from the day you sign up. There’s no compounding interest, and no additional fees (as as you make your payments on time).
We don’t charge an Application Fee. You are able to apply for a loan with absolutely no upfront cost and no commitment to apply.
The Origination Fee covers the costs associated with setting up and managing the loan. The only way to pay this fee if you choose to proceed with the loan. Our Origination Fee is 2.5% of the amount of loan.
You can choose to repay all of your loan early at any time.
If you do decide to take this route, please talk to one of our helpful company lending professionals. We will offer you with details on repayment along with an early payout estimate. It will be calculated using the sum of the principal balance plus any accrued interest as of the time of early payout in addition to 1.5% of the principal amount remaining and any outstanding fees.
In order to help you avoid missing payment dates and to align your cash flow cycle we offer repayments either weekly or daily. They are automatically deducted from the nominated company account.
The security of your personal information, as well as making it clear the ways we gather, use, exchange and secure your information, is of huge importance and is a crucial element of our relationship with you.
Yes. We make use of industry-standard encryption techniques to protect your personal, sensitive and financial data and our funders are ISO 27001 qualified for our commitment to security for our clients and privacy. We make use of an advanced banking verification system to immediately confirm your bank account information online. This allows us to provide a fast response.
An asset-based loan is when the business owner uses assets they own to obtain the loan. The asset can be an individual asset, such as the family home, or an company asset such as a truck or piece or equipment.
The vast majority of lending institutions, even the major banks, prefer to make loans secured by an asset. If you are having difficulty paying back the loan then the asset could be transferred to the lender. In essence it’s means of securing new funding using the value of what you already own.
For loans of up to $150K, no asset security is required before you are able to access the money However, we do require an individual guarantee. So long as you comply with your loan commitments (as detailed in your loan contract document), asset security will never be required. If you take out loans in excess of $150K generally, you can get the option of a personal guarantee and security in the form of an asset charge.
