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 eligibility requirements for our $100K to $500K business loans.
All that’s needed to begin is your contact information (company name, your name, email address and phone) as well as the amount you’d like to borrow and your monthly income.
Through the process and before settlement we’ll need confirmation of who you are, but not before we can begin:
After we start in the process, for loans that exceed $150,000, you will also need basic financial statements:
Let’s get started.
Auckland unsecured loans offers amounts of between $5,000 and $100,000. The terms range between 3 and 24 month and cash flow friendly repayments that are either per day or weekly.
The application for your Small Business Loan in under 10 minutes over the phone, receive an instant response and the money 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. This business loan is a cash-based loan and you’ll know ahead of time the total amount payable including any interest, fees or charges. This is then broken down into a daily or weekly repayment figure.
The Small Business Loan can be used for virtually any business need, such as the management of cash flow, company remodeling, marketing, to purchase inventory or new equipment, or as general working capital and 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. Loans are between $100,000 and $500,000 with a term fixed for up to 36 months. The repayments are made weekly or fortnightly depending on your cash flow.
This Larger Business Loan has an Origination Fee, calculated at 2.5 percentage of the loan amount.
To qualify for a loan in this amount the company needs to have been trading for at least 3 years with an annual turnover of $700,000. You must be a New Zealand Citizen (or Permanent Resident) over 18 years, own a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of continuous trading.
A larger business loan can be used to fund almost any business need, including company improvements, purchasing new equipment or inventory as well as for general working capital and so much more. The loan cannot be used for personal reasons.
Asset security is needed for accessing funds over $150,000. It’s in the form of a charge on assets, which could also be registered in the PPSR or making as a caveat.
A director’s or personal ensure is a promise to repay a loan which is general in nature, rather than defining the security for a particular asset. The person who is signing the ensure is personally accountable if the company lender is not able to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register run by the New Zealand Government. It reflects security interests which are registered with respect to personal property (including objects or assets). The PPSR gives priority over personal property to be granted depending on the date that a security interest that is registered.
A caveat is a legal document lodged to offer the public notice of a legal claim on a property.
When you’re applying for the Larger Business Loan that is greater than $250,000 we may be able to provide a preliminary pre-approval to help make the process. We could be able to get this done without credit checks and within 6 hours of the initial application. This pre-approval is based on an initial assessment, which involves the answer to a series of financial health checks. It is not an offer or guarantee of funds. The approval of a conditional loan is subject to an exhaustive credit evaluation, and any offer that you may receive may be based on different conditions.
You are eligible to apply for an company loan if you
The application process is quick and easy. Complete the online form within a couple minutes, and an experienced company expert in lending will be in touch to guide you through the process.
To apply for up $100,000, you’ll require ID details (valid Driver’s Licence) as well as an active NZBN/IRD, and at least 6 months’ worth of bank statements.
For larger loan sizes, you’ll also need:
$100K-$250K: Information about the application including credit consent, 6 – 12 months of IRD statements, bank statements (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, in addition to interim financials from the current financial year such as age-related payables and aged Receivables summaries.
For an unsecured loan ($5K or more) we typically provide an answer within an hour – as long as you submit your request in quality company hours and you allow us to utilise the bank verification system link to instantly verify your bank’s information online. If you choose to send us copies of your bank statements we can offer a decision within just one company day.
If you are applying for a Larger Business Loan ($100K up to $500,000) we might be likely to provide you with conditional pre-approval in around six hours. Once you’ve signed the pre-approval form, it will take approximately 2-3 days to receive final approval. However, it could be faster based on the specifics of each application. Certain offers have been approved in just 24 hours.
The fastest way for you to apply is make sure you apply during normal company hours and permit us to use the advance bank verification to instantly verify your bank information online. If you opt to send us copies of your bank statements it takes a bit longer.
For the Small Business Loan ($5K or more) we usually provide an answer in just one hour if you submit your request at normal business times and permit us to use the advanced bank verification system link to immediately verify your bank account information online. If you want to upload copies of your bank statements we can offer the decision in just 1 business day.
If you are applying for Larger Business Loans ($100K or more) we may be able to offer you with pre-approval conditional to your application in about six hours. After you’ve signed the pre-approval document, you will need to wait around 2-3 days for final approval, however it could be faster based on the circumstances of each application. Certain transactions have received approval within just 24 hours.
The quickest method would be to make sure you apply during standard business hours, and allow us to use the advance bank verification link to instantly verify your bank information online. If you decide to upload duplicates of your banking statements, it takes a bit longer.
We provide the loan amount between $5,000 to $500,000. When you make an application for a particular amount, we take into consideration a range of variables for determining the well-being of your company as well as the amount of repayments that your company will be able to support. The total amount of the loan will be determined by the specifics the company.
When you submit an application for a specific amount we look at a range of aspects to determine how much we can lend you such as health that is your business and the level of repayments that your business will be able to support. The amount you receive from your loan will be determined by the particular circumstances the business.
If you decide to request the business credit, we will assess the risk assessment the business and provide you with a customised offer including the amount of the loan, the duration and the interest rates. The business loan is an upfront cost loan so you will be aware in advance of the total amount to be paid, including any charges, interest rates or fees.
The interest rates on business loans rates depend on a variety of factors such as the amount that is that is borrowed, what business assets the funds will be used for in addition to the industry that the business is operating in, how long the business has been in operation, in the event that the company has enough cash flow to support the loan, as well as the general well-being or creditworthiness of the company.
There aren’t any hidden costs with our business loans, and you’ll be aware of the amount you’ll be required to pay, and at what time, from the very first day. There’s not any compounding interest and the loan comes with no additional fees (as as you make your payments punctually).
We don’t charge an Application Fee. You are able to apply for a loan without any upfront costs or the obligation to take action.
The Origination Fee covers the expenses involved with setting up and managing the loan. The only way to pay this fee if you proceed with the loan. Our Origination Fee is 2.5 percent of the loan amount.
You can choose to repay the entire amount of your loan early at any time.
If you decide to pursue this option, please contact our helpful company lending specialists. They’ll offer you with details for repayment along with an early payout estimate. The figure will be calculated as the total of the principal balance and any accrued interest at the date of early payout, plus 1.5% of the remaining principal and any outstanding fees.
To help you avoid missing payment dates and to align with your cash flow standard, we offer repayments that are either weekly or daily. These are automatically withdrawn from your business account.
Making sure that your information is secure, and knowing the ways we gather, use, exchange and protect your information, is of huge importance and is an essential part of our relationship you.
Yes. We utilise industry-recognised encryption standards to protect your personal, sensitive and financial data and our funders are ISO 27001 qualified for our commitment to customer security and privacy. We employ an exceptionally sophisticated bank verification system to instantly verify your bank account details online. This allows us to offer a fast response.
Asset-based borrowing occurs when the business owner uses an asset they own to obtain the funds for a loan. The asset can be either a personal asset like the family home, or a business asset like a truck or piece or equipment.
The majority of lending institutions, not just the largest banks, are inclined to secure loans against assets. If you are having difficulty paying back the loan then your asset may be taken over by the lender. In essence, it’s an opportunity to secure new funding using the worth of the asset you already have.
For loans that exceed $150K, it is not necessary to secure assets before you can access the money however, we require a personal guarantee. require an individual guarantee. In the event that you fulfill your loan commitments (as detailed in your loan contract), asset security is not required. For loans over $150,000 typically, you will need the option of a personal ensure and security in the form of an asset charge.
