The criteria for eligibility for an unsecured business loan in Auckland of between $5K and $100K are fairly minimal.
Are you looking for additional funding? Find out the guidelines for eligibility for our $100K to $500K business loan.
All that’s required to start is your contact information (company name, your name, email and phone), how much you’d like to borrow as well as your monthly income.
In the course of the process and before settlement we’ll require confirmation of your identity, but not for starting:
After we start with loans of more than $150,000 you will also require basic financial statements.
Let’s get started.
Auckland unsecured loans offers amounts between $5,000 and $100,000. The terms range between 3 and 24 months and cash flow-friendly repayments that are either daily or weekly.
Apply to this Small Business Loan in under 10 minutes over the phone. You’ll get an answer within the same day and the money could be on your account within 24 hours. Traditional business loans have an annual interest rate as well as other fees and charges. Our business loan is a pre-paid loan and you’ll be aware in advance of the amount you will have to pay, including any fees, interest or charges. This is then divided into a daily or weekly installment amount.
A Small Business Loan can be used to fulfill almost every business reason, such as cash flow management, company remodels and marketing to purchase inventory or new equipment, for general working capital and so much more. The loan cannot be used for personal use.
The Larger Business Loan is a larger loan size to support business growth opportunities. Loans are between $100,000 and $500,000 for a fixed period of that can last up to 36 months. Repayments are either weekly or fortnightly, depending on you cashflow.
It is important to note that the Larger Business Loan has an Origination Fee that is determined at 2.5 percentage of the loan amount.
To be eligible for a credit in this amount the business needs to be trading for at least 3 years with an annual turnover of at least $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 and have a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at least 12 months of trading.
A large business loan can be used for nearly any business use, including business renovations, purchase of new equipment or inventory or as general working capital and much more. The loan is not available for personal reasons.
Asset security is needed for funding of more than $150,000. It is usually by way of charge against assets and can be registered through the PPSR or the registration of a caveat.
A director’s or personal guarantee is a promise to repay credit that is generally based rather than defining the security for a particular asset. The person signing the guarantee is personally liable in the event that the business the borrower fails to make the repayment.
The Personal Property Securities Register (PPSR) is an online, central register run by the New Zealand Government. It contains security interests that are registered for personal property (including goods or assets). The PPSR grants preference over private property granted in accordance with the date on which a security interest that is registered.
A caveat is a legal document that is filed to provide the legal claim against a property.
When you’re applying for larger business loans that is greater than $250,000 we may be able to provide an initial pre-approval that will help make the process. We might be able to apply for this without a credit verification and within six hours of your initial application. This pre-approval is based on an initial assessment that includes you answering some financial health checks. It is neither an offer nor a guarantee of funds. A conditional approval is subject an extensive credit evaluation and any offer that you are offered could be based on different terms.
You may apply for an business loan if you;
The application process is simple and easy. Complete the online form within a few minutes and an experienced company loan specialist will call you to guide you.
To be eligible for up to $100,000, you’ll need proof of identity (valid Driver’s License) as well as a valid NZBN/IRD as well as at least six months of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K to $250K: Application details including credit consent, 6 – 12 months of bank statements, IRD statement (if credit is over $150K).
$250K-$500K: Application details including credit consent and 12 months of bank statements, IRD statements and the last two years’ finalised financial statements, and interim financials for the current financial year as well as Aged Payables and Receivables summary.
For an unsecured loan ($5K or more) We can usually offer a response in one hour if you submit your request at quality company hours and you allow us to utilise the bank verification system link to immediately verify your bank account information online. If you want to submit copies of your bank statements , we’ll be able to provide an answer within just one company day.
For the Larger Business Loan ($100K or more) we may be likely to provide you with a conditional pre-approval within 6 hours. After you’ve signed your pre-approval document, you will need to wait approximately 2-3 days to receive final approval, however this may be quicker depending on the circumstances of each application. Some transactions have received approval in 24 hours.
The quickest method can be make sure you apply during normal company hours. You can also let us use the modern bank verification to verify your bank information online. If you decide to send us the copies of bank accounts, it may take a bit longer.
For the Small Business Loan ($5K or more) we typically offer an answer within an hour – provided you make your application at standard business time and permit us to use the advanced bank verification system to instantly verify your bank information online. If you decide to upload copies of your banking statement, we’ll offer a decision within one business day.
If you are applying for Larger Business Loans ($100K or more) we may be able to provide you with conditional pre-approval in around 6 hours. After you’ve signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval. However, this may be quicker depending on the circumstances of each application. Some transactions have received approval within 24 hours.
The most efficient method would be to ensure you apply during standard business hours, and allow us to use the modern bank verification to check your bank’s information online. If you decide to send us documents from your account accounts, it will take a little longer.
We offer loan amounts between $5,000 to $500,000. When you make an application for a specific amount we take into consideration a range of variables in order to assess the health that is your company as well as the amount of the repayments your business will be able to support. The total amount of your loan will depend on the specific circumstances the company.
If you apply for a set amount, we will consider a number of factors to determine the health of your business as well as the amount of repayments your company can support. The amount you receive from your loan will be contingent on the specific circumstances of your business.
If you decide to apply for the company credit, we will assess the risk profile for your business and provide an individualised offer including the amount of loan, the term and interest rates. It is a business loan is an upfront priced loan therefore you will know in advance the total amount due, which includes any charges or interest.
Interest rates for business loans rates depend on several variables like the amount to be borrowed, the business assets the money will be used for in addition to the industry that the company is in, how long the company has been in operation and how long the company has enough cash flow to fund the loan, and also the overall well-being and creditworthiness of the business.
There are no hidden costs with our business loans. You’ll know exactly how much you need to pay and when, from the first day. There’s no compounding and no additional fees (as long as you are able to make your payments punctually).
We don’t charge an Application Fee. You are able to apply for a loan without any upfront costs or any obligation to sign up.
The Origination Fee covers the expenses involved with the setting up and management of the loan. It is only charged for this fee if you proceed with the loan. The Origination Fee for us is 2.5 percent of the loan amount.
You can decide to repay the entire amount of the loan in full at any time.
If you are deciding to pursue this option, please talk to one of our helpful company loan professionals. We will offer you with the details of your repayment and an early payout figure. This will be calculated as the sum of the principal balance plus any accrued interest as of the time of the early payout, plus 1.5% of the principal remaining as well as any outstanding fees.
To make sure that you don’t miss payment dates and to align with your cash flow cycle we provide payments that are either weekly or daily. These are automatically deducted from your designated business account.
Protecting your information, and knowing how we collect 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 and financial data and our funders are ISO 27001 certified for our dedication to security for our clients and privacy. We use an advanced bank verification system that allows you to immediately verify your bank account information online so we can provide quick responses.
The term "asset-based" refers to borrowing where a company owner borrows from an asset that they own to get the funding. The asset can be either an individual asset, such as the family home, or an business property like a truck or other piece of machinery.
The vast majority of lenders, even the largest banks, are inclined to secure loans against an asset. If you’re having trouble paying back the loan, the asset might be taken over by the lender. In essence it’s a way of securing additional financing using the worth of the asset you already have.
For loans of up to $150,000, there is no requirement for asset security upfront to access the money However, we require a personal guarantee. need the personal guarantee. As long as you follow your loan commitments (as stipulated in your loan contract document) the security of assets is not required. For loans that exceed $150,000, generally there is an individual guarantee and security is provided in the form of the charge of assets.
