The eligibility requirements for an unsecured business loan in Auckland of between $5K and $100K are pretty minimal.
Looking for more funding? Check out the conditions of eligibility for our $100K-$500K business credit.
All that’s needed for starting is your contact information (company name, your name, email and phone) as well as the amount you want to borrow, as well as your monthly income.
Through the process and before settlement we’ll require confirmation of your identity, but not to get started:
In addition, once we have started with loans greater than $150,000 you’ll also require fundamental financial statements:
Let’s get started.
Auckland unsecured loans provides amounts between $5,000 and $100,000, with terms ranging from 3 and 24 month and cash flow friendly repayments, which are either daily or weekly.
Apply to the Small Business Loan in under 10 minutes online or over the phone, receive a same day response and the funds could be in your account within 24 hours. Traditional business loans have an annual rate of interest along with other charges and fees. Our business loan is a loan that is priced upfront so you will be aware in advance of the total amount payable including any interest, fees or charges. Then, it is broken down into either a daily or weekly payment amount.
The Small Business Loan can be used to fulfill almost every business use, including cash flow management, company improvements, advertising to purchase inventory, new equipment, or as general working capital and much more. The loan cannot be used for personal reasons.
The Larger Business Loan is a larger size of loan that can be used to fund company growth opportunities. Loans range from $100,000 to $500,000 for a fixed period of with a maximum of 36 months. The repayments are made weekly or fortnightly in order to accommodate your situation.
The Larger Business Loan has an Origination Fee, calculated at 2.5% of the amount of the loan.
To be eligible for a loan in this amount, your business needs to have been trading for at least 3 years with an annual turnover of $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old, own a New Zealand business (with a valid NZBN/IRD) and be able to prove at the least 12 months of operating.
A Larger Business Loan can be used for almost all company purpose including company renovations, to purchase equipment or inventory as well as for general working capital, and much more. The loan is not available to fund personal expenses.
Asset security is necessary for accessing funds over $150,000. This is by taking a charge over assets, and could include registering this through the PPSR or filing a caveat.
A personal or director’s ensure is a promise to pay off a credit line that is general in nature rather than stipulating security over a particular asset. The person signing the guarantee is personally responsible if the business the borrower fails to repay the debt.
The Personal Property Securities Register (PPSR) is an online, central register run by the New Zealand Government. It records security interests that have been granted to individuals who own personal property (including objects or assets). The PPSR gives priority over personal property to be assigned depending on the date that a security interest was registered.
The caveat can be described as a formal form of document to offer the public notice of a legal claim to a property.
If you’re applying for the Larger Business Loan of $250K or more we may be able to provide an initial pre-approval in order to simplify the process. We might be able to apply for this without a credit verification and within 6 hours of your initial application. This pre-approval is based on an initial evaluation that involves the answer to a series of financial well-being checks. It is in no way an offer, nor is it a guarantee of financing. Unconditional approval is subject to an assessment of your creditworthiness and any offer you receive could have different terms.
You are eligible to apply for a company loan if you
The application process is fast and easy. Just fill out the online application within a couple minutes, and a dedicated company credit specialist will contact you to guide you through the process.
To apply for up to $100,000 you’ll need ID details (valid Driver’s Licence) and an NZBN/IRD that is valid and at least six months worth of bank statements.
For larger loan sizes, you’ll need:
$100K-$250K: Details of application, including credit consent, 6-12 months of IRD statements, bank statements (if credit is over $150K).
$250K-$500K: Application details including credit consent as well as 12 months of bank records, IRD statement, last 2 years finalised financial statements, as well as interim financials from the current financial year, Aged Payables and Aged Receivables summaries.
For an unsecured loan ($5K or more) we usually provide an answer in just one hour – as long as you submit your request at quality business time and allow us to use the advanced bank verification system link to instantly verify your bank information online. If you want to submit copies of your bank statements we can provide an answer within the span of one company day.
For Larger Business Loans ($100K to $500K) we might be in a position to offer you with conditional pre-approval within about six hours. After you’ve signed your pre-approval, turnaround times are between 2 and 3 days for the final approval, however this could be shorter based on the particular circumstances of each application. Certain transactions have received approval in the space of 24 hours.
The most effective method for you to apply is ensure you apply during standard business hours and allow us to use our advance bank verification to verify your bank account information online. If you choose to send us duplicates of your banking statements , it can take a bit longer.
For the Small Business Loan ($5K and up) We can usually offer an answer within one hour if you submit your request at normal business time and let us utilise the advanced bank verification system link to immediately verify your bank account information online. If you opt to upload copies of your bank statement, we’ll offer a decision within 1 business day.
For Larger Business Loans ($100K to $500K) we may be in a position to offer you with pre-approval conditional to your application within about 6 hours. Once you have signed the pre-approval, turnaround times are between 2 and 3 days for the final approval. However, this could be shorter based upon the circumstances for each application. Certain transactions have received approval in 24 hours.
The fastest way would be to ensure you apply during standard business hours, and allow us to use the modern bank verification to confirm your bank details online. If you opt to upload documents from your account statement, it may take a bit longer.
We offer the loan amount between $5,000 to $500,000. If you apply for a certain amount, we consider a variety of variables to determine the health for your business and the level of repayments your company is able to afford. The total amount of your loan will depend on the specifics the business.
When you make an application for a specific amount we look at a range of factors to determine the well-being that is your company and the extent of repayments that your company is able to afford. The amount you receive from your loan will depend on the particular circumstances that are unique to your business.
When you apply for our business loans, we’ll assess the risk profile of your company and provide you with a customised offer including loan amount, term and interest rates. A business loan is an upfront-priced loan and you’ll be aware in advance of the total amount to be paid, including any costs, fees, or interest rates.
Business loan interest rates vary due to factors like the amount of money borrowed, the business assets the funds will be used for as well as the field the company is operating in, how long the company has been operating and whether the company has enough cash flow to pay for the loan, as well as the general health or financial standing of the business.
There are no hidden costs with our company loans, and you’ll know precisely what you need to pay, and at what time, from the day you sign up. There’s no compounding interest, and no additional fees (as long as you make your payments on time).
We do not charge an Application Fee. You can apply for a loan without any upfront costs or obligation to proceed.
The Origination Fee is the cost associated with establishing and managing the loan. You are only charged this cost if you take out the loan. The Origination Fee for us is 2.5 percent of the amount of loan.
You can repay all of your loan at any point in time.
If you are deciding to take this route, please talk to one of our helpful business credit experts. We will offer you with the details of your repayment and an early payout figure. It will be calculated using the sum of the principal balance and any accrued interest at the time of early payment plus 1.5 percent of the principal balance plus any outstanding fees.
To make sure you do not miss payments and to work your cash flow cycle we provide payments that are either daily or weekly. These are automatically deducted from your nominated business account.
Making sure that your information is secure, and knowing the ways we gather the information we collect, use, share and secure your information, is of paramount importance and is a crucial element of our relationship with you.
Yes. We use industry recognised encryption standards to protect your personal, sensitive financial and other data. Our funders are ISO 27001 certified for our commitment to customer security and privacy. We utilise a sophisticated bank verification system to immediately confirm your bank account information online. This allows us to provide an immediate response.
Asset-based borrowing occurs when a business owner utilises the assets they have to secure the funds for a loan. The asset can be an asset belonging to the personal, like the family home, or a business asset such as a truck as well as a piece of machine.
The vast majority of lenders, even the banks with the biggest size, prefer to make loans secured by assets. If you have trouble paying back the loan, then the asset might be transferred to the lender. In essence it is an opportunity to secure new financing by making use of the value of what you already own.
For loans that exceed $150,000, there is no requirement for asset security prior to the loan’s access but we do need a personal guarantee. If you adhere to the loan terms (as specified in the loan contract) Asset security is not required. For loans that exceed $150K, typically, you will need the option of a personal ensure and security in the form an asset charge.
