The criteria for eligibility for an unsecured business loan in Auckland of between $5K and $100K are pretty minimal.
Are you looking for additional funding? Check out the guidelines for eligibility for our $100K-$500K company financing.
All that is needed to begin is your contact information (company name, your name, email or phone number) and the amount you’d like to borrow and your monthly income.
During the process and before settlement we will require confirmation of who you are but not before we can begin:
Additionally after we get started in the process, for loans greater than $150,000 you will also require basic financial statements:
Let’s get started now.
Auckland unsecured loans offers amounts between $5,000 and $100,000, with terms ranging from 3 and 24 months, cash flow friendly repayments that are either daily or weekly.
The application for the Small Business Loan in under 10 minutes online or on the phone. You’ll receive a same day response and have the funds on your account within 24 hours. Traditional company loans are based on an annual rate of interest together with additional fees and charges. Our business loan is an upfront priced loan therefore you’ll be aware in advance of the total amount due, which includes any fees, interest or charges. This is then divided into weekly or daily installment amount.
The Small Business Loan can be used to fulfill almost any company need, such as the management of cash flow, business improvements, advertising to purchase inventory, new equipment, as general working capital and much more. The loan is not available for personal purposes.
The Larger Business Loan is a larger loan size to support business growth opportunities. The loan ranges from $100,000 to $500,000 with a fixed-term for up to 36 months. Repayments are scheduled weekly or fortnightly in order to accommodate the flow of cash.
A Larger Business Loan has an Origination Fee, which is determined at 2.5 percent of the loan amount.
To be eligible for a loan in this amount, your business needs to be in operation for at least 3 years, and have an annual income of at least $700,000. You must be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old as well as own a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of business.
A larger business loan can be used for nearly all company need, including business remodeling, buying inventory or new equipment as well as for general working capital, and much more. The loan cannot be used for personal purposes.
Asset security is needed to obtain funding above $150,000. This is by taking a charge against assets, and may include the registration of this with the PPSR or making a caveat.
A personal or director’s ensure is a commitment to pay back a loan that is general in nature rather than defining security over an asset. The person signing the guarantee is personally responsible if the company the borrower fails to pay back the debt.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It records security interests that have been that are registered for personal property (including the assets or goods). The PPSR gives priority over personal property to be granted in accordance with the date on which a security interest was registered.
A caveat is a legal document that is filed to provide the legal claim against a property.
If you’re applying for an enterprise loan of more than $250,000, we may offer an initial pre-approval in order to smooth out the process. We may be able to get this done without a credit check and within six hours of your initial application. The pre-approval process is based on a preliminary assessment which includes answering a couple of financial health questions. It’s not an offer of credit or guarantee of funds. A conditional approval is subject an assessment of your creditworthiness and any offer that you are offered could be subject to different conditions.
You may apply for a business loan if you;
The application process is fast and simple. Complete the online form in just a few minutes, and a dedicated company expert in lending will contact you to guide you through the process.
To apply for up to $100,000, you’ll require proof of identity (valid Driver’s License) along with an active NZBN/IRD, and at least six months of bank statements.
In addition, for larger loan sizes, you’ll need:
$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 month bank accounts, the 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 summaries.
For an unsecured loan ($5K to $100K) we usually offer a response in one hour if you make your application at quality company hours and permit us to utilise the advanced bank verification system link to immediately verify your bank account information online. If you opt to submit copies of your bank statement, we’ll offer a decision in as little as one company day.
For the Larger Business Loan ($100K or more) we could be in a position to provide you with a conditional pre-approval in about six hours. Once you’ve signed the pre-approval document, you will require to wait about 2-3 days for final approval, however this may be quicker depending on the specifics of each application. Some offers have been approved in just 24 hours.
The most efficient method for you to apply is make sure you apply during normal company hours. You can also let us use the modern bank verification link to instantly verify your bank information online. If you choose to send us copies of your bank statement, it takes a bit longer.
For the Small Business Loan ($5K and up) we can often provide an answer within an hour – as long as you apply within standard business time and let us utilise the advanced bank verification system to instantly verify your bank details online. If you want to send us copies of your bank statement, we’ll provide a decision in just the span of one business day.
For Larger Business Loans ($100K or more) We may be in a position to provide the conditional pre-approval within about 6 hours. After you’ve signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval. However, this can be faster depending upon the circumstances for each application. Certain agreements have been approved within the space of 24 hours.
The quickest method would be to make sure you apply during standard business hours. You can also let us use the modern bank verification link to instantly check your bank’s information online. If you decide to send us documents from your account statements it can take a bit longer.
We provide loans ranging from $5,000 to $500,000. When you make an application for a specific amount we look at a variety of aspects that determine the health of the business and the amount of repayments your business will be able to support. The total amount of your loan will depend on the specifics the company.
When you submit an application for a particular amount, we take into consideration a variety of factors to determine your well-being of your business and the level of the repayments your company is able to afford. The amount you receive from your loan will depend on the specific circumstances for your company.
If you decide to make an application for one of our business loan, we will assess the risk profile that you have for your business and provide you with a tailored offer that includes the amount of loan, the term and the interest rates. A business loan is a loan that is priced upfront so you will know in advance the total amount due, which includes any costs, fees, or interest rates.
Interest rates for company loans rates depend on a variety of factors such as the amount that is borrowed, what business assets the money will be used for and the sector the company operates in, the long the business has been in operation, whether the company has sufficient cash flow to pay for the loan, and general well-being as well as creditworthiness business.
There aren’t any hidden costs with our company loans, and you’ll know precisely what you’ll need to pay, and when, right from the first day. There’s no compounding interest, and there are no additional charges (as as you make your payments in time).
We don’t charge an application fee. You can request a credit loan with with no upfront cost or obligation to proceed.
The Origination Fee covers the costs associated with the setting up and management of the loan. This is only a fee if you proceed with the loan. Our Origination Fee is 2.5 percent of the amount of the loan.
You may choose to pay back all of your loan in full at any time.
If you are deciding to take this route, please speak to our friendly business loan professionals. We will provide you with details for repayment along with an early payout estimate. The figure will be calculated as the sum of the principal balance and the accrued interest up to the time of the early payout and 1.5 percent of the principal amount remaining and any outstanding fees.
In order to help you avoid missing payments and to work with your cash flow standard, we offer repayments either weekly or daily. They are automatically deducted from your nominated business account.
Security of your data, and knowing the ways we gather data, process, exchange and ensure the security of your information is of paramount importance and an integral element of our relationship with you.
Yes. We use industry recognised encryption standards to secure your sensitive, personal and financial data and our funders are ISO 27001 certified for our commitment to security for our customers and security. We employ a highly sophisticated bank verification system link to instantly verify your bank account information online to offer rapid response.
Asset-based borrowing occurs when the company owner borrows from assets they own to get the loan. The asset may 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 lenders, even the big banks, tend to make loans secured by an asset. If you have trouble paying back the loan, the asset could be taken over by the lender. In essence, it is an opportunity to secure new funding taking advantage of the value of what you already own.
For loans of up to $150,000, the requirement for asset security is not required upfront to access the money but we require a personal guarantee. require the personal guarantee. So long as you comply with the terms of your loan (as detailed in your loan contract document) Asset security will never be needed. For loans over $150,000 generally, there is the option of a personal ensure and security is provided in the form of the charge of assets.
