The criteria for eligibility for an unsecured business loan in Auckland of between $5K to $100K are quite minimal.
Do you need more money? Check out the conditions of eligibility for our $100K to $500K business loans.
All that’s required to start is your contact information (company name and your name, as well as email and phone) along with the amount you’d like to lend, and your monthly income.
In the course of the process and before settlement we’ll need confirmation of who you are, but not before we can begin:
Once we’ve started in the process, for loans that exceed $150,000, you’ll also require basic financial statements:
Let’s get started.
Auckland unsecured loans provides amounts of between $5,000 and $100,000 with terms between 3 and 24 months and cash flow-friendly repayments that are either per day or weekly.
The application to get the Small Business Loan in under 10 minutes via the internet or by phone. You will receive an immediate response, and the money could be in your account in 24 hours. Traditional business loans refer to an annual rate of interest plus other fees and charges. The business loan is an upfront priced loan therefore you’ll be aware in advance of the total amount to be paid, including any fees, interest or charges. This is then broken down into a daily or weekly repayment figure.
The Small Business Loan can be used to fulfill almost every business use, including managing cash flows, company renovations, marketing, to purchase inventory or new equipment, for general working capital and so much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger size of loan that can be used to fund business expansion opportunities. Loans range between $100,000 and $500,000 with a term fixed with a maximum of 36 months. Repayments are scheduled weekly or fortnightly depending on your cash flow.
It is important to note that the Larger Business Loan has an Origination Fee that is determined at 2.5% of the amount of the loan.
To be eligible for a credit of this size the company needs to be trading for at least 3 years, and have an annual income of at least $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) at least 18 years old and have a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of continuous trading.
A large company loan can be used for almost all company need, including company remodeling, buying inventory or new equipment or as general working capital, and much more. The loan cannot be used for personal reasons.
Asset security is needed to access funding over $150,000. This is in the form of a charge over assets and can include registration in the PPSR or making as a caveat.
A personal or director’s guarantee is a promise to pay off a credit line that is general in nature, rather than stating security over a particular asset. The person who is signing the guarantee is personally liable in the event that the company creditor is unable to repay 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 which are registered with respect to personal property (including items or assets). The PPSR allows prioritisation over property that is personal to be granted according to the date a security interest that is registered.
An affidavit is an official document filed to offer an official notice of a claim on a property.
When you’re applying for the Larger Business Loan of $250,000 or more we may be able to provide an initial pre-approval that will help simplify the process. We may be able to do this without credit checks and within 6 hours of the initial application. The pre-approval process is based on an initial assessment, which involves you answering some financial well-being questions. It is neither an offer nor a guarantee of financing. Unconditional approval is subject to an exhaustive credit evaluation, and any offer that you may receive may have different conditions.
You may apply for an business loan if you
The application process is quick and easy. Just complete the online application in few minutes and an experienced company loan specialist will be in touch to guide you through the process.
To apply for up $100,000 you’ll need proof of identity (valid Driver’s Licence) and a valid NZBN/IRD and at least 6 months of bank statements.
For larger loan sizes, you’ll require:
$100K-$250K: Application details including credit approval, 6-12 months of IRD statements, bank statements (if loan above $150K).
$250K – $500K: Information on the application including credit consent as well as 12 month bank accounts, the IRD statements, last 2 years finalised financial statements, in addition to interim current financial year financials such as age-related payables and aged Receivables reports.
For an unsecured loan ($5K to $100K) we usually offer an answer within an hour – as long as you submit your request in standard company times and allow us to utilise the bank verification system to instantly verify your bank’s information online. If you decide to submit copies of your bank statement, we’ll provide a decision within just 1 business day.
For Larger Business Loans ($100K up to $500,000) we may be capable of provide you with conditional pre-approval within about 6 hours. After you’ve signed the pre-approval, turnaround times are around 2-3 days for final approval. However, this may be quicker depending on the circumstances of each application. Certain agreements have been approved in less than 24 hours.
The most efficient method is to make sure you apply during normal business hours. Also, permit us to use the advance bank verification to verify your bank account information online. If you upload copies of your bank statements , it will take a little longer.
For the Small Business Loan ($5K and up) we typically provide an answer within an hour if you submit your request at normal business times and let us make use of the advanced bank verification system link to instantly verify your bank details online. If you opt to upload copies of your bank statements we can offer an answer within 1 business day.
If you are applying for Larger Business Loans ($100K or more) we could be capable of offer you with conditional pre-approval in around six hours. Once 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 deals have been approved in just 24 hours.
The fastest method is to make sure you apply during standard business hours and let us use the advance bank verification to check your bank’s information online. If you choose to upload the copies of bank statements, it takes a bit longer.
We offer the loan amount between $5,000 to $500,000. If you apply for a certain amount we take into consideration a range of variables to determine the health of the business as well as the amount of repayments that your business is able to afford. The total amount of your loan will be contingent on the specifics that are unique to your company.
When you apply for a set amount, we look at a range of elements to determine your well-being that is your business and the level of payments your company will be able to support. The total amount of your loan will be contingent on the specific circumstances for your business.
If you decide to request one of our company loan, we will assess the risk profile the business and provide an individualised offer, including loan amount, term and interest rates. It is a company loan is an upfront cost loan so you will be aware in advance of the total amount to be paid, including any costs, fees, or interest rates.
The interest rates on company loans rates depend on a variety of factors including the amount that is borrowed, what business assets the money will be used for in addition to the industry that the business is in, how long the company has been running, how long the business has enough cash flow to support the loan, as well as the overall well-being or financial standing of the business.
There are no hidden costs for our business loans, and you’ll know precisely what it is that you be required to pay and when, right from day one. There’s no compounding interest and the loan comes with no additional fees (as as long as you pay your payments punctually).
We don’t charge an Application Fee. You can make an application for loans with no cost upfront or the obligation to take action.
The Origination Fee is the cost associated with setting up and managing the loan. This is only a fee if you decide to take the loan. Our Origination Fee is 2.5 percentage of the amount of the loan.
You can choose to repay the entire amount of your advance loan at any time.
If you are deciding to pursue this option, please contact our helpful company credit specialists. We will provide you with repayment details and an early payment figure. This is calculated as the sum of the remaining principal amount plus any accrued interest as of the time of early payment in addition to 1.5% of the principal amount remaining as well as any outstanding fees.
In order to help you avoid missing due dates and also to be in line with your cash flow standard, we provide payments that are either weekly or daily. These are automatically withdrawn from your nominated business account.
Protecting your information, and being clear about the ways we gather information, use it, and exchange it, as well as ensure the security of your information is of huge importance and is a crucial part of our relationship with you.
Yes. We employ industry-recognised encryption techniques to protect your sensitive, personal as well as financial data. Our funders are ISO 27001 qualified for our commitment to customer security and security. We use an advanced banking verification system to instantly verify your bank account details online so we can provide an immediate response.
Asset-based borrowing is when the company owner uses an asset that they own to make a loan. The asset can be an individual asset, such as the family home or it could be a business asset such as a vehicle as well as a piece of machine.
The majority of banks, not just the major banks, prefer to guarantee loans against assets. If you’re struggling to pay back the loan, the asset might be offered for sale by the lender. In essence it is an opportunity to secure new funding using the value of what you already have.
Up to $150,000 in loans no asset security is required prior to the loan’s access, however we do require an individual guarantee. If you adhere to your loan commitments (as stipulated in your loan contract document), asset security will never be needed. For loans of over $150,000 generally, there is the option of a personal guarantee and security in the form of a charge over assets.
