The criteria for eligibility for an unsecured business loan in Auckland of between $5K and $100K are pretty minimal.
Looking for more funding? Take a look at the guidelines for eligibility for our $100K-$500K company credit.
All that’s needed to start is your contact details (the name of your company, your name, email, phone) and the amount you want to borrow, and your monthly income.
During the process and before settlement we’ll require confirmation of your identity, but not to get started:
After we start, for loans of more than $150,000 you will also need fundamental financial statements:
Let’s get started now.
Auckland unsecured loans offers the range of $5,000 to $100,000. The terms range between 3 and 24 month and cash flow friendly repayments that are either per day or weekly.
You can apply to your Small Business Loan in under 10 minutes online or on the phone. You’ll receive a same day response and the funds could be on your account within 24 hours. Traditional company loans reference an interest rate per annum plus other fees and charges. The company loan is an upfront priced loan so you will be aware in advance of the amount you will have to pay, including any fees, interest or charges. This is then divided into weekly or daily repayment figure.
The Small Business Loan can be used to fulfill almost any company need, such as control of cash flow company remodeling, marketing, to purchase inventory or new equipment, as general working capital and much more. The loan cannot be used 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 term fixed up to 36 months. Repayments are scheduled weekly or fortnightly, depending on you cashflow.
It is important to note that the Larger Business Loan has an Origination Fee, calculated at 2.5% of the loan amount.
To qualify for a loan that is this large, your business needs to be operating for at least three years and generate an annual revenue of $700K. Your company must belong to a New Zealand Citizen (or Permanent Resident) who is over the age of 18 as well as own a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of business.
A Larger Business Loan can be used to fund almost any business reason, such as company renovations, to purchase equipment or inventory for general working capital and so much more. The loan is not available for personal use.
Asset security is needed for funding of more than $150,000. This is in the form of a charge on assets and can include the registration of this through the PPSR or making a caveat.
A director’s or personal ensure is a guarantee to repay credit that is general in nature rather than stipulating security over a particular asset. The person who signs 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 that is operated by the New Zealand Government. It lists security interests that are registered in respect of personal property (including goods or assets). The PPSR allows prioritisation over property that is personal to be granted according to the date a security interest has been registered.
A caveat is a legal document lodged to provide the public notice of a legal claim on a property.
If you’re applying for larger business loans of $250K or more, we may offer an initial pre-approval that will help smooth out the process. It is possible to do this without credit checks and within six hours of your initial application. This pre-approval is made based on a preliminary assessment which includes answering a couple of financial well-being questions. It’s not an offer or guarantee of finance. Acceptance without condition is subject to an extensive credit evaluation and any offer that you might receive could be on different terms.
You can apply for an company loan if you;
The application process is fast and easy. Just fill out the online application within a few minutes and an experienced company credit specialist will contact you to help you.
To be eligible for up to $100,000 you’ll require the right identification documents (valid Driver’s License), an NZBN/IRD that is valid and at least 6 months’ worth of bank statements.
If you’re looking for loans with larger sizes, you’ll need:
$100K-$250K: Application details including credit consent, 6 – 12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K-$500K: Information on the application including credit consent and 12 months of bank statements, IRD statements Last 2 years’ finalised financial statements, and interim financials from the current financial year including Aged Payables, Aged Receivables summaries.
For an unsecured loan ($5K and up) we usually offer an answer in just one hour, provided you submit your request within standard company times and permit us to utilise the advanced bank verification system link to instantly verify your bank details online. If you choose to submit copies of your bank statements we can provide the decision within the span of one business day.
For Larger Business Loans ($100K and up) we could be able to provide you with a conditional pre-approval within about six hours. Once you’ve signed the pre-approval form, it will take approximately 2-3 days to receive final approval. However, this could be shorter based on the circumstances of each application. Some offers have been approved within just 24 hours.
The quickest method for you to apply is make sure you apply during standard company hours. Also, allow us to use the modern bank verification to instantly verify your bank account information online. If you opt to send us duplicates of your banking statement, it can take a bit longer.
For the Small Business Loan ($5K to $100K) we can often offer an answer within one hour – as long as you apply during normal business times and let us use the advanced bank verification system to instantly verify your bank’s information online. If you want to submit copies of your bank statements, we are able to offer a decision in as little as 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 within about 6 hours. Once 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. Some deals have been approved within 24 hours.
The fastest way can be ensure you apply during normal business hours. You can also allow us to use our advanced bank verification system link to instantly confirm your bank details online. If you opt to upload documents from your account statements, it will take a little longer.
We provide loans ranging from $5,000 to $500,000. If you apply for a specific amount we will consider a number of variables in order to assess what is the well-being of your company and the level of the repayments your business will be able to support. The amount you receive from the loan will be determined by the specifics for your business.
When you apply for a particular amount, we look at a range of elements to determine your health of your business as well as the amount of the repayments your business is able to afford. The amount you receive from your loan will be contingent on the specific circumstances that are unique to your business.
When you make an application for business loans with us business credit, we’ll assess the risk profile the business and offer you with a customised offer that includes the amount of the loan, the duration and interest rates. A business loan is an upfront priced loan so you will be aware of the total amount payable including any interest rates, fees or charges.
Business loan interest rates depend on a variety of factors like the amount of money of money borrowed, the company assets the funds are used to purchase and the sector the company operates in, the long the company has been operating, how long the company has sufficient cash flow to cover the loan, and general health or creditworthiness of the company.
There aren’t any hidden costs for our company loans, and you’ll be aware of the amount you’ll need to pay, and when, starting from the very first day. There’s no compounding interest and no extra fees (as long as you are able to make your payments punctually).
We do not charge an Application Fee. You can apply for a loan with with no upfront cost or the obligation to take action.
The Origination Fee covers the costs associated with setting up and managing the loan. This is only a fee if you choose to proceed with the loan. The Origination Fee for us is 2.5 percent of the loan amount.
You can repay the entire amount of your loan in full at any time.
If you are deciding to take this route, please call our helpful company loans specialists. We will provide you with details on repayment as well as an early payout amount. This is calculated as the total of the remaining principal amount and the accrued interest up to the date of early payout, plus 1.5 percent of the principal balance and any outstanding fees.
To help you avoid missing payments and to work with your cash flow routine, we offer repayments either weekly or daily. These are automatically deducted from your designated business account.
Protecting your information, and making it clear the ways we gather data, process, exchange and protect your information, is of paramount importance and a vital part of our relationship with you.
Yes. We make use of industry-standard encryption techniques to protect your personal, sensitive financial information and our funders are ISO 27001 qualified for our commitment to security for our customers and security. We employ an exceptionally sophisticated bank verification system link 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 obtain the funds for a loan. The asset can be an individual property, such as the family home or it could be a business asset such as a vehicle or piece of equipment.
The vast majority of the lenders even the major banks, prefer to make loans secured by assets. If you’re struggling to pay back the loan, your asset may be taken over by the lender. In essence, it is the process of securing new financing using the worth of the asset you already own.
For loans of up to $150K, there is no requirement for asset security in advance to gain access to the funds but we do need a personal guarantee. As long as you follow your loan obligations (as stated in your loan contract) and you are able to meet your obligations, asset security will never be required. For loans over $150,000 typically, you will need personal guarantee and security that is in the form charges on assets.
