The criteria for eligibility for an unsecured business loan in Auckland of between $5K and $100K are pretty minimal.
Need more funds? Take a look at the conditions of eligibility for our $100K-$500K company loans.
All that is needed to begin is your contact details (company name, your name, email, phone) as well as the amount you’d like to borrow and your monthly revenue.
In the course of the process and before settlement we’ll need confirmation of your identity but not to get started:
Once we’ve started when it comes to loans over $150,000 you will also need the following financial statements:
Let’s get started.
Auckland unsecured loans offers the range of $5,000 to $100,000. The terms range between 3 and 24 months, cash flow friendly repayments which can be made daily or weekly.
You can apply to get your Small Business Loan in under 10 minutes over the phone, receive a same day response and the funds could be in your account within 24 hours. Traditional company loans refer to 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 of the total amount payable including the interest, fees and charges. Then, it is broken down into either weekly or daily installment amount.
The Small Business Loan can be used for nearly every company use, including the management of cash flow, company remodels and marketing, to purchase inventory or new equipment, to fund general working capital and so much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger size loan to aid in business expansion opportunities. Loans range from $100,000 to $500,000 with a term fixed up to 36 months. Repayments are weekly or fortnightly depending on your cash flow.
A Larger Business Loan has an Origination Fee that is calculated at 2.5 percentage of the amount of the loan.
In order to be eligible for a loan in this amount, your company needs to be trading for at least 3 years and have an annual turnover of $700,000. You must be a New Zealand Citizen (or Permanent Resident) over 18 years or have a New Zealand company (with a valid NZBN/IRD) and be able to prove at least 12 months of trading.
A Larger Business Loan can be used to fund almost every company reason, such as business renovations, to purchase equipment or inventory as well as for general working capital and so much more. The loan cannot be used to fund personal expenses.
Asset security is necessary for funding of more than $150,000. It’s as a result of an charge against assets, and could include the registration of this through the PPSR or registering a caveat.
A personal or director’s guarantee is a guarantee to pay off a credit line that is generally in nature rather than specifying the security of a specific asset. The person who signs the ensure is personally liable in the event that the business 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 contains security interests registered in respect of personal property (including items or assets). The PPSR grants priority over personal property to be assigned in accordance with the date on which a registration of a security interest.
Caveats are legal document lodged to offer notice of a legal claim to property.
If you’re requesting an enterprise loan of more than $250K we can offer an initial pre-approval in order to smooth out the process. We may be able to apply for this without a credit check, and within 6 hours of your initial application. The pre-approval process is based on an initial assessment that includes you answering a few financial well-being questions. It’s in no way an offer, nor is it a guarantee of funds. Unconditional approval is subject to an extensive credit evaluation and any offer that you are offered could have different conditions.
You can apply for a company loan if you:
The application process is simple and easy. Simply complete the online form within a few minutes and an experienced company credit specialist will be in touch to help you.
To apply for up to $100,000, you’ll need identification details (valid Driver’s Licence) and an active NZBN/IRD, and at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll also need:
$100K – $250K: Application details including credit consent, 6 – 12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K – $500K: Application details including credit consent, 12 months of bank statements, IRD statement as well as the two most recent years’ financial statements, and interim financial statements for the current year, Aged Payables and Aged Receivables summaries.
For an unsecured loan ($5K to $100K) we typically offer a response in one hour, provided you submit your request during quality business time and let us utilise the bank verification system to instantly verify your bank’s information online. If you opt to submit copies of your bank statements we can provide a decision within just 1 business day.
For the Larger Business Loan ($100K up to $500,000) we could be likely to offer you with pre-approval conditional to your application in around six hours. Once you’ve signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval. However, this can be quicker based on the particular circumstances of each application. Some deals have been approved in 24 hours.
The quickest way to apply can be ensure you apply during standard business hours, and allow us to use the advanced bank verification system to check your bank’s information online. If you upload copies of your bank statements , it can take a bit longer.
For the Small Business Loan ($5K up to $100,000) we usually provide an answer within an hour if you submit your request during standard business time and let us use the advanced bank verification system link to instantly verify your bank information online. If you want to upload copies of your banking statements, we will be able to offer an answer in as little as an business day.
For the Larger Business Loans ($100K up to $500,000) we may be able to provide you with pre-approval conditional to your application within about 6 hours. After you’ve signed the pre-approval form, it will take between 2 and 3 days for the final approval, however this can be faster depending on the particular circumstances of each application. Some transactions have received approval within just 24 hours.
The most efficient method would be to make sure you apply during normal business hours. You can also let us use the advanced bank verification system to check your bank’s information online. If you send us the copies of bank statements, it can take a bit longer.
We provide loan amounts between $5,000 to $500,000. When you make an application for a particular amount, we consider a variety of elements that determine what is the health of the business and the amount of repayments your company is able to afford. The total amount of your loan will depend on the specific circumstances that are unique to your company.
When you make an application for a specific amount we look at a range of variables to determine how much we can lend you such as well-being that is your company as well as the amount of repayments your company will be able to support. The amount you receive from your loan will be determined by the specific circumstances the company.
If you decide to make an application for business loans with us company financing, we will assess the risk profile the company and provide you with a customised offer that includes loan amount, term and interest rates. It is a business loan is an upfront priced loan therefore you will know in advance the total amount to be paid, including any charges, interest rates or fees.
Interest rates for company loans rates depend on several variables like the amount to be of money borrowed, the company assets the money are used to purchase as well as the field the business operates in, the long the business has been in operation as well as in the event that the business has enough cash flow to fund the loan, and also the overall health or creditworthiness of the company.
There aren’t any hidden costs with our business loans. You’ll know precisely what it is that you need to pay and when, from day one. There’s no compounding interest and the loan comes with no additional fees (as long as you are able to make your payments in time).
We don’t charge an Application Fee. You can make an application for loans with absolutely no upfront cost and no commitment to apply.
The Origination Fee includes the expenses associated with the setting up and management of the loan. The only way to pay this fee if you choose to proceed with the loan. The Origination Fee for us is 2.5% of the amount of loan.
You may choose to pay back the total amount of your loan early at any time.
If you do decide to pursue this option, please call our helpful company lending experts. We will offer you with repayment details and an early payout figure. This is calculated as the total of the principal remaining and the accrued interest up to the time of the early payout plus 1.5 percent of the remaining principal plus any outstanding fees.
To ensure that you don’t miss payment dates and to align with your cash flow cycle we provide payments that are either daily or weekly. They are automatically deducted from your designated company account.
Making sure that your information is secure, and knowing how we collect the information we collect, use, share and safeguard your data, is of paramount importance and an integral element of our relationship with you.
Yes. We use industry recognised encryption protocols to safeguard your personal, sensitive and financial data and our funders are ISO 27001 certified for our commitment to protecting the security of customers and security. We utilise a sophisticated bank verification system that allows you to immediately confirm your bank account information online so we can offer quick responses.
An asset-based loan is when the company owner utilises assets they own to get the funding. The asset can be an individual asset, such as the family home or an company asset such as a truck or piece or equipment.
The majority of lenders, not just the banks with the biggest size, prefer to secure loans against assets. If you’re having trouble paying back the loan, then your assets could be transferred to the lender. In essence, it’s the process of securing new funding taking advantage of the value of what you already own.
For loans up to $150,000 the requirement for asset security is not required prior to the loan’s access, however we do require a personal guarantee. If you adhere to your loan obligations (as detailed in your loan contract document) the security of assets will never be required. If you take out loans in excess of $150K generally, you are able to get an individual guarantee and security is provided in the form of charges on assets.
