The criteria for eligibility for an unsecured business loan in Auckland of between $5K and $100K are fairly minimal.
Do you need more money? Check out the guidelines for eligibility for our $100K to $500K business financing.
All that is needed to get started is your contact information (company name, your name, email and phone) as well as the amount you’d like to borrow, and your monthly earnings.
During the process and before settlement we’ll need confirmation of your identity but not for starting:
Once we’ve started in the process, for loans greater than $150,000 you’ll require basic 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 daily or weekly.
The application to your Small Business Loan in under 10 minutes online or on the phone. You’ll receive an answer within the same day and have the funds in your account in 24 hours. Traditional business loans have an interest rate per annum as well as other fees and charges. Our company loan is a pre-paid loan which means you know ahead of time the total amount payable including any interest, fees or charges. This is then broken down into either a daily or weekly amount to be paid back.
The Small Business Loan can be used for almost every company use, including managing cash flows, business renovations, marketing to purchase inventory or new equipment, as general working capital, and much more. The loan cannot be used for personal reasons.
The Larger Business Loan is a larger loan size to support company growth opportunities. Loans range between $100,000 and $500,000 for a fixed period of that can last up to 36 months. Repayments are weekly or fortnightly to work with you cashflow.
The Larger Business Loan has an Origination Fee that is determined at 2.5% of the loan amount.
To be eligible for a loan of this size the company needs to be in operation for at least 3 years and have an annual turnover of at least $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) who is over the age of 18, own a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at least 12 months of trading.
A Larger Business Loan is a great option for almost every company need, including business improvements, purchasing inventory or new equipment, as general working capital and so much more. The loan is not available for personal purposes.
Asset security is required to obtain funding above $150,000. This is in the form of a charge on assets, which could also include registration in the PPSR or the registration of as a caveat.
A personal or director’s ensure is a commitment to repay a loan which is general in nature rather than defining security over a particular asset. The person who is signing the guarantee is personally responsible if the business lender is not able to re-pay 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 items or assets). The PPSR gives the priority of personal property granted according to the date the registration of a security interest.
An affidavit is an official document filed to provide notice of a legal claim to property.
When you’re applying for the Larger Business Loan of more than $250,000 we can offer a preliminary pre-approval to help ease the process. We could be able to make this decision without credit checks and within six hours of your initial application. This pre-approval is made based on an initial evaluation that involves you answering a few financial health questions. This is neither an offer nor a guarantee of funds. Unconditional approval is subject to a full credit assessment and any offer that you may receive may be subject to different terms.
You may apply for an company loan if you
The application process is quick and easy. Complete the online form within a few minutes and an experienced company credit specialist will call you to help you.
For a loan of up to $100,000 you’ll need ID details (valid Driver’s Licence) as well as an NZBN/IRD that is valid and at least six months worth of bank statements.
For larger loan sizes, you’ll also need:
$100K – $250K: Details of application, including credit consent, 6-12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K – $500K: Information on the application including credit consent, 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 Summary.
For an unsecured loan ($5K and up) we can often provide an answer in just one hour, provided you make your application in standard company timings and let us utilise the bank verification system to instantly verify your bank information online. If you decide to submit copies of your bank statements , we’ll be able to offer an answer in as little as the span of one business day.
For the Larger Business Loan ($100K or more) we could be likely to offer you with a conditional pre-approval within six hours. Once you have signed the pre-approval, the turnaround time is about 2-3 days for final approval, however this could be shorter based upon the circumstances for each application. Some deals have been approved within 24 hours.
The quickest method for you to apply is make sure you apply during normal company hours. Also, let us use the advanced bank verification system to verify your bank information online. If you choose to upload documents from your account statements it will take a little longer.
For the Small Business Loan ($5K and up) we typically provide an answer in just one hour – as long as you make your application within standard business times and permit us to utilise the advanced bank verification system to instantly verify your bank information online. If you want to upload copies of your banking statements, we are able to provide an answer in just an business day.
For the Larger Business Loans ($100K up to $500,000) we may be able to offer the conditional pre-approval in about 6 hours. After you’ve signed the pre-approval, the turnaround time is around 2-3 days for final approval, however this may be quicker depending upon the circumstances for each application. Some deals have been approved in the space of 24 hours.
The quickest method can be ensure you apply during standard business hours and let us use the advance bank verification to verify your bank information online. If you opt to send us the copies of bank accounts, it may take a bit longer.
We offer loans that range from $5,000 and $500,000. When you make an application for a specific amount we will consider a number of elements in order to assess how much we can lend you well-being that is your company and the extent of the repayments your business can afford. The amount you receive from your loan will depend on the specific circumstances of your business.
If you apply for a certain amount, we take into consideration a variety of variables to assess how much we can lend you such as well-being of the business and the amount of repayments that your business will be able to support. The total amount of your loan will depend on the particulars for your company.
If you decide to apply for the company credit, we will assess the risk assessment of your company and provide you with a customised proposal that includes the loan amount, the terms and interest rates. This company loan is a loan that is priced upfront and you’ll know the exact amount payable including any costs, fees, or interest rates.
The interest rates on company loans rates vary due to factors including the amount borrowed, what business assets the money will be used for and the sector the business is operating in, how long the company has been running, how long the company has sufficient cash flow to support the loan, and general health as well as creditworthiness business.
There are no hidden costs with our company loans. You’ll be aware of the amount it is that you need to pay, and at what time, from the day you sign up. There’s no compounding interest, and no additional fees (as as you make your payments on time).
We don’t charge an Application Fee. You are able to make an application for loans with with no upfront cost or commitment to apply.
The Origination Fee is the cost associated with the setting up and management of the loan. It is only charged for this fee if you choose to proceed with the loan. The Origination Fee for us is 2.5% of the amount of the loan.
You can choose to repay all of your loan in full at any time.
If you decide to pursue this option, please contact our helpful business credit specialists. We will offer you with details on repayment and an early payout figure. This will be calculated as the total of the principal amount remaining and the accrued interest up to the time of the early payout and 1.5 percent of the principal remaining and any fees that remain unpaid.
In order to help you avoid missing repayments and to fit in with your cash flow standard, we provide payments that are either weekly or daily. These are automatically withdrawn from your business account.
Making sure that your information is secure, and making it clear the ways we gather information, use it, and exchange it, as well as secure your information, is crucial and is a crucial element of our relationship with you.
Yes. We make use of industry-standard encryption techniques to protect your personal, sensitive financial and other data. Our funders are ISO 27001 certified for our dedication to security for our clients and privacy. We employ an exceptionally sophisticated bank verification system link to immediately verify the bank account details online so we can provide rapid response.
An asset-based loan is when an business owner utilises an asset they own to get a loan. The asset could be a personal asset like the family home or a business property like a truck or other piece of machinery.
The vast majority of lending institutions, including the big banks, tend to guarantee loans against an asset. If you’re struggling to pay back the loan then your assets could be sold by the lender. In essence it is means of securing new funding using the value of what you already own.
For loans of up to $150,000, there is no requirement for asset security prior to the loan’s access however, we require a personal guarantee. need an individual guarantee. So long as you comply with your loan commitments (as specified in your loan contract) and you are able to meet your obligations, asset security will never be required. For loans over $150,000 generally, there is the option of a personal guarantee and security in the form of a charge over assets.
