The criteria for eligibility for an unsecured business loan in Auckland of between $5K and $100K are pretty minimal.
Looking for more funding? Find out the eligibility requirements for our $100K to $500K business loan.
All that’s required for starting is your contact details (company name, your name, email address, phone), how much you’d like to lend, and your monthly income.
During the process and before settlement we’ll need confirmation of who you are but not before we can begin:
In addition, once we have started, for loans over $150,000 you’ll also require the following financial statements:
Let’s get started now.
Auckland unsecured loans offers amounts of between $5,000 and $100,000, with terms ranging from 3 and 24 months and cash flow-friendly repayments that are either daily or weekly.
The application for the Small Business Loan in under 10 minutes via the internet or on the phone. You’ll receive an answer within the same day and have the funds in your account within 24 hours. Traditional business loans have an annual interest rate along with other charges and fees. The company loan is a pre-paid loan which means you know in advance the total amount due, which includes any fees, charges or charges. This is then divided into a daily or weekly repayment figure.
A Small Business Loan can be used for almost every company use, including control of cash flow company improvements, advertising to purchase inventory, new equipment, to fund general working capital and much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger amount of loan to help company growth opportunities. The loan ranges from $100,000 to $500,000 with a term fixed for up to 36 months. Repayments are either weekly or fortnightly in order to accommodate your cash flow.
The Larger Business Loan has an Origination Fee, which is determined at 2.5 percent of the amount of the loan.
In order to be eligible for a loan that is this large the business needs to be operating for a minimum of 3 years and generate an annual revenue of $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 continuous trading.
A Larger Business Loan can be used for almost any company reason, such as business renovations, to purchase new equipment or inventory, as general working capital and much more. The loan cannot be used for personal purposes.
Asset security is needed to access funding over $150,000. This is by way of charge over assets, and could include registering this with the PPSR or filing a caveat.
A director’s or personal ensure is a guarantee to pay off a credit line that is general in nature rather than specifying the security for a particular asset. The person who signs the ensure is personally responsible if the business borrower is unable to make the repayment.
The Personal Property Securities Register (PPSR) is an online central register run by the New Zealand Government. It lists security interests that are granted to individuals who own personal property (including objects or assets). The PPSR allows prioritisation over property that is personal to be granted according to the date the registration of a security interest.
An affidavit is an official document filed to offer the public notice of a legal claim against a property.
If you’re seeking the Larger Business Loan that is greater than $250K we may be able to provide an initial pre-approval that will help smooth out the process. We may be able to get this done without a credit check and within 6 hours of your initial application. This pre-approval is made based on an initial evaluation that involves the answer to a series of financial well-being questions. It’s not an offer of credit or guarantee of finance. The approval of a conditional loan is subject to a full credit assessment and any offer you are offered could be on different conditions.
You may be eligible for an company loan if you:
The application process is simple and easy. Simply complete the online form in just a few minutes, and a dedicated company lending specialist will contact you to guide you.
To apply for up to $100,000, you’ll need the right identification documents (valid Driver’s License) along with a valid NZBN/IRD and at least six months worth of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K to $250K: Application requirements, including credit consent, 6 – 12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K to $500K: Application details including credit consent and 12 months of bank statements, IRD statement Last 2 years’ finalised financial statements, as well as interim financials for the current financial year including Aged Payables, Aged Receivables summary.
For an unsecured loan ($5K and up) we usually offer an answer within one hour if you apply at standard company timings and let us use the advanced bank verification system link to instantly verify your bank’s information online. If you choose to submit copies of your bank statements , we are able to offer a decision in just the span of one company day.
For the Larger Business Loan ($100K up to $500,000) we might be in a position to offer you with conditional pre-approval in around 6 hours. Once you’ve signed the pre-approval form, it will take around 2-3 days for final approval, however it could be faster based on the specifics of each application. Some deals have been approved within just 24 hours.
The most efficient method would be to ensure you apply during normal business hours. Also, let us use the advanced bank verification system to instantly confirm your bank details online. If you send us documents from your account statements , it may take a bit longer.
For the Small Business Loan ($5K and up) we can often provide a response in one hour, provided you submit your request during normal business time and let us use the bank verification system to instantly verify your bank information online. If you decide to submit copies of your bank statements, we are able to offer an answer in just an business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we may be likely to offer you with a conditional pre-approval within 6 hours. Once you’ve signed the pre-approval, turnaround times are between 2 and 3 days for the final approval, however this may be quicker depending on the circumstances of each application. Certain deals have been approved in 24 hours.
The fastest way would be to ensure you apply during normal business hours. Also, allow us to use the advanced bank verification system link to confirm your bank details online. If you choose to send us duplicates of your banking statements, it can take a bit longer.
We offer loans ranging from $5,000 and $500,000. When you submit an application for a specific amount we look at a variety of elements to determine the well-being for your business and the amount of the repayments your company can afford. The total amount of the loan will be determined by the particular circumstances that are unique to your business.
When you make an application for a set amount, we will consider a number of elements to assess the well-being of the company and the amount of repayments your business is able to afford. The total amount of your loan will be contingent on the specifics the business.
When you apply for the business financing, we will assess the risk profile for your company and offer you with a customised proposal that includes the loan amount, the terms and the interest rates. A company loan is an upfront priced loan so you will know the exact amount payable 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 will be used for, the industry the company operates in, the long the company has been operating for, what percentage of the business has sufficient cash flow to cover the loan, as well as the general health as well as creditworthiness company.
There are no hidden fees with our company loans. You’ll know precisely how much you need to pay, and when, from the very first day. There’s not any compounding interest and no extra fees (as as long as you pay your payments punctually).
We do not charge an Application Fee. You are able to get a cash loan with without any upfront costs or commitment to apply.
The Origination Fee covers the expenses involved with the setting up and management of the loan. This is only a fee if you decide to take the loan. The Origination Fee for us is 2.5 percent of the amount of loan.
You may choose to pay back the entire amount of the advance loan at any time.
If you decide to do this please talk to one of our helpful company loans specialists. The specialists will offer you with the details of your repayment and an early payment figure. It will be calculated using the sum of the principal balance and accrued interest to the time of early payout and 1.5% of the principal balance and any fees that remain unpaid.
To make sure that you don’t miss repayments and to fit in with your cash flow cycle we offer repayments either daily or weekly. They will be automatically deducted from your business account.
Making sure that your information is secure, and being clear about the ways we gather, use, exchange and ensure the security of your information is vital and a vital part of our relationship with you.
Yes. We use industry recognised encryption protocols to safeguard your personal, sensitive as well as financial data. Our funders are ISO 27001 qualified for our commitment to the security of our customers as well as their privacy. We use an advanced bank verification system to instantly confirm your bank account information online. This allows us to offer an immediate response.
The term "asset-based" refers to borrowing where the company owner uses an asset they own to obtain a loan. The asset can be a personal asset like the family home or a business asset like a truck or other piece of machinery.
The vast majority of banks, not just the banks with the biggest size, prefer to secure loans against assets. If you’re having trouble paying back the loan then the asset could be taken over by the lender. In essence it is an opportunity to secure additional financing using the value of what you already have.
For loans that exceed $150K, there is no requirement for asset security in advance to gain access to the funds but we do need a personal guarantee. If you adhere to your loan commitments (as specified in the loan contract), asset security is not required. For loans that exceed $150K, generally there is a personal guarantee and security in the form a charge over assets.
