The criteria for eligibility for an unsecured business loan in Auckland of between $5K and $100K are fairly minimal.
Need more funds? Take a look at the eligibility requirements for our $100K to $500K business financing.
All that’s needed to get started is your contact information (company name, your name, email address or phone number) along with the amount you’d like to borrow and your monthly earnings.
While in the process and before settlement we’ll need confirmation of who you are, but not to get started:
After we start with loans of more than $150,000 you will also require fundamental financial statements:
Let’s get started now.
Auckland unsecured loans offers amounts of between $5,000 and $100,000. The terms range between 3 and 24 months, cash flow-friendly repayments which can be made daily or weekly.
Apply for the Small Business Loan in under 10 minutes on the phone. You’ll receive an answer within the same day and the money could be in your account in 24 hours. Traditional company loans reference an annual interest rate together with additional fees and charges. Our business loan is a pre-paid loan and you’ll be aware in advance of the total amount payable including any interest, fees or charges. Then, it is broken down into either a daily or weekly repayment figure.
The Small Business Loan can be used for virtually any company need, such as cash flow management, business remodels and marketing to purchase inventory, 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 company expansion opportunities. Loans are between $100,000 and $500,000 over a fixed term for up to 36 months. The repayments are made weekly or fortnightly in order to accommodate your cash flow.
This Larger Business Loan has an Origination Fee, determined at 2.5 percentage of the amount of the loan.
To be eligible for a credit of this size the company needs to have been operating for a minimum of 3 years, and have an annual income of at least $700,000. You must be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old, own a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of business.
A large company loan can be used for nearly all business use, including company remodeling, buying inventory or new equipment as well as for general working capital and so much more. The loan cannot be used to fund personal expenses.
Asset security is needed to access funding over $150,000. It is usually as a result of an charge on assets, and could include registration through the PPSR or the registration of as a caveat.
A director’s or personal ensure is a guarantee to pay back a loan that is general in nature, rather than defining security over an asset. The person who signs the guarantee is personally liable if the business creditor is unable to make the repayment.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It contains security interests that are registered for personal property (including items or assets). The PPSR gives preference over private property assigned according to the date the security interest was registered.
A caveat is a legal form of document to provide notice of a legal claim to property.
If you’re applying for the Larger Business Loan that exceeds $250K it’s possible to offer an initial pre-approval that will help make the process. It is possible to get this done without credit checks and within 6 hours of your initial application. The pre-approval is based upon an initial assessment that includes answering a couple of financial well-being questions. It’s not an offer or guarantee of credit. Acceptance without condition is subject to a full credit assessment and any offer you may receive may be on different terms.
You can apply for a business loan if you
The application process is simple and easy. Complete the online form within a few minutes and a dedicated business lending specialist will be in touch to guide you.
To apply for up to $100,000 you’ll require identification details (valid Driver’s Licence), an active NZBN/IRD, and at least six months of bank statements.
Otherwise, for larger loan sizes, you’ll need:
$100K-$250K: Application requirements, including credit approval, 6-12 months of bank statements, IRD statement (if loan above $150K).
$250K – $500K: Details for application including credit consent, 12 months of bank statements, IRD statements Last 2 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 up to $100,000) we can often provide a response in one hour, provided you submit your request during standard company time and let us use the advanced bank verification system to instantly verify your bank information online. If you choose to submit copies of your bank statement, we’ll offer the decision within just one business day.
For the Larger Business Loan ($100K up to $500,000) we may be in a position to offer you with pre-approval conditional to your application in about six 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 particular circumstances of each application. Some agreements have been approved in 24 hours.
The quickest way to apply is to make sure you apply during normal company hours, and allow us to use our modern bank verification to verify your bank account information online. If you send us documents from your account statement, it will take a little longer.
For the Small Business Loan ($5K or more) we can often offer an answer in just one hour if you make your application during standard business timings and you allow us to utilise the advanced bank verification system to immediately verify your bank account information online. If you want to send us copies of your bank statement, we’ll provide an answer within an business day.
If you are applying for Larger Business Loans ($100K to $500K) we may be likely to provide you with pre-approval conditional to your application in around 6 hours. Once you’ve signed the pre-approval document, you will need to wait around 2-3 days for final approval. However, this could be shorter based on the circumstances of each application. Certain transactions have received approval in just 24 hours.
The fastest method for you to apply is ensure you apply during normal business hours. Also, allow us to use our advance bank verification link to instantly check your bank’s information online. If you decide to upload duplicates of your banking statements it takes a bit longer.
We provide the loan amount between $5,000 and $500,000. When you make an application for a particular amount, we will consider a number of aspects in order to assess the health of the business and the extent of repayments that your business is able to afford. The total amount of your loan will be contingent on the specifics for your business.
If you apply for a particular amount, we take into consideration a variety of aspects to assess your health for your business and the level of the repayments your company is able to afford. The total amount of the loan will be determined by the particular circumstances for your business.
When you make an application for business loans with us company credit, we will assess the risk assessment of your business and provide you with a customised proposal that includes the loan amount, the terms and the interest rates. The business loan is an upfront priced loan therefore you will be aware in advance of the total amount to be paid, including any charges, interest rates or fees.
Business loan interest rates depend on a variety of factors like the amount of money borrowed, the company assets the money are used to purchase and the sector the company operates in, the long the company has been running and in the event that the business has enough cash flow to fund the loan, and also the general health or creditworthiness of the business.
There aren’t any hidden charges with our business loans. You’ll be aware of the amount you be required to pay and when, right from the first day. There’s no compounding and no additional fees (as long as you make your payments on time).
We don’t charge an Application Fee. You are able to request a credit loan without any upfront costs 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 choose to proceed with the loan. The Origination Fee for us is 2.5 percent of the loan amount.
You can choose to repay the entire amount of the loan early at any time.
If you are deciding to take this route, please contact our helpful business credit professionals. We will offer you with details for repayment along with an early payout estimate. The figure will be calculated as the total of the principal remaining and accrued interest to the date of early payout in addition to 1.5 percent of the principal remaining and any fees that remain unpaid.
To ensure that you don’t miss payment dates and to align your cash flow cycle we offer repayments that are either daily or weekly. These are automatically deducted from your company account.
Protecting your information, and making it clear the ways we gather the information we collect, use, share and safeguard your data, is of paramount importance and is a crucial part of our relationship you.
Yes. We make use of industry-standard encryption techniques to protect your sensitive, personal financial information and our funders are ISO 27001 qualified for our commitment to protecting the security of customers and security. We employ an exceptionally sophisticated bank verification system to immediately verify your bank account details online. This allows us to offer a fast response.
The term "asset-based" refers to borrowing where an business owner utilises an asset they own to get the funds for a loan. The asset can be an individual asset, such as the family home, or an company property like a truck or piece or equipment.
The vast majority of lenders, not just the major banks, prefer to secure loans against assets. If you’re struggling to pay back the loan, then your assets could be transferred to the lender. In essence it is an opportunity to secure additional financing using the value of what you already own.
For loans that exceed $150K, there is no requirement for asset security upfront to access the money however, we do need the personal guarantee. As long as you follow the loan terms (as stated in the loan contract) and you are able to meet your obligations, asset security will never be required. For loans that exceed $150K, generally, you can get the option of a personal ensure and security that is in the form charges on assets.
