The criteria for eligibility for an unsecured business loan in Auckland of between $5K and $100K is fairly low.
Looking for more funding? Find out the conditions of eligibility for our $100K to $500K company loans.
All that is needed to start is your contact details (the name of your company, your name, email address or phone number) as well as the amount you’d like to borrow as well as your monthly income.
In the course of the process and before settlement we’ll need confirmation of your identity, but not for starting:
After we start, for loans that exceed $150,000, you’ll also need basic financial statements:
Let’s get started now.
Auckland unsecured loans offers amounts between $5,000 and $100,000, with terms ranging from 3 and 24 month and cash flow friendly repayments that are either per day or weekly.
Apply to your Small Business Loan in under 10 minutes over the phone. You’ll get an answer within the same day and funds may be in your account in 24 hours. Traditional company loans refer to an interest rate per annum along with other charges and fees. We offer a company loan is an upfront priced loan which means you know ahead of time the amount you will have to pay, including any interest, fees or charges. Then, it is broken down into either weekly or daily payment amount.
A Small Business Loan can be used for virtually every company purpose including control of cash flow business improvements, advertising to purchase inventory, new equipment, to fund general working capital and so much more. The loan cannot be used for personal use.
The Larger Business Loan is a larger amount of loan to help company growth opportunities. Loans are between $100,000 and $500,000 with a term fixed for up to 36 months. The repayments are made weekly or fortnightly in order to accommodate your cash flow.
It is crucial to note that the Larger Business Loan has an Origination Fee that is calculated at 2.5 percent of the amount of the loan.
To be eligible for a credit of this size the business needs to have been operating for at least three years, and have an annual income of $700K. Your company must belong to a New Zealand Citizen (or Permanent Resident) at least 18 years old or have a New Zealand company (with a valid NZBN/IRD) and be able to prove at minimum 12 months of business.
A Business Loan of a larger size can be used for nearly every company use, including business renovations, purchase of inventory or new equipment, as general working capital and so much more. The loan is not available for personal reasons.
Asset security is necessary for accessing funds over $150,000. This is by taking a charge on assets, and could be registered on the PPSR or the registration of a caveat.
A personal or director’s guarantee is a guarantee to pay off a credit line that is generally in nature rather than stating the security for a particular asset. The person who is signing the guarantee is personally liable if the business borrower is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is an online, central registry run by the New Zealand Government. It reflects security interests which are registered with respect to personal property (including objects or assets). The PPSR grants the priority of personal property granted according to the date the security interest was registered.
A caveat is a legal document that is filed to provide an official notice of a claim against a property.
If you’re requesting larger company loans of more than $250K, we may offer an initial pre-approval in order to simplify the process. We may be able to get this done without a credit check and within six hours of your initial application. The pre-approval is based upon an initial evaluation that involves you answering a few financial well-being questions. This is not an offer or guarantee of funds. Unconditional approval is subject to an extensive credit evaluation and any offer you are offered could be based on different conditions.
You may apply for an business loan if you
The application process is simple and simple. Just complete the online application within a few minutes and a dedicated business lending specialist will call you to guide you.
To apply for up to $100,000 you’ll require ID details (valid Driver’s Licence) and a valid NZBN/IRD as well as at least 6 months’ worth of bank statements.
If you’re looking for loans with larger sizes, you’ll also require:
$100K-$250K: Application details including credit approval, 6-12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K to $500K: Information on the application including credit consent twelve months of bank statements, IRD statements and the last two years’ finalised financial statements, and interim current financial year financials as well as Aged Payables and Receivables Summary.
For an unsecured loan ($5K up to $100,000) we can often provide an answer in just one hour if you apply during standard company time and allow us to use the advanced bank verification system link to instantly verify your bank details online. If you decide to send us copies of your bank statements , we are able to provide an answer within one company day.
If you are applying for a Larger Business Loan ($100K to $500K) we may be capable of provide you with pre-approval conditional to your application within about six hours. Once you’ve signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval, however it could be faster based upon the circumstances for each application. Some deals have been approved within less than 24 hours.
The quickest method is to make sure you apply during standard company hours. Also, allow us to use our advanced bank verification system link to verify your bank information online. If you decide to send us documents from your account statements it will take a little longer.
For the Small Business Loan ($5K and up) We can usually offer an answer in just one hour – provided you apply at standard business times and you allow us to use the bank verification system link to instantly verify your bank information online. If you choose to upload copies of your banking statements we can provide a decision in as little as an business day.
For the Larger Business Loans ($100K or more) we may be able to offer you with a conditional pre-approval in around 6 hours. After you’ve signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval. However, this could be shorter based on the particular circumstances of each application. Some agreements have been approved within less than 24 hours.
The fastest way is to make sure you apply during standard business hours. You can also permit us to use the sophisticated bank verification to verify your bank information online. If you decide to send us copies of your bank statement, it can take a bit longer.
We provide loan amounts between $5,000 to $500,000. When you make an application for a specific amount we look at a variety of variables that determine the well-being of your company as well as the amount of repayments that your company can support. The amount you receive from your loan will be contingent on the specifics for your company.
When you submit an application for a specific amount we consider a variety of variables to assess the well-being of your company and the extent of the repayments your company will be able to support. The total amount of your loan will be contingent on the specific circumstances of your company.
If you decide to apply for the business loan, we will assess the risk assessment of your company and provide you with a customised proposal that includes loan amount, term and interest rates. The company loan is an upfront priced loan and you’ll know in advance the total amount payable including any charges, interest rates or fees.
Business loan interest rates differ based on various factors like the amount of money that is borrowed, what business assets the funds will be used for and the sector the company is in, how long the company has been operating and whether the company has sufficient cash flow to support the loan, as well as the overall well-being as well as creditworthiness business.
There aren’t any hidden charges for our company loans, and you’ll know precisely how much you need to pay and when, from the first day. There’s no compounding interest and there are no additional charges (as long as you are able to make your payments on time).
We do not charge an Application Fee. You can make an application for loans absolutely no upfront cost and no obligation to proceed.
The Origination Fee is the cost associated in establishing and managing the loan. The only way to pay this fee if you choose to proceed with the loan. Our Origination Fee is 2.5% of the loan amount.
You can repay all of your loan in full at any time.
If you do decide to do this please talk to one of our helpful business credit professionals. The experts will provide you with repayment details along with an early payout estimate. This is calculated as the sum of the principal amount remaining and the accrued interest up to the time of early payout and 1.5% of the principal remaining and any outstanding fees.
To make sure you do not miss payments and to work your cash flow schedule, we offer repayments either weekly or daily. These are automatically deducted from your nominated company account.
The security of your personal information, as well as being upfront about how we collect data, process, exchange and secure your information, is of huge importance and a vital aspect of our relationship with you.
Yes. We utilise industry-recognised encryption techniques to protect your sensitive, personal financial and other data. Our funders are ISO 27001 certified for our dedication to the security of our clients as well as their privacy. We make use of an advanced bank verification system link to instantly verify the bank account details online so we can provide a fast response.
Asset-based borrowing is when an business owner uses assets they own to get the funds for a loan. The asset may be an individual property, such as the family home or a business asset such as a truck or other piece of machinery.
The vast majority of the lenders including the banks with the biggest size, prefer to secure loans against an asset. If you’re having trouble paying back the loan, then your asset may be sold by the lender. In essence, it is the process of securing new financing by making use of the value of what you already have.
For loans up to $150K no asset security is required before you are able to access the money However, we do require the personal guarantee. In the event that you fulfill the terms of your loan (as detailed in your loan contract document) the security of assets will never be required. For loans over $150,000 generally there is the option of a personal guarantee and security in the form of the charge of assets.
