The requirements for obtaining an unsecured business loan in Auckland of between $5K and $100K are pretty minimal.
Looking for more funding? Take a look at the conditions of eligibility for our $100K to $500K company financing.
All that’s needed to get started is your contact information (company name and your name, as well as email and telephone) as well as the amount you want to borrow, and your monthly earnings.
During the process and before settlement we’ll require confirmation of who you are but not to get started:
In addition, once we have started in the process, for loans over $150,000 you’ll also require basic financial statements:
Let’s get started.
Auckland unsecured loans offers amounts of between $5,000 and $100,000, with terms ranging from 3 and 24 months, cash flow-friendly repayments which can be made daily or weekly.
It is possible to apply to the Small Business Loan in under 10 minutes on the phone. You’ll receive a same day response and have the funds available in just 24 hours. Traditional company loans reference an annual rate of interest together with additional fees and charges. Our business loan is an upfront priced loan and you’ll be aware in advance of the amount you will have to pay, including the interest, fees and charges. This is then divided into weekly or daily payment amount.
The Small Business Loan can be used for virtually any business reason, such as control of cash flow company improvements, advertising, to purchase inventory or new equipment, or as general working capital and much more. The loan cannot be used for personal use.
The Larger Business Loan is a larger loan size to support company expansion opportunities. Loans range from $100,000 to $500,000 with a fixed-term with a maximum of 36 months. The repayments are made weekly or fortnightly depending on the flow of cash.
A Larger Business Loan has an Origination Fee which is calculated at 2.5% of the loan amount.
To be eligible for a credit that is this large, your company needs to be operating for at least three years and have an annual turnover of at least $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old, own a New Zealand company (with a valid NZBN/IRD) and be able of proving at minimum 12 months of continuous trading.
A Larger Business Loan can be used for nearly all company need, including company renovations, purchase of equipment or inventory as well as for general working capital, and much more. The loan is not available to fund personal expenses.
Asset security is required for accessing funds over $150,000. This is by way of charge over assets, and may include the registration of this with the PPSR or making as a caveat.
A personal or director’s guarantee is a promise to pay back a loan that is general in nature rather than stipulating the security of a specific asset. The person who signs the ensure is personally responsible if the company lender is not able to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online registry run by the New Zealand Government. It lists security interests that are granted to individuals who own personal property (including goods or assets). The PPSR permits priority over personal property to be granted according to the date a security interest has been registered.
An affidavit is an official document lodged to offer the public notice of a legal claim to property.
If you’re applying for the Larger Business Loan that is greater than $250K we may be able to provide an initial pre-approval that will help ease the process. We might be able to make this decision without a credit verification and within six hours of your initial application. The pre-approval process is based on an initial assessment, which involves answering a couple of financial well-being checks. It is not an offer of credit or guarantee of funds. A conditional approval is subject an extensive credit evaluation and any offer you receive could be on different terms.
You may be eligible for a company loan if you:
The application process is simple and easy. Simply complete the online form in few minutes and a dedicated business expert in lending will be in touch to assist you.
To apply for up to $100,000 you’ll require identification details (valid Driver’s Licence) along with a valid NZBN/IRD and at least 6 months of bank statements.
If you’re looking for loans with larger sizes, you’ll need:
$100K to $250K: Information about the application including credit approval, 6-12 months of bank statements, IRD statement (if loan above $150K).
$250K to $500K: Information on the application including credit consent, 12 months of bank records, IRD statements as well as the two most recent years’ 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 can often provide an answer within one hour if you submit your request within standard company hours and let us make use of the advanced bank verification system to instantly verify your bank details online. If you want to send us copies of your bank statements , we’ll be able to offer an answer within the span of one company day.
For the Larger Business Loan ($100K to $500K) we may be in a position to provide you with pre-approval conditional to your application within about six hours. After you’ve signed your pre-approval, the turnaround time is around 2-3 days for final approval. However, it could be faster based on the circumstances of each application. Some transactions have received approval in less than 24 hours.
The most effective method would be to make sure you apply during normal business hours. Also, allow us to use the advance bank verification to confirm your bank details online. If you decide to upload duplicates of your banking statements , it can take a bit longer.
For the Small Business Loan ($5K or more) We can usually provide an answer within one hour – provided you apply within normal business time and you allow us to make use of the advanced bank verification system link to instantly verify your bank information online. If you decide to upload copies of your banking statement, we’ll provide an answer in as little as one business day.
For Larger Business Loans ($100K to $500K) we could be in a position to provide you with conditional pre-approval in about 6 hours. Once you’ve signed the pre-approval document, you will need to wait between 2 and 3 days for the final approval. However, this can be faster depending upon the circumstances for each application. Some deals have been approved within 24 hours.
The quickest method is to make sure you apply during normal business hours. You can also allow us to use our sophisticated bank verification link to confirm your bank details online. If you decide to send us duplicates of your banking statements it can take a bit longer.
We offer loans ranging from $5,000 to $500,000. If you apply for a particular amount, we consider a variety of factors for determining how much we can lend you well-being of the company and the extent of payments 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 submit an application for a specific amount we consider a variety of elements to assess how much we can lend you such as health for your company and the level of payments your company will be able to support. The amount you receive from the loan will be determined by the particular circumstances that are unique to your business.
When you apply for one of our company loans, we’ll assess the risk profile for your company and offer you with a tailored proposal that includes the loan amount, the terms and the interest rates. A company loan is an upfront priced loan therefore you will know the exact amount due, which includes any charges or interest.
Business loan interest rates differ based on various factors like the amount of money that is borrowed, what company assets the funds are used to purchase and the sector the business operates in, how long the business is in operation for, whether the company has enough cash flow to fund the loan, and also the overall well-being as well as creditworthiness business.
There aren’t any hidden costs with our company loans. You’ll know precisely what you’ll need to pay and at what time, from day one. There’s no compounding and no additional fees (as long as you make your payments in time).
We don’t charge an application fee. You can apply for a loan with with no upfront cost or obligation to proceed.
The Origination Fee covers the expenses involved with setting up and managing the loan. The only way to pay this cost if you take out 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 early at any time.
If you do decide to do this please call our helpful company lending professionals. The experts will offer you with details for repayment and an early payment figure. It will be calculated using the sum of the principal remaining and the accrued interest up to the time of early payout and 1.5 percent of the principal balance and any outstanding fees.
In order to help you avoid missing due dates and also to be in line with your cash flow routine, we offer repayments either daily or weekly. They are automatically deducted from your designated business account.
Security of your data, and being clear about the ways we gather, use, exchange and safeguard your data, is crucial and a vital element of our relationship with you.
Yes. We employ industry-recognised encryption protocols to safeguard your personal, sensitive as well as financial data. Our funders are ISO 27001 qualified for our dedication to protecting the security of clients and security. We utilise a sophisticated bank verification system link to immediately verify your bank account information online to offer quick responses.
Asset-based borrowing occurs when the company owner makes use of the assets they have to secure the funds for a loan. The asset can be either an asset belonging to the personal, like the family home or a business property like a truck or other piece of machinery.
The vast majority of lenders, including the major banks, prefer to make loans secured by an asset. If you have trouble paying back the loan, then the asset could be taken over by the lender. In essence, it is an opportunity to secure new financing making use of the value of what you already have.
For loans up to $150K it is not necessary to secure assets upfront to access the money but we do need a personal guarantee. So long as you comply with your loan obligations (as detailed in your loan contract) and you are able to meet your obligations, asset security will never be required. For loans that exceed $150K, generally there is personal guarantee and security in the form of charges on assets.
