The requirements for getting an unsecured business loan in Auckland of between $5K to $100K are quite minimal.
Looking for more funding? Check out the guidelines for eligibility for our $100K to $500K company financing.
All you need for starting is your contact information (company name, your name, email address or phone number) as well as the amount you want to borrow, and your monthly revenue.
During the process and before settlement we will require confirmation of who you are however, not in order to begin:
Once we’ve started, for loans over $150,000 you’ll need basic financial statements.
Let’s get started.
Auckland unsecured loans provides the range of $5,000 to $100,000, with terms ranging from 3 and 24 month and cash flow friendly repayments that are either daily or weekly.
Apply to get your Small Business Loan in under 10 minutes by phone. You will receive an instant response and the funds could be in your account in 24 hours. Traditional business loans are based on an annual interest rate as well as other fees and charges. This business loan is a pre-paid loan therefore you’ll know in advance the total amount payable including the interest, fees and charges. This is then broken down into either a daily or weekly payment amount.
A Small Business Loan can be used for nearly every company use, including cash flow management, company remodeling, marketing to purchase inventory or new equipment, for general working capital, and much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger loan size to support business expansion opportunities. The loan ranges from $100,000 to $500,000 with a term fixed up to 36 months. Repayments are weekly or fortnightly to work with your situation.
It is important to note that the Larger Business Loan has an Origination Fee, determined at 2.5 percent of the amount of the loan.
In order to be eligible for a loan that is this large the company needs to be in operation for at least 3 years and generate an annual revenue of $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) over 18 years, own a New Zealand business (with a valid NZBN/IRD) and be able to prove at minimum 12 months of continuous trading.
A larger company loan is a great option for almost any business reason, such as business remodeling, buying equipment or inventory for general working capital and so much more. The loan cannot be used to fund personal expenses.
Asset security is needed for funding of more than $150,000. It’s in the form of a charge on assets, and may be registered in the PPSR or registering as a caveat.
A director’s or personal guarantee is a commitment to pay off a credit line that is generally in nature rather than stipulating the security for a particular asset. The person signing the guarantee is personally accountable if the company lender is not able to make the repayment.
The Personal Property Securities Register (PPSR) is a central, national online registry run by the New Zealand Government. It records security interests that have been registered in respect of personal property (including goods or assets). The PPSR grants preference over private property assigned depending on the date that a registration of a security interest.
An affidavit is an official document that is filed to provide an official notice of a claim to property.
If you’re seeking a Larger Business Loan of more than $250K it is possible to offer an initial pre-approval in order to simplify the process. We might be able to make this decision without credit checks and within 6 hours of the initial application. The pre-approval process is based on an initial evaluation that involves you answering a few financial health checks. It is not an offer or guarantee of finance. Acceptance without condition is subject to an exhaustive credit evaluation, and any offer that you may receive may be based on different conditions.
You are eligible to apply for an business loan if you:
The application process is fast and easy. Simply complete the online form in few minutes and a dedicated company expert in lending will call you to help you.
For a loan of up to $100,000 you’ll require the right identification documents (valid Driver’s Licence) and a valid NZBN/IRD and at least 6 months of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K to $250K: Application requirements, including credit approval, 6-12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K-$500K: Application details including credit consent, 12 months of bank statements, IRD statements Last 2 years’ finalised financial statements, in addition to interim financials from the current financial year such as age-related payables and aged Receivables summary.
For an unsecured loan ($5K or more) we can often provide a response in one hour, provided you submit your request during standard company hours and you allow us to utilise the advanced bank verification system link to immediately verify your bank account information online. If you decide to send us copies of your bank statement, we’ll provide an answer in as little as an company day.
If you are applying for a Larger Business Loan ($100K and up) we may be likely to provide you with a conditional pre-approval within six hours. Once you’ve signed the pre-approval, the turnaround time is around 2-3 days for final approval. However, this can be quicker based on the particular circumstances of each application. Certain transactions have received approval within 24 hours.
The quickest method can be ensure you apply during standard business hours, and allow us to use our advance bank verification to confirm your bank details online. If you send us duplicates of your banking statements , it takes a bit longer.
For the Small Business Loan ($5K and up) we usually offer an answer within an hour, provided you make your application within normal business time and allow us to make use of the advanced bank verification system link 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 within 1 business day.
For Larger Business Loans ($100K up to $500,000) we could be in a position to provide you with pre-approval conditional to your application in around 6 hours. Once you have signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval, however this may be quicker depending on the specifics of each application. Certain transactions have received approval in the space of 24 hours.
The fastest method for you to apply is make sure you apply during standard business hours, and allow us to use our sophisticated bank verification link to instantly confirm your bank details online. If you choose to upload copies of your bank statement, it may take a bit longer.
We offer loans that range from $5,000 and $500,000. If you apply for a certain amount we will consider a number of factors that determine what is the well-being of the business and the extent of payments your company will be able to support. The total amount of the loan will be determined by the specifics of your company.
If you apply for a certain amount, we will consider a number of variables to assess your well-being that is your company and the extent of payments your business can afford. The total amount of your loan will be contingent on the specifics that are unique to your company.
If you decide to make an application for the company loans, we will assess the risk assessment the business and provide you with a customised offer that includes loan amount, term and the interest rates. The business loan is a loan that is priced upfront and you’ll know in advance the total amount to be paid, including any charges or interest.
Interest rates for business loans rates vary due to factors including the amount of money borrowed, the business assets the money are used to purchase and the sector the company operates in, the long the company is in operation and whether the business has sufficient cash flow to support the loan, and also the overall health or creditworthiness of the business.
There are no hidden fees with our company loans. You’ll know precisely how much you’ll need to pay and when, from the first day. There’s no compounding interest and no additional fees (as long as you are able to make your payments on time).
We don’t charge an application fee. You can apply for a loan without any upfront costs or the obligation to take action.
The Origination Fee includes the expenses associated in establishing and managing the loan. It is only charged for this cost if you take out the loan. The Origination Fee for us is 2.5 percentage of the amount of the loan.
You may choose to pay back all of your loan at any point in time.
If you choose to do this please speak to our friendly company lending experts. They will provide you with details for repayment along with an early payout estimate. This will be calculated as the total of the principal amount remaining and any accrued interest at the time of early payout and 1.5% of the principal remaining and any fees that remain unpaid.
To help you avoid missing repayments and to fit in with your cash flow cycle we provide repayments either daily or weekly. These are automatically deducted from the nominated business account.
Security of your data, and making it clear how we collect data, process, exchange and secure your information, is of paramount importance and a vital element of our relationship with you.
Yes. We utilise industry-recognised encryption protocols to safeguard your personal, sensitive and financial data and our funders are ISO 27001 certified for our dedication to customer security and privacy. We utilise a sophisticated bank verification system to immediately verify your bank account information online, allowing us to offer an immediate response.
Asset-based borrowing occurs when an business owner makes use of the assets they have to obtain the funds for a loan. The asset can be either an individual property, such as the family home or it could be a company asset like a truck or piece or equipment.
The majority of lenders, even the big banks, tend to make loans secured by an asset. If you are having difficulty paying back the loan, your assets could be transferred to the lender. In essence, it’s an opportunity to secure new funding using the worth of the asset you already have.
For loans that exceed $150K, no asset security is required in advance to gain access to the funds but we require a personal guarantee. need an individual guarantee. In the event that you fulfill the terms of your loan (as stated in your loan contract document) Asset security is not needed. If you take out loans in excess of $150K generally, you are able to get a personal guarantee and security that is in the form the charge of assets.
