A Korokoro unsecured business loan is easy and quick to get. Apply for a loan quickly and begin using the money for your company.
What you can expect:
The criteria for eligibility for an unsecured business loan within Korokoro are fairly minimal.
Call Now 0800 004 520Making an application for the business loan in Korokoro with us is easy and takes only some minutes, without mountains of paperwork or queues.
Receive approval and cash within 1 to 2 business days.
Our purpose is to assist Korokoro businesses of all sorts small, medium even solopreneurs to access quick funding so that they can make use of the loan to expand and grow.
The requirements for obtaining an unsecured business loan in Korokoro of between $5K and $100K are fairly minimal.
Are you looking for additional funding? Find out the eligibility requirements for our $100K-$500K company financing.
The eligibility requirements of larger Korokoro company loans of between $100K and $500K include:
Are you looking for a lower amount of funds? Take a look at the guidelines for eligibility for our $5K to $100K Korokoro unsecured business loans.
A Korokoro unsecured loan is great for almost every company reason. Contact us now.
Do you want to start working on one of these idea as quickly as tomorrow? Then get in touch with us or apply online now to get the fastest and most efficient process.
All that’s required to get started is your contact information (the name of your company, your name, email, phone), how much you’d like to borrow and your monthly revenue.
Through the process and before settlement we’ll need confirmation of your identity, but not before we can begin:
In addition, once we have started, for loans over $150,000 you’ll require basic financial statements:
Let’s get started.
In the wake of traditional lenders and banks increasing their credit requirements and the constant stream of alternative and non-bank loan providers that are entering the market offers a great resource for you to take advantage of.
Korokoro SME’s are now capable of accessing finance through alternative lenders that service Korokoro who are focused on facilitating business expansion or smoothing out the cash flow problems. In the past individual credit providers (drawing equity from the house loan, or by using credit cards and personal loans as well as the overdraft) were the only alternative funding solutions available in Korokoro that were around.
There is now an end to the requirement of having to rely on real estate to secure business loan. With an unsecured loan business funding is made simple. Instead of a term loan with a bank, business finance for an SME with interest rates and loan terms that help with cash flow is available as business lending options.
There are numerous benefits by separating personal and business debt.
Reduce your risk, make the tax process simpler, start with an unsecure busines loan. Get it today.
One big drawcard for keeping your business and personal business assets apart will be the fact that your home isn’t tied to access the funds. In the case of a business loan in Korokoro up to $100K asset security won’t be required as long as the borrower fulfills their loan obligations.
Businesses are in a more stable long-term position when they can show good credit and debt ability to service.
The separation of personal as well as business finances makes it more straightforward in the event of tax time - especially when it comes to determining the tax deductible allocation. The IRD has outlined the guidelines for the documentation required for claiming deductions on an organisation’s tax return. This is an area the IRD has specifically advised on.
Effective cash flow management is key for the longevity for any business. Through maintaining personal as well as business finance separate, companies can easily view their cash flow, plan and monitor it based on the ability to clearly examine their cash flow.
Korokoro unsecured loans provides amounts between $5,000 and $100,000 with terms between 3 and 24 month and cash flow friendly repayments that are either per day or weekly.
It is imaginable to apply for your Small Business Loan in under 10 minutes on the internet or over the phone. You’ll get an instant response and funds may be in your account in 24 hours. Traditional business loans are based on an annual interest rate as well as other fees and charges. Our business loan is a loan that is priced upfront therefore you’ll know ahead of time the total amount due, which includes any fees, interest or charges. Then, it is divided into a daily or weekly payment amount.
A Small Business Loan can be used for nearly any company use, including control of cash flow company remodeling, marketing for purchasing inventory or new equipment, to fund general working capital and so much more. The loan is not available for personal use.
The Larger Business Loan is a larger size loan to aid in company expansion opportunities. Loans range between $100,000 and $500,000 with a term fixed for up to 36 months. Repayments are weekly or fortnightly, depending on your situation.
The Larger Business Loan has an Origination Fee which is calculated at 2.5 percentage of the loan amount.
To be eligible for a loan that is this large the business needs to have been trading for at least 3 years and generate an annual revenue of $700K. Your company must belong to a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old as well as own a New Zealand business (with a valid NZBN/IRD) and be able of proving at least 12 months of trading.
A Business Loan of a larger size can be used for almost all company reason, such as 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 required to obtain funding above $150,000. It’s by taking a charge over assets, and could be registered on the PPSR or making a caveat.
A director’s or personal ensure is a commitment to pay back a loan that is general in nature, rather than stipulating security over an asset. The person who is signing the ensure is personally accountable if the company borrower is unable 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 that are registered for personal property (including the assets or goods). The PPSR permits the priority of personal property granted depending on the date that a security interest has been registered.
The caveat can be described as a formal document filed to provide an official notice of a claim to property.
If you’re requesting a Larger Business Loan of more than $250K, we may offer a preliminary pre-approval to help ease the process. It is possible to make this decision without credit checks and within 6 hours of your initial application. The pre-approval process is based on an initial assessment, which involves you answering some financial well-being questions. It’s in no way an offer, nor is it a guarantee of finance. Acceptance without condition is subject to a full credit assessment and any offer you might receive could be subject to different conditions.
You may be eligible for an business loan if you
The process for applying is fast and easy. Just complete the online application within a few minutes and a dedicated business expert in lending will contact you to help you.
To be eligible for up to $100,000, you’ll require the right identification documents (valid Driver’s Licence) along with a valid NZBN/IRD and at least 6 months’ worth of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K-$250K: Details of application, including credit consent, 6-12 months of IRD statements, bank statements (if loan above $150K).
$250K-$500K: Details for application including credit consent twelve month bank accounts, the IRD statements as well as the two most recent years’ financial statements, and interim financials from the current financial year, Aged Payables and Aged Receivables Summary.
For an unsecured loan ($5K and up) we can often provide a response in one hour – as long as you apply at standard company hours and let us utilise the advanced bank verification system to instantly verify your bank details online. If you opt to send us copies of your bank statements , we are able to offer the decision within an business day.
For Larger Business Loans ($100K and up) we might be capable of offer you with a conditional pre-approval in around six hours. Once you’ve signed the pre-approval, the turnaround time is about 2-3 days for final approval, however this can be quicker based upon the circumstances for each application. Certain agreements have been approved within just 24 hours.
The quickest way to apply can be ensure you apply during normal business hours and let us use the advance bank verification to instantly verify your bank account information online. If you opt to send us the copies of bank accounts, it takes a bit longer.
For the Small Business Loan ($5K or more) we can often offer a response in one hour – as long as you apply during normal business hours and permit us to use the bank verification system to instantly verify your bank information online. If you opt to submit copies of your bank statement, we’ll offer an answer within 1 business day.
If you are applying for Larger Business Loans ($100K or more) we could be likely to provide you with pre-approval conditional to your application in around six hours. Once you have signed the pre-approval document, you will need to wait between 2 and 3 days for the final approval, however this may be quicker depending on the specifics of each application. Certain deals have been approved in less than 24 hours.
The fastest way is to ensure you apply during standard business hours, and allow us to use the advance bank verification to verify your bank account information online. If you decide to send us the copies of bank statements, it takes a bit longer.
We provide loan amounts between $5,000 to $500,000. When you make an application for a certain amount, we consider a variety of factors in order to assess how much we can lend you well-being that is your company and the level of repayments that your business is able to afford. The amount you receive from your loan will depend on the particular circumstances of your company.
If you apply for a certain amount, we look at a range of elements to assess your well-being that is your business and the amount of the repayments your company can afford. The total amount of your loan will depend on the particular circumstances for your company.
When you apply for business loans with us company loans, we will assess the risk assessment of your company and offer you with a customised offer that includes loan amount, term and the interest rates. This business loan is a loan that is priced upfront so you will know in advance the total amount to be paid, including any costs, fees, or interest rates.
Interest rates for business loans rates depend on several factors like the amount of money borrowed, what business assets the funds will be used for and the sector the business operates in, the long the business is in operation, what percentage of the company has sufficient cash flow to pay for the loan, and also the general well-being or creditworthiness of the company.
There are no hidden costs with our company loans. You’ll know precisely what you’ll need to pay, and when, starting from day one. There’s no compounding interest and no extra fees (as as you make your payments in time).
We do not charge an application fee. You can request a credit loan with absolutely no upfront cost and no 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. Our Origination Fee is 2.5% of the amount of loan.
You can repay all of your loan in full at any time.
If you do decide to do this please call our helpful business lending experts. They’ll offer you with details for repayment and an early payout figure. This is calculated as the total 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 fees that remain unpaid.
To ensure that you don’t miss due dates and also to be in line your cash flow cycle we offer repayments that are either weekly or daily. They are automatically deducted from your nominated business account.
Protecting your information, and making it clear how we collect data, process, exchange and protect your information, is crucial and is an essential part of our relationship you.
Yes. We use industry recognised encryption protocols to safeguard your sensitive, personal financial information and our funders are ISO 27001 certified for our commitment to the security of our clients as well as their security. We employ a highly sophisticated bank verification system to immediately confirm your bank account information online to provide a fast response.
Asset-based borrowing is when the business owner makes use of assets they own to make the loan. The asset can be an individual asset, such as the family home, or it could be a business asset such as a truck or other piece of machinery.
The majority of the lenders not just the big banks, tend to secure loans against assets. If you have trouble paying back the loan, then your assets could be transferred to the lender. In essence it’s a way of securing new financing by using the worth of the asset you already own.
For loans that exceed $150,000, the requirement for asset security is not required before you are able to access the money but we do require an individual guarantee. So long as you comply with your loan obligations (as detailed in the loan contract) Asset security is not required. For loans over $150,000 generally, you are able to get a personal ensure and security in the form an asset charge.
While we aren’t able to help with an unsecure business loan for these industries, we may be able to assist by providing the secured business loan.
