The criteria for eligibility for an unsecured business loan in Auckland of between $5K to $100K are quite minimal.
Are you looking for additional funding? Take a look at the guidelines for eligibility for our $100K to $500K company financing.
All you need to get started is your contact details (the name of your company, your name, email or phone number) as well as the amount you’d like to borrow, as well as your monthly income.
During the process and before settlement we will require confirmation of who you are, but not before we can begin:
After we start in the process, for loans greater than $150,000 you’ll also need fundamental financial statements:
Let’s get started now.
Auckland unsecured loans provides amounts between $5,000 and $100,000, with terms ranging from 3 and 24 months and cash flow friendly repayments that are either daily or weekly.
You can apply for your Small Business Loan in under 10 minutes via the internet or by phone. You will receive a same day response and the funds could be available in just 24 hours. Traditional business loans reference an interest rate per annum plus other fees and charges. Our company loan is a loan that is priced upfront which means you be aware of the total amount due, which includes any interest, fees or charges. This is then divided into a daily or weekly repayment figure.
A Small Business Loan can be used to fulfill almost any company purpose including cash flow management, business renovations, marketing to purchase inventory, new equipment, or as general working capital, and much more. The loan cannot be used for personal reasons.
The Larger Business Loan is a larger size of loan that can be used to fund business growth opportunities. Loans range from $100,000 to $500,000 with a term fixed for up to 36 months. The repayments are made weekly or fortnightly to work with your cash flow.
This Larger Business Loan has an Origination Fee which is determined at 2.5% of the loan amount.
In order to be eligible for a loan that is this large, your business needs to be trading 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) with a minimum age of 18 years old as well as own a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at least 12 months of trading.
A Larger Business Loan can be used for almost every company use, including business remodeling, buying equipment or inventory for general working capital and so much more. The loan is not available for personal reasons.
Asset security is required for accessing funds over $150,000. This is as a result of an charge over assets, and may include the registration of this with the PPSR or the registration of a caveat.
A director’s or personal guarantee is a guarantee to pay back a loan that is generally based rather than stating the security for a particular asset. The person who is signing the guarantee is personally responsible if the company the borrower fails to make the repayment.
The Personal Property Securities Register (PPSR) is an online, central registry run by the New Zealand Government. It contains security interests that are registered for personal property (including the assets or goods). The PPSR grants priority over personal property to be assigned according to the date a security interest was registered.
The caveat can be described as a formal form of document to offer the legal claim on a property.
If you’re requesting larger company loans that is greater than $250K, we may offer an initial pre-approval to ease the process. We may be able to make this decision without credit checks and within six hours of your initial application. This pre-approval is made based on an initial assessment, which involves the answer to a series of financial well-being checks. This is in no way an offer, nor is it a guarantee of financing. A conditional approval is subject an assessment of your creditworthiness and any offer you might receive could be subject to different terms.
You may apply for a business loan if you;
The process for applying is fast and easy. Complete the online form in few minutes and an experienced business lending specialist will be in touch to guide you through the process.
To apply for up to $100,000, you’ll need proof of identity (valid Driver’s Licence), a valid NZBN/IRD as well as at least 6 months’ worth of bank statements.
For larger loan sizes, you’ll need:
$100K to $250K: Details of application, including credit consent, 6 – 12 months of bank statements, IRD statement (if credit is over $150K).
$250K – $500K: Information on the application including credit consent and 12 months bank statement, an IRD statements and the last two years’ finalised financial statements, as well as interim financials from the current financial year including Aged Payables, Aged Receivables Summary.
For an unsecured loan ($5K and up) we can often provide an answer within an hour if you apply in standard business timings and allow us to utilise the advanced bank verification system to instantly verify your bank details online. If you decide to submit copies of your bank statements we can offer the decision within 1 company day.
For the Larger Business Loan ($100K up to $500,000) we might be in a position to offer the conditional pre-approval in around 6 hours. Once you have signed the pre-approval, turnaround times are around 2-3 days for final approval, however this may be quicker depending on the particular circumstances of each application. Some transactions have received approval within just 24 hours.
The most effective method would be to ensure you apply during normal company hours and let us use the advanced bank verification system to verify your bank account information online. If you opt to upload duplicates of your banking statements it can take a bit longer.
For the Small Business Loan ($5K or more) We can usually offer an answer within an hour if you apply at normal business times and let us use the bank verification system link to instantly verify your bank information online. If you want to submit copies of your bank statement, we’ll offer an answer within one business day.
If you are applying for Larger Business Loans ($100K to $500K) we may be in a position to offer you with a conditional pre-approval in around six hours. Once you have signed the pre-approval document, you will need to wait about 2-3 days for final approval. However, it could be faster based on the specifics of each application. Some agreements have been approved within the space of 24 hours.
The fastest method is to make sure you apply during standard business hours. Also, let us use the sophisticated bank verification to confirm your bank details online. If you decide to send us copies of your bank statements, it may take a bit longer.
We provide loan amounts between $5,000 and $500,000. If you apply for a certain amount, we will consider a number of factors to determine your well-being for your business and the level of repayments that your company can support. The total amount of the loan will be determined by the specifics that are unique to your business.
If you apply for a set amount, we look at a range of variables to assess how much we can lend you such as well-being of your company and the level of repayments your company is able to afford. The amount you receive from your loan will be determined by the particulars the company.
When you apply for one of our business financing, we’ll assess the risk assessment that you have for your company and offer you with a customised offer that includes loan amount, term and the interest rates. A business loan is an upfront priced loan therefore you will know the exact amount to be paid, including any interest rates, fees or charges.
The interest rates on company loans rates differ based on various variables like the amount to be of money borrowed, the business assets the funds will be used for as well as the field the business operates in, the long the business has been running for, what percentage of the business has enough cash flow to fund the loan, and also the overall well-being as well as creditworthiness business.
There aren’t any hidden charges with our business loans. You’ll know precisely how much you’ll need to pay and when, starting from day one. There’s no compounding and no extra fees (as as long as you pay your payments in time).
We do not charge an application fee. You can get a cash loan with with no upfront cost or any obligation to sign up.
The Origination Fee covers the expenses involved in establishing 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 may choose to pay back the entire amount of your advance loan at any time.
If you are deciding to do this please speak to our friendly company loan experts. We will offer you with repayment details along with an early payout estimate. This will be calculated as the sum of the principal remaining and any accrued interest at the time of early payout, plus 1.5% of the principal amount remaining and any outstanding fees.
To help you avoid missing due dates and also to be in line with your cash flow standard, we offer repayments that are either weekly or daily. These are automatically withdrawn from your nominated company account.
The security of your personal information, as well as being upfront about the ways we gather information, use it, and exchange it, as well as ensure the security of your information is of huge importance and is a crucial part of our relationship you.
Yes. We utilise industry-recognised encryption standards to secure your personal, sensitive as well as financial data. Our funders are ISO 27001 qualified for our commitment to protecting the security of clients and privacy. We use an advanced bank verification system that allows you to immediately verify your bank account details online. This allows us to offer an immediate response.
Asset-based borrowing occurs when a business owner uses assets they own to obtain the loan. The asset can be either a personal asset like the family home or a company asset like a truck or piece or equipment.
The majority of lenders, not just the major banks, prefer to secure loans against assets. If you’re having trouble paying back the loan, then your asset may be sold by the lender. In essence, it is an opportunity to secure new financing using the worth of the asset you already own.
For loans of up to $150K, there is no requirement for asset security prior to the loan’s access, however we do need a personal guarantee. If you adhere to the loan terms (as detailed in your loan contract document) Asset security is not required. For loans over $150,000 typically, you will need the option of a personal ensure and security that is in the form a charge over assets.
