The eligibility requirements for an unsecured business loan in Auckland of between $5K and $100K are pretty minimal.
Looking for more funding? Find out the eligibility requirements for our $100K-$500K company loan.
All that’s needed to start is your contact details (the name of your company, your name, email and phone) as well as the amount you want to borrow, and your monthly earnings.
While in the process and before settlement we’ll require confirmation of your identity, but not before we can begin:
After we start, for loans greater than $150,000 you will also need fundamental financial statements:
Let’s get started now.
Auckland unsecured loans offers the range of $5,000 to $100,000 with terms between 3 and 24 month and cash flow friendly repayments that are either per day or weekly.
You can apply for your Small Business Loan in under 10 minutes online or over the phone, receive a same day response and the funds could be in your account in 24 hours. Traditional company loans reference an annual interest rate along with other charges and fees. Our business loan is a cash-based loan so you will be aware in advance of the total amount payable including any fees, charges or charges. Then, it is broken down into a daily or weekly repayment figure.
It is a Small Business Loan can be used for nearly every business use, including managing cash flows, 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 amount of loan to help company expansion opportunities. Loans range from $100,000 to $500,000 for a fixed period of for up to 36 months. Repayments are either weekly or fortnightly in order to accommodate your cash flow.
A Larger Business Loan has an Origination Fee that is calculated at 2.5 percentage of the loan amount.
To be eligible for a credit in this amount, your company needs to have been trading for at least 3 years with an annual turnover of $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) at least 18 years old as well as own a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of continuous trading.
A larger business loan can be used for almost any company purpose including company renovations, to purchase new equipment or inventory or as general working capital and so much more. The loan cannot be used for personal reasons.
Asset security is necessary to obtain funding above $150,000. It’s by taking a charge against assets, which could also include registering this in the PPSR or making 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 of a specific asset. The person signing the ensure is personally liable in the event that the company the borrower fails to re-pay the debt.
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 that are registered for personal property (including goods or assets). The PPSR allows preference over private property granted depending on the date that a security interest that is registered.
An affidavit is an official form of document to offer an official notice of a claim to property.
If you’re requesting the Larger Business Loan that exceeds $250,000 we may be able to provide an initial pre-approval that will help ease the process. We may be able to get this done without a credit check and within six hours of your initial application. This pre-approval is based on a preliminary assessment which includes answering a couple of financial health questions. This is not an offer of credit or guarantee of finance. A conditional approval is subject an extensive credit evaluation and any offer that you receive could be on different conditions.
You are eligible to apply for an company loan if you
The process for applying is fast and easy. Simply complete the online form in few minutes and an experienced business lending specialist will contact you to help you.
To apply for up $100,000, you’ll need ID details (valid Driver’s Licence) along with an NZBN/IRD that is valid and at least six months worth of bank statements.
For larger loan sizes, you’ll also need:
$100K – $250K: Application requirements, including credit approval, 6-12 months of bank statements, IRD statement (if credit is over $150K).
$250K – $500K: Details for application including credit consent twelve months bank statement, an IRD statement as well as the two most recent years’ financial statements, and interim financials from the current financial year including Aged Payables, Aged Receivables summaries.
For an unsecured loan ($5K or more) we can often provide a response in one hour, provided you submit your request during quality company hours and let us utilise the advanced bank verification system to instantly verify your bank information online. If you opt to upload copies of your bank statements we can offer an answer in just an company day.
If you are applying for a Larger Business Loan ($100K or more) we may be likely to provide you with pre-approval conditional to your application within about 6 hours. Once you have signed the pre-approval document, you will require to wait approximately 2-3 days to receive final approval, however this may be quicker depending on the specifics of each application. Certain deals have been approved within 24 hours.
The fastest way can be make sure you apply during standard business hours. Also, allow us to use the advanced bank verification system to verify your bank information online. If you upload duplicates of your banking accounts, it may take a bit longer.
For the Small Business Loan ($5K and up) we can often offer a response in one hour – provided you submit your request in normal business hours and let us make use of the advanced bank verification system link to immediately verify your bank account information online. If you want to upload copies of your bank statements, we will be able to offer an answer in as little as the span of one business day.
For Larger Business Loans ($100K or more) We may be able to provide you with a conditional pre-approval within 6 hours. Once you’ve signed your pre-approval form, it will take around 2-3 days for final approval, however this could be shorter based on the specifics of each application. Certain deals have been approved within the space of 24 hours.
The fastest method would be to make sure you apply during normal business hours and permit us to use the sophisticated bank verification to instantly check your bank’s information online. If you decide to send us the copies of bank accounts, it will take a little longer.
We offer loan amounts between $5,000 to $500,000. If you apply for a certain amount, we take into consideration a range of elements in order to assess your health of the business and the extent of repayments your business will be able to support. The amount you receive from your loan will depend on the specifics that are unique to your business.
When you submit an application for a particular amount, we will consider a number of variables to determine the health for your company and the level of payments your business is able to afford. The amount you receive from the loan will be determined by the particulars that are unique to your company.
If you decide to request business loans with us company credit, we’ll assess the risk profile the business and offer you with a customised offer that includes loan amount, term and interest rates. The company loan is an upfront priced loan which means you be aware of the total amount you will have to pay, including costs, fees, or interest rates.
Interest rates for business loans rates depend on a variety of factors like the amount of money that is borrowed, what business assets the funds will be used for, the industry the company operates in, how long the company has been operating for, whether the company has enough cash flow to support the loan, and general health or creditworthiness of the business.
There aren’t any hidden costs for our business loans. You’ll know precisely what you’ll be required to pay, and when, right from the day you sign up. There’s not any compounding interest and there are no additional charges (as long as you are able to make your payments in time).
We don’t charge an Application Fee. You can get a cash loan with no upfront cost or the obligation to take action.
The Origination Fee covers the expenses involved with the setting up and management of the loan. It is only charged for this fee if you choose to proceed with the loan. The Origination Fee for us is 2.5 percentage of the loan amount.
You can decide to repay all of your loan at any point in time.
If you choose to do this please speak to our friendly business credit specialists. We will provide you with repayment details and an early payment figure. It will be calculated using the total of the principal amount remaining plus any accrued interest as of the time of the early payout plus 1.5 percent of the remaining principal and any outstanding fees.
To help you avoid missing payment dates and to align your cash flow cycle we provide repayments either daily or weekly. They are automatically deducted from your nominated business account.
Protecting your information, and being clear about the ways we gather the information we collect, use, share and ensure the security of your information is vital and an integral part of our relationship with you.
Yes. We employ industry-recognised encryption standards to secure your personal, sensitive as well as financial data. Our funders are ISO 27001 certified for our commitment to security for our customers and security. We employ an exceptionally sophisticated bank verification system link to instantly verify your bank account details online to offer an immediate response.
Asset-based borrowing is when the company owner borrows from an asset they own to get the funding. The asset can be either a personal asset like the family home or a company asset like a truck or piece or equipment.
The vast majority of lenders, including the big banks, tend to guarantee loans against an asset. If you’re struggling to pay back the loan, then your assets could be transferred to the lender. In essence it’s an opportunity to secure new financing by taking advantage of the value of what you already own.
For loans up to $150K there is no requirement for asset security upfront to access the money but we do need an individual guarantee. In the event that you fulfill your loan commitments (as stipulated in your loan contract document) and you are able to meet your obligations, asset security is not required. For loans of over $150,000 typically, you will need an individual guarantee and security in the form of a charge over assets.
