The criteria for eligibility for an unsecured business loan in Auckland of between $5K to $100K are quite minimal.
Looking for more funding? Check out the eligibility requirements for our $100K to $500K company financing.
All that is needed to get started is your contact details (the name of your company, your name, email address or phone number) as well as the amount you want to borrow, as well as your monthly income.
During the process and before settlement we will need confirmation of your identity but not before we can begin:
Once we’ve started with loans that exceed $150,000, you will also need basic financial statements:
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Auckland unsecured loans provides amounts of between $5,000 and $100,000. Terms range from 3 and 24 months and cash flow friendly repayments, which are either daily or weekly.
It is possible to apply to this Small Business Loan in under 10 minutes via the internet or by phone. You will receive an instant response and funds may be available in just 24 hours. Traditional business loans have an annual interest rate as well as other fees and charges. The company loan is a pre-paid loan and you’ll know ahead of time the total amount due, which includes any interest, fees or charges. This is then broken down into weekly or daily amount to be paid back.
A Small Business Loan can be used to fulfill almost every company purpose including managing cash flows, business remodeling, marketing, to purchase inventory or new equipment, as general working capital and so much more. The loan cannot be used to fund personal expenses.
The Larger Business Loan is a larger size loan to aid in business expansion opportunities. Loans range from $100,000 to $500,000 for a fixed period of for up to 36 months. Repayments are weekly or fortnightly to work with you cashflow.
A Larger Business Loan has an Origination Fee which is calculated at 2.5% of the loan amount.
To be eligible for a loan in this amount, your company needs to have been in operation for at least 3 years, and have an annual income of $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) at least 18 years old, own a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of business.
A larger company loan can be used to fund almost all company use, including business renovations, purchase of 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 access funding over $150,000. It is usually as a result of an charge over assets and can include registration with the PPSR or making a caveat.
A director’s or personal guarantee is a commitment to repay credit that is general in nature, rather than specifying the security for a particular asset. The person signing the guarantee is personally accountable if the company creditor is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It contains security interests granted to individuals who own personal property (including objects or assets). The PPSR grants prioritisation over property that is personal to be assigned according to the date a security interest has been registered.
A caveat is a legal document filed to offer the public notice of a legal claim on a property.
If you’re requesting a Larger Business Loan that exceeds $250K we may be able to provide an initial pre-approval in order to simplify the process. We might be able to do this without a credit check and within six hours of your initial application. The pre-approval process is based on an initial assessment, which involves the answer to a series of financial well-being questions. It is not an offer of credit or guarantee of financing. Unconditional approval is subject to an extensive credit evaluation and any offer that you may receive may have different conditions.
You can apply for an business loan if you:
The application process is fast and easy. Just complete the online application within a few minutes and an experienced company expert in lending will call you to assist you.
To apply for up to $100,000 you’ll need the right identification documents (valid Driver’s Licence) and a valid NZBN/IRD and at least 6 months’ worth of bank statements.
For larger loan sizes, you’ll also need:
$100K-$250K: Details of application, including credit approval, 6-12 months of bank statements, IRD statement (if credit is over $150K).
$250K – $500K: Application details including credit consent as well as 12 months of bank records, IRD statements, last 2 years finalised financial statements, and interim financial statements for the current year such as age-related payables and aged Receivables summaries.
For an unsecured loan ($5K and up) we usually provide an answer within one hour if you apply within standard company times and permit us to utilise the advanced bank verification system link to instantly verify your bank details online. If you opt to submit copies of your bank statement, we’ll offer a decision in just the span of one company day.
For the Larger Business Loan ($100K and up) we may be in a position to provide you with pre-approval conditional to your application within about six hours. Once you have signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval. However, it could be faster based on the specifics of each application. Certain agreements have been approved within the space of 24 hours.
The most efficient method is to ensure you apply during standard company hours, and allow us to use our advanced bank verification system link to confirm your bank details online. If you upload the copies of bank statement, it will take a little longer.
For the Small Business Loan ($5K to $100K) we usually provide an answer within an hour if you submit your request within standard business time and allow us to use the advanced bank verification system to instantly verify your bank information online. If you choose to send us copies of your bank statements, we’ll be able to provide a decision in as little as an business day.
If you are applying for Larger Business Loans ($100K to $500K) we might be in a position to provide you with pre-approval conditional to your application in around 6 hours. Once you’ve signed your pre-approval, turnaround times are approximately 2-3 days to receive final approval, however this can be faster depending on the specifics of each application. Some offers have been approved within the space of 24 hours.
The most effective method is to ensure you apply during normal business hours, and let us use the modern bank verification to check your bank’s information online. If you opt to upload the copies of bank statements it may take a bit longer.
We offer loan amounts between $5,000 to $500,000. If you apply for a certain amount we look at a variety of variables to determine how much we can lend you health of the business as well as the amount of the repayments 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 make an application for a certain amount, we consider a variety of factors to determine the well-being of the company and the extent of repayments your company is able to afford. The amount you receive from the loan will be determined by the specifics that are unique to your company.
If you decide to make an application for the company financing, we will assess the risk profile that you have for your business and provide you with a customised offer that includes the amount of loan, the term and the interest rates. A business loan is an upfront priced loan which means you be aware in advance of the total amount payable including any costs, fees, or interest rates.
Business loan interest rates depend on several variables like the amount to be borrowed, the company assets the money will be used for in addition to the industry that the business operates in, how long the company has been operating as well as whether the business has enough cash flow to cover the loan, and the general well-being or creditworthiness of the company.
There aren’t any hidden costs with our business loans. You’ll know exactly how much you need to pay and at what time, from the first day. There’s not any compounding interest and there are no additional charges (as long as you make your payments in time).
We do not charge an Application Fee. You are able to request a credit loan no cost upfront or any obligation to sign up.
The Origination Fee is the cost associated with setting up and managing the loan. It is only charged for this fee if you proceed with the loan. Our Origination Fee is 2.5% of the amount of loan.
You can choose to repay the entire amount of the loan at any point in time.
If you choose to pursue this option, please talk to one of our helpful business credit specialists. They’ll offer you with repayment details along with an early payout estimate. It will be calculated using the total of the remaining principal amount plus any accrued interest as of the time of early payout, plus 1.5% of the principal remaining plus any outstanding fees.
To ensure you do not miss due dates and also to be in line with your cash flow cycle we offer repayments that are either weekly or daily. These are automatically deducted from the nominated business account.
Security of your data, and being clear about the ways we gather data, process, exchange and protect your information, is of huge importance and is a crucial part of our relationship with you.
Yes. We use industry recognised encryption techniques to protect your sensitive, personal financial and other data. Our funders are ISO 27001 certified for our commitment to the security of our clients as well as their privacy. We use an advanced bank verification system link to immediately verify your bank account details online so we can provide a fast response.
The term "asset-based" refers to borrowing where a business owner borrows from an asset they own to secure the funds for a loan. The asset may be an individual property, such as the family home, or a company asset like a truck or piece of equipment.
The majority of banks, including the major banks, prefer to guarantee loans against an asset. If you are having difficulty paying back the loan, then your assets could be sold by the lender. In essence, it’s a way of securing new financing taking advantage of the value of what you already have.
For loans up to $150,000 there is no requirement for asset security before you are able to access the money but we do require a personal guarantee. In the event that you fulfill your loan obligations (as specified in your loan contract document) and you are able to meet your obligations, asset security is not required. If you take out loans in excess of $150,000 generally, there is the option of a personal ensure and security in the form charges on assets.
