The requirements for getting an unsecured business loan in Auckland of between $5K and $100K are pretty minimal.
Looking for more funding? Find out the conditions of eligibility for our $100K to $500K company loan.
All that’s required to get started is your contact information (the name of your company, your name, email or phone number) and the amount you’d like to borrow as well as your monthly income.
In the course of the process and before settlement we’ll require confirmation of your identity, but not before we can begin:
Once we’ve started, for loans that exceed $150,000, you’ll also require basic financial statements.
Let’s get started.
Auckland unsecured loans offers amounts of between $5,000 and $100,000 with terms between 3 and 24 months and cash flow friendly repayments which can be made daily or weekly.
You can apply for this Small Business Loan in under 10 minutes over the phone. You’ll get an immediate response, and the funds could be on your account within 24 hours. Traditional company loans refer to an interest rate per annum together with additional fees and charges. The company loan is a loan that is priced upfront and you’ll be aware of the total amount to be paid, including any fees, interest or charges. Then, it is divided into weekly or daily repayment figure.
A Small Business Loan can be used for nearly any business reason, such as managing cash flows, business improvements, advertising to purchase inventory, new equipment, for general working capital and much more. The loan cannot be used for personal use.
The Larger Business Loan is a larger size of loan that can be used to fund company expansion opportunities. The loan ranges from $100,000 to $500,000 with a term fixed with a maximum of 36 months. Repayments are scheduled weekly or fortnightly in order to accommodate the flow of cash.
This Larger Business Loan has an Origination Fee that is determined at 2.5% of the amount of the loan.
To qualify for a loan of this size, your business needs to be trading for at least 3 years and generate an annual revenue of at least $700K. Your business must belong to 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 to prove at minimum 12 months of continuous trading.
A larger business loan is a great option for almost any business reason, such as business improvements, purchasing new equipment or inventory for general working capital, and much more. The loan is not available for personal reasons.
Asset security is necessary to obtain funding above $150,000. This can be done by taking a charge against assets, which could also include the registration of this through the PPSR or making a caveat.
A personal or director’s ensure is a guarantee to repay credit that is generally based rather than stipulating the security for a particular asset. The person who is signing the guarantee is personally liable if the company borrower is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online central registry run by the New Zealand Government. It contains security interests registered in respect of personal property (including items or assets). The PPSR allows the priority of personal property assigned according to the date a registration of a security interest.
An affidavit is an official document that is filed to provide the public notice of a legal claim against a property.
If you’re requesting an enterprise loan of more than $250,000 we may be able to provide a preliminary pre-approval to help make the process. We could be able to do this without a credit check 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 well-being questions. It’s neither an offer nor a guarantee of financing. Unconditional approval is subject to an exhaustive credit evaluation, and any offer that you are offered could be subject to different terms.
You may be eligible for a company loan if you:
The application process is quick and simple. Simply complete the online form in just a few minutes, and a dedicated company credit specialist will call you to assist you.
For a loan of up to $100,000 you’ll require proof of identity (valid Driver’s Licence) as well as a valid NZBN/IRD and at least 6 months’ worth of bank statements.
For larger loan sizes, you’ll need:
$100K to $250K: Application requirements, including credit consent, 6-12 months of bank statements, IRD statement (if credit is over $150K).
$250K – $500K: Details for application including credit consent as well as 12 month bank accounts, the IRD statement, last 2 years finalised financial statements, as well as interim financial statements for the current year, Aged Payables and Aged Receivables summaries.
For an unsecured loan ($5K up to $100,000) We can usually offer an answer within an hour if you submit your request during quality company times and let us make use of the advanced bank verification system to immediately verify your bank account information online. If you choose to submit copies of your bank statements , we are able to offer an answer in as little as 1 company day.
For the Larger Business Loan ($100K or more) we might be capable of offer you with a conditional pre-approval within about 6 hours. After you’ve signed your pre-approval, the turnaround time is about 2-3 days for final approval, however this may be quicker depending on the circumstances of each application. Certain deals have been approved within 24 hours.
The quickest way to apply is to make sure you apply during standard business hours, and let us use the advance bank verification to instantly check your bank’s information online. If you send us duplicates of your banking statements it can take a bit longer.
For the Small Business Loan ($5K or more) we typically offer an answer in just one hour if you submit your request in normal business times and let us use the advanced bank verification system link to instantly verify your bank details online. If you choose to send us copies of your bank statements we can offer an answer within 1 business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we could be able to offer you with pre-approval conditional to your application within 6 hours. After you’ve signed the pre-approval, turnaround times are around 2-3 days for final approval, however this can be faster depending on the circumstances of each application. Some transactions have received approval in 24 hours.
The quickest method is to ensure you apply during standard business hours. You can also let us use the modern bank verification link to instantly verify your bank account information online. If you send us documents from your account accounts, it can take a bit longer.
We offer loans that range from $5,000 and $500,000. If you apply for a specific amount we take into consideration a range of variables to determine the health of the business and the extent of repayments your company will be able to support. The total amount of your loan will be contingent on the specifics the company.
If you apply for a set amount, we take into consideration a variety of elements to assess the well-being of your business and the extent of the repayments your company can support. The total amount of your loan will be determined by the specifics of your business.
If you decide to apply for the company loan, we’ll assess the risk assessment that you have for your business and provide you with a tailored offer, including loan amount, term and the interest rates. The business loan is an upfront priced loan so you will know in advance the total amount to be paid, including any charges or interest.
Business loan interest rates vary due to factors like the amount of money borrowed, what company assets the money are used to purchase, the industry the business operates in, the long the business has been running, how long the company has enough cash flow to cover the loan, and the general health and creditworthiness of the business.
There are no hidden costs for our business loans. You’ll know precisely how much it is that you need to pay and when, right from day one. There’s not any compounding interest and there are no additional charges (as as long as you pay your payments on time).
We don’t charge an Application Fee. You can make an application for loans with without any upfront costs or commitment to apply.
The Origination Fee covers the costs associated with setting up 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% of the amount of loan.
You may choose to pay back the entire amount of the advance loan at any time.
If you do decide to do this please speak to our friendly business credit experts. We will provide you with details on repayment along with an early payout estimate. It will be calculated using the sum of the principal balance plus any accrued interest as of the time of early payout, plus 1.5% of the principal amount remaining plus any outstanding fees.
To ensure you do not miss payment dates and to align with your cash flow cycle we provide repayments either weekly or daily. They will be automatically deducted from your nominated company account.
The security of your personal information, as well as knowing how we collect data, process, exchange and protect your information, is crucial and a vital aspect of our relationship with you.
Yes. We make use of industry-standard encryption standards to secure your sensitive, personal financial and other data. Our funders are ISO 27001 qualified for our commitment to the security of our clients as well as their security. We make use of an advanced bank verification system link to immediately verify your bank account information online. This allows us to provide a fast response.
An asset-based loan is when a company owner borrows from an asset that they own to make a loan. The asset can be either a personal asset like the family home, or a company property like a truck as well as a piece of machine.
The majority of lending institutions, not just the big banks, tend to secure loans against an asset. If you are having difficulty paying back the loan, then the asset could be transferred to the lender. In essence, it is the process of securing additional financing using the value of what you already have.
For loans of up to $150K, it is not necessary to secure assets before you can access the money However, we do need a personal guarantee. As long as you follow the terms of your loan (as detailed in your loan contract) and you are able to meet your obligations, asset security is not required. If you take out loans in excess of $150K typically, you will need the option of a personal ensure and security is provided in the form of charges on assets.
