The criteria for eligibility for an unsecured business loan in Auckland of between $5K and $100K is fairly low.
Looking for more funding? Check out the guidelines for eligibility for our $100K-$500K business loans.
All that’s needed to get started is your contact information (the name of your company, your name, email address and phone) and the amount you want to borrow, and your monthly revenue.
Through the process and before settlement we’ll require confirmation of who you are, but not before we can begin:
In addition, once we have started, for loans greater than $150,000 you will also require basic financial statements.
Let’s get started.
Auckland unsecured loans offers the range of $5,000 to $100,000 with terms between 3 and 24 months. They also offer cash flow friendly repayments, which are either daily or weekly.
Apply to the Small Business Loan in under 10 minutes on the internet or on the phone. You’ll receive an instant response and the money could be available in just 24 hours. Traditional company loans refer to an annual rate of interest together with additional fees and charges. This company loan is a pre-paid loan and you’ll know ahead of time the total amount to be paid, including the interest, fees and charges. This is then broken down into a daily or weekly repayment figure.
A Small Business Loan can be used for nearly every business purpose including cash flow management, company improvements, advertising for purchasing inventory or new equipment, as general working capital and much more. The loan cannot be used to fund personal expenses.
The Larger Business Loan is a larger amount of loan to help company expansion opportunities. The loan ranges from $100,000 to $500,000 over a fixed term with a maximum of 36 months. Repayments are scheduled weekly or fortnightly depending on the flow of cash.
The Larger Business Loan has an Origination Fee, which is determined at 2.5 percent of the loan amount.
To be eligible for a loan in this amount the business needs to have been operating for at least three years and generate an annual revenue of $700K. You must be a New Zealand Citizen (or Permanent Resident) at least 18 years old or have a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at the least 12 months of operating.
A Larger Business Loan can be used to fund almost every company need, including business remodeling, buying equipment or inventory for general working capital and so much more. The loan is not available to fund personal expenses.
Asset security is necessary for accessing funds over $150,000. This is as a result of an charge on assets and can include the registration of this with the PPSR or making a caveat.
A director’s or personal ensure is a commitment to repay a loan which is generally based rather than stipulating security over an asset. The person who signs the guarantee 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 register that is operated by the New Zealand Government. It lists security interests that are registered in respect of personal property (including the assets or goods). The PPSR allows prioritisation over property that is personal to be assigned according to the date a registration of a security interest.
The caveat can be described as a formal form of document to offer an official notice of a claim on a property.
If you’re seeking an enterprise loan of $250,000 or more we may be able to provide an initial pre-approval in order to simplify the process. We may be able to make this decision without a credit check, and within six hours of your initial application. This pre-approval is based on an initial assessment that includes you answering some financial well-being checks. It is in no way an offer, nor is it a guarantee of finance. Acceptance without condition is subject to an exhaustive credit evaluation, and any offer you are offered could be on different conditions.
You may be eligible for an company loan if you:
The application process is fast and simple. Just fill out the online application in just a few minutes, and a dedicated business lending specialist will be in touch to help you.
To be eligible for up to $100,000, you’ll need ID details (valid Driver’s License) along with an active NZBN/IRD, 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 IRD statements, bank statements (if you have a loan of more than $150K).
$250K – $500K: Details for application including credit consent twelve months bank statement, an IRD statement Last 2 years’ finalised financial statements, plus interim financials from the current financial year such as age-related payables and aged Receivables Summary.
For an unsecured loan ($5K up to $100,000) we typically provide an answer within one hour, provided you submit your request at standard company time and let us use the advanced bank verification system to instantly verify your bank details online. If you want to send us copies of your bank statements , we’ll be able to provide an answer within the span of one business day.
For the Larger Business Loan ($100K up to $500,000) we might be capable of provide the conditional pre-approval in around 6 hours. After you’ve signed your pre-approval, the turnaround time is about 2-3 days for final approval. However, it could be faster based upon the circumstances for each application. Some agreements have been approved within 24 hours.
The quickest method is to ensure you apply during standard company hours. You can also permit us to use the advance bank verification to check your bank’s information online. If you opt to upload documents from your account statement, it takes a bit longer.
For the Small Business Loan ($5K or more) We can usually offer a response in one hour – provided you make your application during standard business timings and allow us to utilise the advanced bank verification system to instantly verify your bank information online. If you want to send us copies of your bank statement, we’ll offer an answer within an business day.
If you are applying for Larger Business Loans ($100K to $500K) we may be capable of provide you with conditional pre-approval in about 6 hours. Once you have signed the pre-approval form, it will take around 2-3 days for final approval, however this may be quicker depending upon the circumstances for each application. Certain offers have been approved within less than 24 hours.
The fastest way would be to ensure you apply during standard business hours and allow us to use our sophisticated bank verification link to confirm your bank details online. If you upload documents from your account statements it may take a bit longer.
We provide loans ranging from $5,000 to $500,000. When you make an application for a particular amount, we consider a variety of elements in order to assess how much we can lend you health that is your business and the extent of repayments that your business can support. The amount you receive from your loan will be contingent on the specific circumstances of your company.
If you apply for a particular amount, we consider a variety of aspects to determine the health for your business and the level of the repayments your company is able to afford. The total amount of your loan will be determined by the particulars of your company.
When you apply for the business loans, we’ll assess the risk profile of your business and provide you with a customised offer, including the amount of loan, the term and interest rates. The company loan is an upfront-priced loan so you will be aware in advance of the total amount you will have to pay, including costs, fees, or interest rates.
The interest rates on business loans rates depend on several factors including the amount of money borrowed, the company assets the money will be used for and the sector the company is in, how long the company has been in operation and what percentage of the company has enough cash flow to cover the loan, and also the general health or creditworthiness of the company.
There are no hidden fees for our company loans. You’ll know precisely how much you need to pay and at what time, from the very first day. There’s no compounding interest and no extra fees (as long as you are able to make your payments punctually).
We don’t charge an Application Fee. You are able to apply for a loan with absolutely no upfront cost and no the obligation to take action.
The Origination Fee is the cost associated in establishing and managing the loan. The only way to pay this fee if you choose to proceed with the loan. The Origination Fee for us is 2.5 percentage of the amount of loan.
You can choose to repay the total amount of your loan in full at any time.
If you decide to do this please call our helpful business loans experts. They will provide you with the details of your repayment along with an early payout estimate. This will be calculated as the total of the principal balance and accrued interest to the time of early payment plus 1.5% of the principal amount remaining and any outstanding fees.
In order to help you avoid missing payments and to work with your cash flow cycle we offer repayments either weekly or daily. These are automatically withdrawn from your business account.
Making sure that your information is secure, and making it clear the ways we gather data, process, exchange and safeguard your data, is vital and an integral part of our relationship with you.
Yes. We make use of industry-standard encryption standards to secure your personal, sensitive as well as financial data. Our funders are ISO 27001 certified for our commitment to protecting the security of customers and privacy. We make use of an advanced banking verification system to immediately verify your bank account information online to provide an immediate response.
The term "asset-based" refers to borrowing where the company owner utilises an asset they own to make the funding. The asset can be either an asset belonging to the personal, like the family home or it could be a business property like a truck or piece of equipment.
The vast majority of the lenders even the major banks, prefer to make loans secured by an asset. If you’re having trouble paying back the loan then the asset might be taken over by the lender. In essence it is a way of securing new financing by using the value of what you already have.
Up to $150K in loans there is no requirement for asset security in advance to gain access to the funds, however we do require an individual guarantee. If you adhere to the loan terms (as specified in the loan contract), asset security is not needed. If you take out loans in excess of $150,000 generally, there is a personal ensure and security in the form the charge of assets.
