The criteria for eligibility for an unsecured business loan in Auckland of between $5K and $100K are fairly minimal.
Are you looking for additional funding? Review the eligibility requirements for our $100K-$500K company loans.
All that’s needed to get started is your contact details (company name, your name, email, phone) and the amount you’d like to lend, as well as your monthly income.
While in the process and before settlement we’ll require confirmation of your identity, but not to get started:
Once we’ve started with loans of more than $150,000 you’ll also need basic financial statements.
Let’s get started.
Auckland unsecured loans offers amounts of between $5,000 and $100,000. Terms range from 3 and 24 months, cash flow friendly repayments that are either per day or weekly.
It is imaginable to apply to get the Small Business Loan in under 10 minutes on the internet or over the phone. You’ll get an immediate response, and the funds could be available in just 24 hours. Traditional business loans are based on an annual interest rate along with other charges and fees. This company loan is an upfront priced loan and you’ll be aware in advance of the amount you will have to pay, including the interest, fees and charges. Then, it is broken down into a daily or weekly installment amount.
A Small Business Loan can be used to fulfill almost every business need, such as cash flow management, company remodeling, marketing to purchase inventory, new equipment, for general working capital and much more. The loan cannot be used for personal reasons.
The Larger Business Loan is a larger size loan to aid in business expansion opportunities. Loans range from $100,000 to $500,000 over a fixed term with a maximum of 36 months. The repayments are made weekly or fortnightly to work with your cash flow.
This Larger Business Loan has an Origination Fee, determined at 2.5 percent of the loan amount.
To be eligible for a credit that is this large, your company needs to have been trading for at least 3 years and have an annual turnover of $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) who is over the age of 18, own a New Zealand company (with a valid NZBN/IRD) and be able of proving at minimum 12 months of business.
A Business Loan of a larger size can be used for almost all business reason, such as company renovations, purchase of new equipment or inventory as well as for general working capital and much more. The loan is not available for personal use.
Asset security is required for accessing funds over $150,000. This is by taking a charge on assets, and may be registered on the PPSR or the registration of a caveat.
A personal or director’s guarantee is a promise to pay back a loan that is general in nature rather than defining the security for a particular asset. The person 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 register that is operated by the New Zealand Government. It records security interests that have been registered in respect of personal property (including goods or assets). The PPSR grants priority over personal property to be assigned in accordance with the date on which a security interest was registered.
The caveat can be described as a formal form of document to offer notice of a legal claim on a property.
When you’re applying for an enterprise loan of $250,000 or more, we may offer an initial pre-approval in order to ease the process. We might be able to apply for this without credit checks and within six hours of your initial application. The pre-approval process is based on an initial evaluation that involves the answer to a series of financial health questions. It is neither an offer nor a guarantee of credit. Acceptance without condition is subject to an extensive credit evaluation and any offer that you are offered could be subject to different conditions.
You may be eligible for a business loan if you:
The application process is simple and easy. Just fill out the online application in just a few minutes, and a dedicated company expert in lending will call you to guide you.
For a loan of up to $100,000 you’ll need identification details (valid Driver’s Licence) along with an active NZBN/IRD, and at least 6 months of bank statements.
For larger loan sizes, you’ll require:
$100K to $250K: Information about the application including credit consent, 6-12 months of bank statements, IRD statement (if loan above $150K).
$250K to $500K: Application details including credit consent as well as 12 month bank accounts, the IRD statement and the last two years’ finalised financial statements, in addition to interim current financial year financials as well as Aged Payables and Receivables summary.
For an unsecured loan ($5K to $100K) we can often offer a response in one hour if you make your application in standard company time and permit us to utilise the advanced bank verification system link to instantly verify your bank details online. If you want to submit copies of your bank statements we can provide an answer within just one company day.
For the Larger Business Loan ($100K up to $500,000) we might be able to offer you with conditional pre-approval in around six hours. After you’ve signed the pre-approval, turnaround times are around 2-3 days for final approval, however it could be faster based on the particular circumstances of each application. Some agreements have been approved in less than 24 hours.
The quickest way to apply would be to make sure you apply during standard company hours and let us use the advance bank verification to instantly confirm your bank details online. If you send us the copies of bank statement, it takes a bit longer.
For the Small Business Loan ($5K and up) we typically offer an answer in just one hour – provided you apply at normal business timings and permit us to use the bank verification system link to instantly verify your bank information online. If you choose to upload copies of your bank statement, we’ll provide a decision in just one business day.
If you are applying for Larger Business Loans ($100K to $500K) We may be in a position to offer you with pre-approval conditional to your application within six hours. Once you have signed the pre-approval, turnaround times are about 2-3 days for final approval. However, this could be shorter based on the circumstances of each application. Certain deals have been approved in 24 hours.
The fastest way for you to apply is ensure you apply during normal business hours and allow us to use our sophisticated bank verification link to verify your bank information online. If you upload documents from your account statement, it takes a bit longer.
We offer loans ranging from $5,000 to $500,000. When you make an application for a specific amount we consider a variety of elements for determining how much we can lend you health of your company and the amount of the repayments your company will be able to support. The total amount of your loan will be contingent on the particular circumstances of your company.
When you make an application for a particular amount, we will consider a number of factors to determine how much we can lend you such as health that is your company and the extent of repayments your business can support. The total amount of your loan will be contingent on the particular circumstances of your business.
When you apply for the company credit, we’ll assess the risk assessment that you have for your business and provide an individualised offer, including loan amount, term and interest rates. The business loan is a loan that is priced upfront therefore you will know in advance the total amount due, which includes any interest rates, fees or charges.
Interest rates for business loans rates depend on several factors such as the amount that is borrowed, what business assets the funds will be used for as well as the field the business is in, how long the business has been in operation, whether the business has enough cash flow to support the loan, and overall health and creditworthiness of the business.
There are no hidden fees for our company loans. You’ll be aware of the amount you be required to pay, and when, from the first day. There’s no compounding and no extra fees (as as long as you pay your payments punctually).
We don’t charge an Application Fee. You are able to apply for a loan with with no upfront cost or commitment to apply.
The Origination Fee includes the expenses associated with setting up and managing the loan. It is only charged for this fee if you decide to take the loan. The Origination Fee for us is 2.5 percentage of the loan amount.
You can choose to repay all of your loan early at any time.
If you do decide to do this please contact our helpful business credit professionals. We will offer you with details on repayment as well as an early payout amount. It will be calculated using the total of the principal balance plus any accrued interest as of the date of early payout and 1.5% of the principal balance and any outstanding fees.
In order to help you avoid missing repayments and to fit in with your cash flow standard, we provide repayments either weekly or daily. These are automatically deducted from your designated business account.
The security of your personal information, as well as being clear about the ways we gather the information we collect, use, share and secure your information, is crucial and a vital aspect of our relationship with you.
Yes. We make use of industry-standard encryption techniques to protect your personal, sensitive financial information and our funders are ISO 27001 certified for our commitment to the security of our clients as well as their privacy. We utilise a sophisticated banking verification system to instantly verify the bank account details online so we can offer an immediate response.
The term "asset-based" refers to borrowing where the company owner utilises an asset that they own to obtain the funding. The asset may be a personal asset like the family home, or it could be a company asset like a truck or piece of equipment.
The vast majority of banks, even the largest banks, are inclined to make loans secured by assets. If you’re having trouble paying back the loan, the asset could be offered for sale by the lender. In essence, it is an opportunity to secure additional financing making use of the value of what you already own.
For loans that exceed $150,000, it is not necessary to secure assets in advance to gain access to the funds but we require a personal guarantee. require an individual guarantee. So long as you comply with your loan commitments (as stipulated in your loan contract document) the security of assets will never be needed. For loans over $150K generally there is an individual guarantee and security is provided in the form of the charge of assets.
