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? Check out the eligibility requirements for our $100K to $500K business loans.
All that is needed to begin is your contact information (the name of your company, your name, email and telephone) along with the amount you’d like to borrow, and your monthly revenue.
Through the process and before settlement we’ll need confirmation of who you are, but not before we can begin:
After we start when it comes to loans of more than $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. The terms range between 3 and 24 months and cash flow friendly repayments that are either daily or weekly.
The application to this Small Business Loan in under 10 minutes online or on the phone. You’ll receive an immediate response, and the money could be in your account within 24 hours. Traditional company loans refer to an interest rate per annum along with other charges and fees. Our company loan is a pre-paid loan so you will be aware of the total amount due, which includes the interest, fees and charges. Then, it is broken down into weekly or daily amount to be paid back.
It is a Small Business Loan can be used for nearly every company reason, such as cash flow management, business renovations, 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 of loan that can be used to fund business growth opportunities. Loans are between $100,000 and $500,000 with a fixed-term that can last up to 36 months. Repayments are scheduled weekly or fortnightly in order to accommodate the flow of cash.
The Larger Business Loan has an Origination Fee which is calculated at 2.5 percentage of the amount of the loan.
In order to be eligible for a loan that is this large, your company needs to have been operating for at least three years and have an annual turnover of $700,000. Your company must belong to a New Zealand Citizen (or Permanent Resident) at least 18 years old as well as own a New Zealand company (with a valid NZBN/IRD) and be able to prove at minimum 12 months of business.
A Business Loan of a larger size is a great option for almost any company use, including business renovations, to purchase new equipment or inventory, as general working capital and much more. The loan is not available for personal reasons.
Asset security is needed for accessing funds over $150,000. It is usually by taking a charge over assets, and could be registered through the PPSR or the registration of as a caveat.
A director’s or personal ensure is a commitment to pay off a credit line that is generally in nature rather than stating security over a particular asset. The person signing the guarantee is personally accountable if the company creditor is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is an online, central register operated by the New Zealand Government. It reflects security interests that are registered for personal property (including items or assets). The PPSR permits prioritisation over property that is personal to be assigned according to the date a security interest was registered.
A caveat is a legal document filed to offer the legal claim to property.
If you’re applying for the Larger Business Loan of $250,000 or more we can offer a preliminary pre-approval to help ease the process. We might be able to get this done without a credit verification and within 6 hours of the initial application. This pre-approval is made based on an initial assessment that includes you answering a few financial health checks. It is neither an offer nor a guarantee of finance. Unconditional approval is subject to an exhaustive credit evaluation, and any offer you receive could have different conditions.
You can apply for an company loan if you;
The application process is fast and easy. Simply complete the online form within a few minutes and a dedicated business expert in lending will call you to assist you.
To be eligible for up to $100,000, you’ll need proof of identity (valid Driver’s License) and a valid NZBN/IRD as well as at least 6 months of bank statements.
Otherwise, for larger loan sizes, you’ll also need:
$100K – $250K: Details of application, including credit consent, 6-12 months of bank statements, IRD statement (if loan above $150K).
$250K-$500K: Information on the application including credit consent twelve months bank statement, an IRD statements and the last two years’ finalised financial statements, in addition to interim financials from the current financial year, Aged Payables and Aged Receivables reports.
For an unsecured loan ($5K up to $100,000) We can usually offer an answer within one hour if you submit your request during standard company time and allow us to utilise the bank verification system link to instantly verify your bank information online. If you choose to upload copies of your bank statement, we’ll offer a decision in as little as one company day.
For the Larger Business Loan ($100K to $500K) we might be in a position to offer you with pre-approval conditional to your application in around six hours. Once you’ve signed the pre-approval, the turnaround time is about 2-3 days for final approval, however this may be quicker depending on the particular circumstances of each application. Certain agreements have been approved within 24 hours.
The fastest way would be to ensure you apply during standard business hours and permit us to use the advanced bank verification system to instantly check your bank’s information online. If you send us copies of your bank statements , it will take a little longer.
For the Small Business Loan ($5K up to $100,000) we usually offer an answer in just one hour, provided you apply at standard business timings and allow us to use the bank verification system link to instantly verify your bank details online. If you opt to send us copies of your bank statements, we’ll be able to offer the decision within one business day.
If you are applying for Larger Business Loans ($100K to $500K) we could be in a position to offer you with a conditional pre-approval in about 6 hours. Once you’ve signed your pre-approval form, it will take approximately 2-3 days to receive final approval. However, this may be quicker depending on the circumstances of each application. Some deals have been approved in less than 24 hours.
The most effective method is to ensure you apply during standard business hours. You can also allow us to use the advanced bank verification system to instantly check your bank’s information online. If you decide to upload duplicates of your banking accounts, it takes a bit longer.
We provide loans that range from $5,000 to $500,000. If you apply for a certain amount we consider a variety of factors in order to assess your well-being for your company and the amount of repayments your company will be able to support. The total amount of your loan will depend on the specifics the business.
If you apply for a certain amount, we look at a range of aspects to determine the well-being of the company and the extent of repayments your business will be able to support. The total amount of your loan will depend on the specifics that are unique to your business.
When you apply for business loans with us business financing, we’ll assess the risk assessment that you have for your company and provide you with a customised offer including loan amount, term and the interest rates. The company loan is an upfront priced loan and you’ll know in advance the total amount to be paid, including any interest rates, fees or charges.
Business loan interest rates depend on a variety of factors such as the amount that is borrowed, the business assets the funds will be used for as well as the field the company operates in, the long the business has been operating, whether the company has enough cash flow to fund the loan, and also the overall well-being as well as creditworthiness company.
There are no hidden fees with our business loans. You’ll know precisely what it is that you need to pay and when, right from the very first day. There’s not any compounding interest and the loan comes with no additional fees (as long as you are able to make your payments in time).
We do not charge an application fee. You can get a cash loan without any upfront costs or obligation to proceed.
The Origination Fee covers the costs associated with setting up and managing the loan. The only way to pay this fee if you proceed with the loan. The Origination Fee for us is 2.5 percentage of the amount of the loan.
You can repay all of your advance loan at any time.
If you decide to do this please speak to our friendly business loans specialists. We will provide you with details for repayment along with an early payout estimate. It will be calculated using the sum of the remaining principal amount and accrued interest to the date of early payout and 1.5 percent of the principal balance and any fees that remain unpaid.
To ensure that you don’t miss payment dates and to align with your cash flow cycle we provide payments that are either daily or weekly. These are automatically deducted from the nominated business account.
Security of your data, and knowing how we collect data, process, exchange and secure your information, is of huge importance and a vital part of our relationship with you.
Yes. We utilise industry-recognised encryption protocols to safeguard your personal, sensitive financial information and our funders are ISO 27001 certified for our commitment to security for our clients and security. We make use of an advanced bank verification system to immediately verify your bank account information online so we can offer rapid response.
The term "asset-based" refers to borrowing where an company owner makes use of the assets they have to make a loan. The asset can be either an asset belonging to the personal, like the family home or it could be a business asset such as a truck or other piece of machinery.
The majority of lenders, including the major banks, prefer to guarantee loans against assets. If you’re having trouble paying back the loan, then the asset could be sold by the lender. In essence, it’s an opportunity to secure new funding 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 the personal guarantee. As long as you follow your loan commitments (as specified in the loan contract) the security of assets is not required. If you take out loans in excess of $150K typically, you will need personal ensure and security in the form a charge over assets.
