The criteria for eligibility for an unsecured business loan in Auckland of between $5K and $100K is fairly low.
Looking for more funding? Find out the eligibility requirements for our $100K-$500K company loan.
All that’s required for starting is your contact information (company name, your name, email and phone) and the amount you’d like to borrow, as well as your monthly income.
During the process and before settlement we will need confirmation of who you are, but not before we can begin:
Additionally after we get started, for loans over $150,000 you will also need 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 which can be made daily or weekly.
It is possible to apply for your Small Business Loan in under 10 minutes over the phone. You’ll get an answer within the same day and have the funds on your account within 24 hours. Traditional business loans have an annual rate of interest as well as other fees and charges. Our company loan is a loan that is priced upfront which means you know ahead of time the amount you will have to pay, including any fees, interest or charges. This is then divided into weekly or daily payment amount.
It is a Small Business Loan can be used for virtually every company use, including control of cash flow company remodeling, marketing to purchase inventory or new equipment, or as general working capital and much more. The loan is not available for personal purposes.
The Larger Business Loan is a larger size loan to aid in business growth opportunities. Loans are between $100,000 and $500,000 with a fixed-term with a maximum of 36 months. The repayments are made weekly or fortnightly to work with the flow of cash.
This Larger Business Loan has an Origination Fee, calculated at 2.5 percentage of the amount of the loan.
To be eligible for a loan of this size, your business needs to be trading for at least 3 years and have an annual turnover of $700,000. You must be a New Zealand Citizen (or Permanent Resident) over 18 years as well as own a New Zealand company (with a valid NZBN/IRD) and be able of proving at the least 12 months of operating.
A Larger Business Loan can be used for nearly any business use, including business renovations, purchase of equipment or inventory, as general working capital and so much more. The loan is not available for personal use.
Asset security is needed for funding of more than $150,000. This can be done by way of charge on assets and can include registering this through the PPSR or making as a caveat.
A director’s or personal guarantee is a commitment to pay back a loan that is generally in nature rather than specifying the security for a particular asset. The person signing the guarantee is personally liable if the business creditor is unable to repay the debt.
The Personal Property Securities Register (PPSR) is an online, central register run by the New Zealand Government. It records security interests that have been registered in respect of personal property (including objects or assets). The PPSR permits priority over personal property to be assigned according to the date a security interest was registered.
Caveats are legal document lodged to provide notice of a legal claim on a property.
If you’re requesting an enterprise loan that is greater than $250,000 it is possible to offer a preliminary pre-approval to help simplify the process. We may be able to get this done without a credit check, and within 6 hours of your initial application. This pre-approval is made based on a preliminary assessment which includes you answering some financial health questions. It is in no way an offer, nor is it a guarantee of financing. Acceptance without condition is subject to a full credit assessment and any offer that you might receive could have different conditions.
You can apply for an company loan if you
The application process is quick and easy. Simply complete the online form in few minutes and a dedicated business lending specialist will call you to help you.
For a loan of up to $100,000 you’ll require the right identification documents (valid Driver’s Licence) as well as an NZBN/IRD that is valid and at least 6 months of bank statements.
For larger loan sizes, you’ll also require:
$100K to $250K: Application requirements, including credit approval, 6-12 months of IRD statements, bank statements (if credit is over $150K).
$250K-$500K: Information on the application including credit consent and 12 month bank accounts, the IRD statement, last 2 years finalised financial statements, and interim current financial year financials such as age-related payables and aged Receivables reports.
For an unsecured loan ($5K up to $100,000) We can usually provide an answer within one hour if you make your application in standard business timings and allow us to utilise the advanced bank verification system to instantly verify your bank’s information online. If you opt to submit copies of your bank statement, we’ll offer a decision within the span of one company day.
If you are applying for a Larger Business Loan ($100K to $500K) we could be capable of provide you with conditional pre-approval within six hours. After you’ve signed your pre-approval form, it will take between 2 and 3 days for the final approval. However, this can be quicker based on the circumstances of each application. Certain offers have been approved in 24 hours.
The fastest way would be to make sure you apply during normal company hours. Also, let us use the advance bank verification link to verify your bank information online. If you decide to send us duplicates of your banking statements , it will take a little longer.
For the Small Business Loan ($5K or more) we typically provide an answer within one hour – provided you submit your request in normal business hours and let us utilise the advanced bank verification system link to immediately verify your bank account information online. If you opt to upload copies of your banking statements, we will be able to provide a decision in just an business day.
If you are applying for Larger Business Loans ($100K up to $500,000) We may be in a position to offer you with conditional pre-approval in about six hours. Once you’ve signed your pre-approval, turnaround times are around 2-3 days for final approval. However, it could be faster based on the circumstances of each application. Some deals have been approved within the space of 24 hours.
The fastest method would be to make sure you apply during standard business hours. Also, allow us to use the advanced bank verification system link to instantly confirm your bank details online. If you upload documents from your account statements it will take a little longer.
We offer loans ranging from $5,000 to $500,000. When you make an application for a certain amount, we consider a variety of factors that determine what is the health of your business and the level of payments your company can afford. The amount you receive from the loan will be determined by the particular circumstances of your business.
If you apply for a set amount, we look at a range of elements to determine how much we can lend you such as 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 specific circumstances the business.
When you request one of our company loans, we will assess the risk assessment that you have for your business and offer you with a customised proposal that includes the amount of the loan, the duration and the interest rates. This business loan is an upfront priced loan which means you know the exact amount you will have to pay, including interest rates, fees or charges.
Interest rates for company loans rates depend on a variety of factors such as the amount that is of money borrowed, the company assets the money will be used for, the industry the company is operating in, how long the business has been operating and how long the business has enough cash flow to fund the loan, as well as the overall health and creditworthiness of the company.
There aren’t any hidden charges with our company loans. You’ll know precisely what it is that you need to pay and when, from the day you sign up. There’s no compounding interest and there are no additional charges (as as you make your payments punctually).
We don’t charge an Application Fee. You are able to apply for a loan with without any upfront costs or any obligation to sign up.
The Origination Fee includes the expenses associated with 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 percent of the amount of loan.
You can decide to repay the total amount of your loan early at any time.
If you are deciding to do this please contact our helpful company lending experts. We will provide you with repayment details as well as an early payout amount. This is calculated as the total of the principal balance and any accrued interest at the date of early payout in addition to 1.5 percent of the remaining principal plus any outstanding fees.
To make sure that you don’t miss repayments and to fit in your cash flow schedule, we offer repayments either weekly or daily. These are automatically deducted from your designated company account.
The security of your personal information, as well as knowing how we collect information, use it, and exchange it, as well as safeguard your data, is vital and an integral part of our relationship you.
Yes. We utilise industry-recognised encryption protocols to safeguard your sensitive, personal and financial data and our funders are ISO 27001 certified for our commitment to customer security and privacy. We make use of an advanced bank verification system link to immediately confirm your bank account information online to provide a fast response.
Asset-based borrowing occurs when an company owner uses an asset that they own to obtain the funds for a loan. The asset can be an individual asset, such as the family home, or it could be a business asset such as a truck or other piece of machinery.
The vast majority of lending institutions, even the big banks, tend to guarantee loans against assets. If you’re having trouble paying back the loan, then your assets could be taken over by the lender. In essence it is an opportunity to secure new financing by using the value of what you already have.
For loans of up to $150,000, no asset security is required prior to the loan’s access, however we do need an individual guarantee. In the event that you fulfill your loan obligations (as stipulated in your loan contract document) the security of assets is not needed. For loans over $150K generally, you can get an individual ensure and security in the form the charge of assets.
