The requirements for getting an unsecured business loan in Auckland of between $5K to $100K are quite minimal.
Looking for more funding? Take a look at the guidelines for eligibility for our $100K-$500K business financing.
All that’s required for starting is your contact details (company name, your name, email and telephone) along with the amount you’d like to borrow, and your monthly revenue.
During the process and before settlement we will require confirmation of your identity, but not for starting:
After we start with loans greater than $150,000 you’ll require basic financial statements.
Let’s get started now.
Auckland unsecured loans provides amounts between $5,000 and $100,000. Terms range from 3 and 24 month and cash flow friendly repayments that are either per day or weekly.
Apply to get your Small Business Loan in under 10 minutes by phone. You will receive a same day response and funds may be on your account within 24 hours. Traditional company loans are based on an interest rate per annum together with additional fees and charges. The business loan is a pre-paid loan which means you be aware in advance of the total amount to be paid, including any interest, fees or charges. This is then divided into weekly or daily repayment figure.
The Small Business Loan can be used for almost every business purpose including the management of cash flow, company remodels and marketing to purchase inventory or new equipment, to fund 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 company growth opportunities. Loans range between $100,000 and $500,000 over a fixed term with a maximum of 36 months. Repayments are scheduled weekly or fortnightly depending on your cash flow.
A Larger Business Loan has an Origination Fee that is determined at 2.5% of the loan amount.
To qualify for a loan in this amount, your company needs to have been operating for at least three years with an annual turnover of at least $700K. You must be a New Zealand Citizen (or Permanent Resident) over 18 years and have a New Zealand business (with a valid NZBN/IRD) and be able of proving at least 12 months of trading.
A large business loan is a great option for almost every company reason, such as business renovations, purchase of new equipment or inventory as well as for general working capital and so much more. The loan cannot be used for personal reasons.
Asset security is required for funding of more than $150,000. It is usually as a result of an charge against assets, and could include registration on the PPSR or registering as a caveat.
A personal or director’s guarantee is a commitment to repay credit that is generally in nature rather than defining the security for a particular asset. The person signing the ensure is personally liable in the event that the company borrower is unable to make the repayment.
The Personal Property Securities Register (PPSR) is a central, national online registry run by the New Zealand Government. It reflects security interests which are registered with respect to personal property (including items or assets). The PPSR grants prioritisation over property that is personal to be granted depending on the date that a security interest that is registered.
The caveat can be described as a formal form of document to provide notice of a legal claim to a property.
When you’re applying for a Larger Business Loan of $250,000 or more we can offer an initial pre-approval to simplify the process. We may be able to do this without a credit check and within six hours of your initial application. This pre-approval is made based on an initial evaluation that involves the answer to a series of financial health questions. It’s not an offer or guarantee of finance. The approval of a conditional loan is subject to an exhaustive credit evaluation, and any offer you may receive may have different conditions.
You are eligible to apply for a business loan if you:
The application process is quick and simple. Just complete the online application within a couple minutes, and a dedicated business credit specialist will contact you to guide you through the process.
For a loan of up to $100,000 you’ll need identification details (valid Driver’s Licence) as well as an NZBN/IRD that is valid and at least six months of bank statements.
If you’re looking for loans with larger sizes, you’ll need:
$100K – $250K: Application requirements, including credit consent, 6 – 12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K to $500K: Information on the application including credit consent and 12 months bank statement, an IRD statements as well as the two most recent years’ financial statements, in addition to interim current financial year financials as well as Aged Payables and Receivables summary.
For an unsecured loan ($5K or more) We can usually provide an answer within one hour, provided you apply during standard company hours and allow us to utilise the bank verification system to instantly verify your bank information online. If you choose to submit copies of your bank statements we can offer the decision in just one business day.
For Larger Business Loans ($100K or more) we may be in a position to offer you with a conditional pre-approval within 6 hours. After you’ve signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval, however this can be quicker based on the specifics of each application. Some offers have been approved within the space of 24 hours.
The quickest way to apply is to ensure you apply during standard company hours, and allow us to use the advanced bank verification system to verify your bank information online. If you decide to send us the copies of bank statements it can take a bit longer.
For the Small Business Loan ($5K up to $100,000) We can usually provide an answer within an hour if you submit your request in normal business time and permit us to use 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 are able to offer a decision in as little as one business day.
If you are applying for Larger Business Loans ($100K and up) we could be capable of provide you with conditional pre-approval within about 6 hours. After you’ve signed the pre-approval document, you will need to wait between 2 and 3 days for the final approval. However, it could be faster based on the specifics of each application. Certain offers have been approved within the space of 24 hours.
The fastest method is to make sure you apply during normal business hours and allow us to use our modern bank verification link to confirm your bank details online. If you send us duplicates of your banking statement, it will take a little longer.
We provide loan amounts between $5,000 to $500,000. When you submit an application for a specific amount we consider a variety of factors to determine your health of your company and the amount of payments your company can support. The total amount of your loan will depend on the particular circumstances of your company.
When you make an application for a specific amount we look at a range of variables to assess the well-being of the company as well as the amount of repayments that your business can support. The amount you receive from your loan will depend on the specifics that are unique to your company.
When you request business loans with us business loans, we will assess the risk assessment that you have for your company and offer you with a customised offer including the amount of the loan, the duration and interest rates. A company loan is an upfront-priced loan and you’ll be aware of the total amount payable including any costs, fees, or interest rates.
Interest rates for business loans rates depend on several factors such as the amount that is borrowed, the business assets the funds are used to purchase and the sector the company is operating in, how long the business has been in operation, in the event that the company has sufficient cash flow to pay for the loan, as well as the general well-being or creditworthiness of the business.
There aren’t any hidden costs for our company loans, and you’ll know precisely how much you’ll be required to pay, and at what time, from the very first day. There’s no compounding interest, and no extra fees (as long as you make your payments punctually).
We don’t charge an application fee. You are able to apply for a loan with no upfront cost or obligation to proceed.
The Origination Fee covers the expenses involved with the setting up and management of the loan. You are only charged 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 entire amount of your loan early at any time.
If you are deciding to do this please speak to our friendly business credit experts. We will offer you with the details of your repayment along with an early payout estimate. The figure will be calculated as the sum of the principal balance plus any accrued interest as of the time of the early payout and 1.5% of the remaining principal and any fees that remain unpaid.
To make sure that you don’t miss payments and to work your cash flow schedule, we offer repayments either daily or weekly. These are automatically withdrawn from the nominated business account.
Protecting your information, and making it clear the ways we gather, use, exchange and secure your information, is crucial and an integral element of our relationship with you.
Yes. We employ industry-recognised encryption standards to protect your sensitive, personal financial and other data. Our funders are ISO 27001 certified for our commitment to the security of our clients as well as their security. We make use of an advanced banking verification system to immediately verify your bank account information online, allowing us to provide a fast response.
An asset-based loan is when an company owner utilises the assets they have to make a loan. The asset can be an individual asset, such as the family home or an company asset such as a vehicle or piece or equipment.
The vast majority of banks, even the major banks, prefer to secure loans against assets. If you’re struggling to pay back the loan, then your assets could be sold by the lender. In essence, it’s means of securing new financing using the worth of the asset you already own.
For loans up to $150,000 no asset security is required in advance to gain access to the funds however, we do require the personal guarantee. If you adhere to your loan obligations (as detailed in your loan contract document) Asset security will never be needed. If you take out loans in excess of $150K typically, you will need the option of a personal guarantee and security in the form of the charge of assets.
