The requirements for obtaining an unsecured business loan in Auckland of between $5K to $100K are quite minimal.
Looking for more funding? Review the conditions of eligibility for our $100K to $500K company loans.
All that’s required to start is your contact details (the name of your company, your name, email, phone) and the amount you’d like to lend, and your monthly earnings.
While in the process and before settlement we will require confirmation of your identity but not before we can begin:
Additionally after we get started in the process, for loans over $150,000 you’ll require basic financial statements.
Let’s get started.
Auckland unsecured loans provides amounts of between $5,000 and $100,000 with terms between 3 and 24 months, cash flow-friendly repayments, which are either daily or weekly.
Apply to your Small Business Loan in under 10 minutes via the internet or over the phone, receive an immediate response, and funds may be on your account within 24 hours. Traditional company loans refer to an annual interest rate together with additional fees and charges. We offer a business loan is a cash-based loan which means you know in advance the total amount payable including any fees, interest or charges. This is then divided into a daily or weekly installment amount.
The Small Business Loan can be used for nearly any business purpose including control of cash flow company renovations, marketing to purchase inventory, new equipment, as general working capital and so much more. The loan is not available for personal use.
The Larger Business Loan is a larger size of loan that can be used to fund business expansion opportunities. Loans range between $100,000 and $500,000 with a term fixed up to 36 months. The repayments are made weekly or fortnightly depending on the flow of cash.
The Larger Business Loan has an Origination Fee, which is calculated at 2.5 percentage of the loan amount.
In order to be eligible for a loan that is this large, your business needs to have been operating for a minimum of 3 years and generate an annual revenue of $700,000. It is necessary to 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 minimum 12 months of continuous trading.
A large company loan can be used to fund almost any company reason, such as company improvements, purchasing new equipment or inventory for general working capital and so much more. The loan is not available for personal use.
Asset security is necessary for accessing funds over $150,000. It is usually as a result of an charge on assets, and may include the registration of this on the PPSR or making a caveat.
A personal or director’s guarantee is a guarantee to repay a loan which is generally in nature rather than specifying the security for a particular asset. The person who is signing the guarantee is personally liable if the business lender is not able to re-pay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register 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 priority over personal property to be granted depending on the date that a registration of a security interest.
A caveat is a legal form of document to provide the public notice of a legal claim to property.
If you’re requesting the Larger Business Loan of more than $250K we may be able to provide an initial pre-approval to smooth out the process. It is possible to apply for this without a credit check and within 6 hours of your initial application. This pre-approval is based on a preliminary assessment which includes answering a couple of financial well-being questions. It’s not an offer of credit or guarantee of finance. The approval of a conditional loan is subject to an exhaustive credit evaluation, and any offer that you might receive could be subject to different terms.
You can apply for a business loan if you:
The application process is fast and easy. Just fill out the online application within a couple minutes, and an experienced business credit specialist will be in touch to assist you.
To apply for up $100,000, you’ll need proof of identity (valid Driver’s License), an NZBN/IRD that is valid and at least six months worth of bank statements.
Otherwise, for larger loan sizes, you’ll also require:
$100K-$250K: Application details including credit approval, 6-12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K-$500K: Details of the application, including credit consent as well as 12 months of bank statements, IRD statements Last 2 years’ finalised financial statements, plus interim financials for the current financial year such as age-related payables and aged Receivables reports.
For an unsecured loan ($5K up to $100,000) we can often offer an answer within one hour if you make your application in quality business time and you allow us to make use of the advanced bank verification system link to immediately verify your bank account information online. If you decide to send us copies of your bank statements , we’ll be able to offer the decision in as little as one business day.
If you are applying for a Larger Business Loan ($100K up to $500,000) we may be able to offer you with pre-approval conditional to your application in around 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 transactions have received approval within less than 24 hours.
The quickest way to apply for you to apply is ensure you apply during standard business hours. You can also permit us to use the modern bank verification to verify your bank information online. If you choose to send us duplicates of your banking statements it can take a bit longer.
For the Small Business Loan ($5K or more) we usually provide a response in one hour – as long as you apply within normal business hours and allow us to use the advanced bank verification system link to instantly verify your bank’s information online. If you opt to upload copies of your banking statement, we’ll provide the decision in just one business day.
For the Larger Business Loans ($100K to $500K) we may be able to provide you with a conditional pre-approval in about six hours. Once you’ve signed the pre-approval, turnaround times are between 2 and 3 days for the final approval. However, this can be faster depending on the circumstances of each application. Some deals have been approved within the space of 24 hours.
The fastest way for you to apply is ensure you apply during standard business hours, and allow us to use the advance bank verification link to check your bank’s information online. If you decide to upload duplicates of your banking statements it takes a bit longer.
We provide loan amounts between $5,000 to $500,000. When you submit an application for a certain amount, we will consider a number of factors for determining the well-being of the company and the amount of repayments that your business can afford. The total amount of your loan will depend on the particular circumstances the business.
When you make an application for a set amount, we consider a variety of aspects to assess your health for your company and the amount of repayments that your business will be able to support. The amount you receive from your loan will be contingent on the specific circumstances the business.
When you make an application for business loans with us company loan, we will assess the risk assessment that you have for your business and offer you with a tailored proposal that includes loan amount, term and the interest rates. A business loan is an upfront cost loan so you will know the exact amount to be paid, including any costs, fees, or interest rates.
Interest rates for company loans rates depend on several factors including the amount of money borrowed, the company assets the money will be used for as well as the field the business operates in, the long the company is in operation for, what percentage of the company has enough cash flow to cover the loan, as well as the overall well-being and creditworthiness of the business.
There aren’t any hidden costs for our business loans, and you’ll be aware of the amount it is that you be required to pay and when, starting from day one. There’s not any compounding interest and there are no additional charges (as long as you make your payments on time).
We do not charge an Application Fee. You can make an application for loans with no cost upfront or commitment to apply.
The Origination Fee covers the costs associated with setting up and managing the loan. It is only charged for this fee if you choose to proceed with the loan. The Origination Fee for us is 2.5% of the loan amount.
You may choose to pay back all of your loan early at any time.
If you decide to take this route, please talk to one of our helpful business loans specialists. We will offer you with the details of your repayment as well as an early payout amount. The figure will be calculated as the sum of the remaining principal amount and the accrued interest up to the date of early payout and 1.5 percent of the principal remaining and any outstanding fees.
To ensure you do not miss due dates and also to be in line your cash flow cycle we offer repayments either daily or weekly. These are automatically withdrawn from your company account.
Making sure that your information is secure, and knowing the ways we gather the information we collect, use, share and ensure the security of your information is of huge importance and a vital element of our relationship with you.
Yes. We employ industry-recognised encryption standards to protect your sensitive, personal and financial data and our funders are ISO 27001 certified for our commitment to the security of our clients as well as their privacy. We employ a highly sophisticated bank verification system link to instantly verify the bank account details online so we can provide an immediate response.
An asset-based loan is when an business owner makes use of an asset they own to secure the funds for a loan. The asset can be an individual property, such as the family home or a business asset such as a truck or other piece of machinery.
The majority of lenders, including the big banks, tend to secure loans against an asset. If you are having difficulty paying back the loan then the asset might be taken over by the lender. In essence it’s the process of securing new funding making use of the value of what you already have.
Up to $150K in loans it is not necessary to secure assets in advance to gain access to the funds, however we do require a personal guarantee. As long as you follow the terms of your loan (as detailed in your loan contract document) the security of assets will never be needed. If you take out loans in excess of $150K generally, there is an individual guarantee and security is provided in the form of charges on assets.
