The requirements for obtaining an unsecured business loan in Auckland of between $5K and $100K are fairly minimal.
Do you require more money? Check out the eligibility requirements for our $100K-$500K company loan.
All you need to begin is your contact information (the name of your company, your name, email and phone) and the amount you want to borrow, as well as your monthly income.
In the course of the process and before settlement we’ll require confirmation of who you are, but not before we can begin:
Additionally after we get started in the process, 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. Terms range from 3 and 24 month and cash flow friendly repayments, which are either daily or weekly.
It is possible to apply to get the Small Business Loan in under 10 minutes by phone. You will receive an immediate response, and have the funds on your account within 24 hours. Traditional company loans have an annual interest rate along with other charges and fees. The company loan is a loan that is priced upfront which means you know in advance the total amount due, which includes any interest, fees or charges. This is then broken down into either weekly or daily payment amount.
A Small Business Loan can be used for virtually any company need, such as control of cash flow company improvements, advertising to purchase inventory, new equipment, to fund general working capital and so much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger amount of loan to help company growth opportunities. Loans range between $100,000 and $500,000 with a term fixed up to 36 months. Repayments are weekly or fortnightly in order to accommodate your situation.
The Larger Business Loan has an Origination Fee which is calculated at 2.5% of the loan amount.
To be eligible for a loan that is this large the company needs to be trading for at least 3 years, and have an annual income of $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old or have a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at the least 12 months of operating.
A large business loan can be used for almost every company reason, such as company remodeling, buying inventory or new equipment for general working capital, and much more. The loan is not available for personal use.
Asset security is required to access funding over $150,000. It’s by way of charge against assets, which could also include the registration of this on the PPSR or registering as a caveat.
A director’s or personal guarantee is a commitment to pay off a credit line that is general in nature, rather than defining security over an asset. The person signing the guarantee is personally liable if the business the borrower fails to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register that is operated by the New Zealand Government. It contains security interests that are registered for personal property (including objects or assets). The PPSR allows priority over personal property to be assigned in accordance with the date on which a registration of a security interest.
The caveat can be described as a formal form of document to provide the public notice of a legal claim to property.
If you’re seeking the Larger Business Loan that exceeds $250K we may be able to provide a preliminary pre-approval to help ease the process. It is possible to get this done without a credit check and within 6 hours of the initial application. The pre-approval process is based on an initial assessment that includes you answering some financial health questions. This is not an offer or guarantee of financing. Acceptance without condition is subject to an exhaustive credit evaluation, and any offer you may receive may be subject to different conditions.
You may be eligible for a company loan if you;
The application process is fast and easy. Just fill out the online application in just a few minutes, and an experienced business credit specialist will contact you to guide you through the process.
To be eligible for up to $100,000, you’ll need proof of identity (valid Driver’s Licence) along with a valid NZBN/IRD as well as at least 6 months’ worth of bank statements.
In addition, for larger loan sizes, you’ll need:
$100K – $250K: Details of application, including credit consent, 6 – 12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K-$500K: Information on the application including credit consent, 12 months of bank records, IRD statements, last 2 years finalised financial statements, and interim financial statements for the current year such as age-related payables and aged Receivables Summary.
For an unsecured loan ($5K and up) we can often offer a response in one hour if you submit your request within quality business times and let us utilise the advanced bank verification system link to instantly verify your bank’s information online. If you choose to send us copies of your bank statements we can offer an answer within 1 business day.
For the Larger Business Loan ($100K to $500K) we may be likely to offer the conditional pre-approval in about six hours. After you’ve signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval. However, this can be quicker based upon the circumstances for each application. Some offers have been approved in less than 24 hours.
The quickest method would be to ensure you apply during standard business hours. Also, allow us to use our modern bank verification link to check your bank’s information online. If you decide to upload documents from your account statement, it takes a bit longer.
For the Small Business Loan ($5K and up) we typically provide an answer within one hour – as long as you submit your request within normal business timings and allow us to make use of the advanced bank verification system link to immediately verify your bank account information online. If you want to send us copies of your bank statements we can offer the decision within one business day.
For Larger Business Loans ($100K and up) we could be likely to provide you with a conditional pre-approval in around 6 hours. Once you’ve signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval, however this may be quicker depending upon the circumstances for each application. Some transactions have received approval in just 24 hours.
The fastest way would be to make sure you apply during standard business hours, and allow us to use our sophisticated bank verification link to instantly verify your bank account information online. If you opt to upload copies of your bank statements it can take a bit longer.
We provide the loan amount between $5,000 to $500,000. When you make an application for a specific amount we look at a variety of factors that determine how much we can lend you well-being that is your company and the extent of the repayments your company is able to afford. The amount you receive from your loan will depend on the specific circumstances of your business.
When you apply for a specific amount we will consider a number of variables to determine how much we can lend you such as well-being of the business and the amount of repayments that your business is able to afford. The amount you receive from the loan will be determined by the particulars of your company.
If you decide to request our company loan, we will assess the risk assessment for your company and offer you with a customised offer, including the amount of the loan, the duration and the interest rates. A company loan is an upfront priced loan therefore you will know the exact amount payable including any interest rates, fees or charges.
The interest rates on business loans rates differ based on various factors including the amount that is borrowed, what business assets the funds are used to purchase, the industry the company operates in, how long the business has been running for, how long the business has enough cash flow to cover the loan, and the general health as well as creditworthiness business.
There are no hidden costs with our company loans. You’ll know exactly how much you’ll be required to pay and when, right from the very first day. There’s no compounding interest and the loan comes with no additional fees (as as you make your payments punctually).
We don’t charge an Application Fee. You can apply for a loan with absolutely no upfront cost and no obligation to proceed.
The Origination Fee is the cost associated with setting up and managing the loan. You are only charged this fee if you decide to take the loan. Our Origination Fee is 2.5% of the loan amount.
You can choose to repay the entire amount of your loan at any point in time.
If you choose to take this route, please contact our helpful company lending experts. We will offer you with repayment details along with an early payout estimate. This is calculated as the total of the remaining principal amount plus any accrued interest as of the date of early payout plus 1.5 percent of the principal balance and any fees that remain unpaid.
To help you avoid missing due dates and also to be in line your cash flow schedule, we provide payments that are either daily or weekly. They will be automatically deducted from your nominated business account.
Security of your data, and making it clear how we collect information, use it, and exchange it, as well as ensure the security of your information is of paramount importance and an integral part of our relationship you.
Yes. We use industry recognised encryption standards to secure your personal, sensitive financial and other data. Our funders are ISO 27001 qualified for our dedication to protecting the security of clients and privacy. We employ a highly sophisticated bank verification system to immediately verify the bank account details online to provide a fast response.
Asset-based borrowing occurs when the company owner makes use of assets they own to secure the funds for a loan. The asset could be an individual asset, such as the family home, or a business property like a truck or other piece of machinery.
The vast majority of lending institutions, even the major banks, prefer to make loans secured by an asset. If you are having difficulty paying back the loan then your asset may be sold by the lender. In essence, it is means of securing new financing using the worth of the asset you already own.
Up to $150K in loans the requirement for asset security is not required before you are able to access the money However, we do need an individual guarantee. In the event that you fulfill your loan obligations (as stated in your loan contract document) and you are able to meet your obligations, asset security is not required. For loans over $150,000 generally, there is the option of a personal guarantee and security is provided in the form of a charge over assets.
