The criteria for eligibility for an unsecured business loan in Auckland of between $5K and $100K are pretty minimal.
Need more funds? Take a look at the guidelines for eligibility for our $100K-$500K company financing.
All that is needed to start is your contact information (company name and your name, as well as email and phone) as well as the amount you’d like to borrow, and your monthly revenue.
While in the process and before settlement we’ll need confirmation of your identity but not to get started:
After we start with loans over $150,000 you will also need basic financial statements.
Let’s get started now.
Auckland unsecured loans provides amounts of between $5,000 and $100,000. The terms range between 3 and 24 months and cash flow friendly repayments, which are either daily or weekly.
It is possible to apply to the Small Business Loan in under 10 minutes via the internet or on the phone. You’ll receive an immediate response, and funds may be available in just 24 hours. Traditional company loans reference an annual interest rate plus other fees and charges. Our company loan is an upfront priced loan therefore you’ll know in advance the total amount payable including any fees, interest or charges. This is then divided into a daily or weekly repayment figure.
A Small Business Loan can be used for virtually every business reason, such as managing cash flows, company remodeling, marketing, to purchase inventory or new equipment, for general working capital and so much more. The loan is not available for personal purposes.
The Larger Business Loan is a larger loan size to support company growth opportunities. The loan ranges from $100,000 to $500,000 with a term fixed that can last up to 36 months. Repayments are weekly or fortnightly in order to accommodate you cashflow.
A Larger Business Loan has an Origination Fee that is calculated at 2.5 percent of the loan amount.
To be eligible for a loan that is this large, your company needs to have been in operation for at least 3 years and have an annual turnover of $700K. You must be a New Zealand Citizen (or Permanent Resident) at least 18 years old and have a New Zealand company (with a valid NZBN/IRD) and be able to prove at the least 12 months of operating.
A larger business loan is a great option for almost any company use, including business renovations, to purchase new equipment or inventory for general working capital and much more. The loan is not available for personal purposes.
Asset security is required for funding of more than $150,000. It is usually as a result of an charge against assets and can include the registration of this with the PPSR or registering a caveat.
A personal or director’s guarantee is a guarantee to pay off a credit line that is generally in nature rather than defining the security of a specific asset. The person who signs the guarantee is personally liable if the company creditor is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is a central, national online register that is operated by the New Zealand Government. It lists security interests that are that are registered for personal property (including objects or assets). The PPSR gives preference over private property assigned according to the date a security interest was registered.
An affidavit is an official form of document to offer the public notice of a legal claim on a property.
If you’re seeking an enterprise loan of more than $250,000 we may be able to provide a preliminary pre-approval to help ease the process. We might be able to apply for this without a credit verification and within 6 hours of your initial application. The pre-approval process is based on an initial assessment, which involves you answering some financial health checks. It is in no way an offer, nor is it a guarantee of funds. Unconditional approval is subject to an assessment of your creditworthiness and any offer you receive could be subject to different terms.
You are eligible to apply for a business loan if you;
The application process is simple and easy. Complete the online form within a few minutes and a dedicated business loan specialist will contact you to help you.
To be eligible for up to $100,000, you’ll need proof of identity (valid Driver’s Licence) as well as an NZBN/IRD that is valid and at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll need:
$100K-$250K: Information about the application including credit consent, 6 – 12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K-$500K: Details for application including credit consent and 12 months of bank records, IRD statements and the last two years’ finalised financial statements, and interim financial statements for the current year as well as Aged Payables and Receivables reports.
For an unsecured loan ($5K to $100K) we typically provide an answer within an hour – as long as you submit your request at standard company hours and you allow us to use the advanced bank verification system link to instantly verify your bank’s information online. If you want to upload copies of your banking statement, we’ll offer the decision within just an company day.
For the Larger Business Loan ($100K or more) we may be likely to provide you with conditional pre-approval in around 6 hours. Once you have signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval. However, it could be faster based on the specifics of each application. Certain deals have been approved in less than 24 hours.
The quickest method can be make sure you apply during standard business hours, and allow us to use our advanced bank verification system link to instantly confirm your bank details online. If you upload duplicates of your banking statements it takes a bit longer.
For the Small Business Loan ($5K up to $100,000) we typically provide an answer in just one hour if you make your application at standard business times and let us use the bank verification system link to instantly verify your bank details online. If you want to upload copies of your banking statements we can offer an answer in just an business day.
If you are applying for Larger Business Loans ($100K and up) we may be in a position to provide you with conditional pre-approval in around six hours. Once you’ve signed the 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. Certain deals have been approved in 24 hours.
The quickest method for you to apply is ensure you apply during normal business hours and let us use the advance bank verification link to instantly confirm your bank details online. If you choose to send us duplicates of your banking statements, it will take a little longer.
We offer loans ranging from $5,000 and $500,000. If you apply for a certain amount, we take into consideration a range of aspects for determining your well-being for your company and the amount of repayments your company is able to afford. The amount you receive from the loan will be determined by the particular circumstances of your company.
When you submit an application for a set amount, we consider a variety of variables to assess the health of the business and the amount of repayments your business will be able to support. The amount you receive from the loan will be determined by the specifics the business.
If you decide to apply for one of our business loan, we will assess the risk profile for your business and offer you with a customised offer, including the amount of loan, the term and interest rates. It is a company loan is an upfront cost loan therefore you will be aware in advance of the total amount you will have to pay, including costs, fees, or interest rates.
Interest rates for business loans rates vary due to factors including the amount that is borrowed, what company assets the funds are used to purchase as well as the field the company operates in, how long the business has been operating as well as what percentage of the business has enough cash flow to cover the loan, and also the overall health or financial standing of the business.
There aren’t any hidden costs with our business loans, and you’ll know exactly how much you’ll need to pay and at what time, from the day you sign up. There’s no compounding and there are no additional charges (as as long as you pay your payments on time).
We do not charge an application fee. You are able to make an application for loans absolutely no upfront cost and no obligation to proceed.
The Origination Fee covers the expenses involved with the setting up and management of the loan. The only way to pay this cost if you take out the loan. The Origination Fee for us is 2.5 percentage of the amount of the loan.
You can repay the total amount of your loan at any point in time.
If you decide to do this please talk to one of our helpful company credit experts. We will provide you with repayment details as well as an early payout amount. This is calculated as the total of the principal amount remaining and the accrued interest up to the date of early payout, plus 1.5% of the remaining principal and any outstanding fees.
To make sure you do not miss payments and to work your cash flow schedule, we provide payments that are either daily or weekly. These are automatically deducted from the nominated business account.
Protecting your information, and knowing how we collect data, process, exchange and ensure the security of your information is of paramount importance and a vital part of our relationship with you.
Yes. We utilise industry-recognised encryption techniques to protect your sensitive, personal financial information and our funders are ISO 27001 certified for our dedication to protecting the security of clients and privacy. We make use of an advanced bank verification system that allows you to instantly verify your bank account details online to provide quick responses.
An asset-based loan is when the business owner borrows from assets they own to secure the funding. The asset could be a personal asset like the family home, or a company asset like a truck as well as a piece of machine.
The vast majority of banks, not just the major banks, prefer to guarantee loans against an asset. If you have trouble paying back the loan, the asset might be offered for sale by the lender. In essence it’s the process of securing additional financing using the value of what you already have.
For loans of up to $150K, it is not necessary to secure assets prior to the loan’s access but we do require an individual guarantee. As long as you follow your loan obligations (as stated in your loan contract), asset security is not required. For loans of over $150K generally, there is the option of a personal ensure and security in the form a charge over assets.
