The criteria for eligibility for an unsecured business loan in Auckland of between $5K and $100K are pretty minimal.
Looking for more funding? Take a look at the guidelines for eligibility for our $100K-$500K business loan.
All that is needed to begin is your contact information (the name of your company, your name, email or phone number) along with the amount you’d like to borrow as well as your monthly income.
Through the process and before settlement we’ll need confirmation of your identity, but not to get started:
In addition, once we have started with loans that exceed $150,000, you’ll need basic financial statements:
Let’s get started now.
Auckland unsecured loans provides the range of $5,000 to $100,000. Terms range from 3 and 24 months and cash flow friendly repayments, which are either daily or weekly.
You can apply for this Small Business Loan in under 10 minutes online or over the phone, receive an answer within the same day and have the funds available in just 24 hours. Traditional company loans refer to an interest rate per annum as well as other fees and charges. Our business loan is a loan that is priced upfront and you’ll be aware of the total amount payable including any interest, fees or charges. This is then broken down into either a daily or weekly installment amount.
It is a Small Business Loan can be used for nearly every company need, such as cash flow management, business remodels and marketing for purchasing inventory or 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 loan size to support business expansion opportunities. Loans are between $100,000 and $500,000 for a fixed period of up to 36 months. Repayments are scheduled weekly or fortnightly to work with your situation.
The Larger Business Loan has an Origination Fee, which is determined at 2.5 percent of the loan amount.
To qualify for a loan that is this large the business needs to have been trading for at least 3 years and generate an annual revenue 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 of proving at minimum 12 months of business.
A large business loan is a great option for almost any company use, including business improvements, purchasing inventory or new equipment, as general working capital and much more. The loan is not available for personal use.
Asset security is required for accessing funds over $150,000. This is as a result of an charge on assets, and could include the registration of this through the PPSR or the registration of as a caveat.
A director’s or personal ensure is a commitment to pay back a loan that is general in nature rather than stating security over an asset. The person who signs the ensure is personally liable if the business creditor is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register operated by the New Zealand Government. It records security interests that have been that are registered for personal property (including the assets or goods). The PPSR permits the priority of personal property granted according to the date a security interest was registered.
A caveat is a legal document filed to provide notice of a legal claim on a property.
If you’re applying for larger business loans of more than $250K, we may offer an initial pre-approval to ease the process. We could be able to make this decision without credit checks and within 6 hours of the initial application. This pre-approval is made based on a preliminary assessment which includes the answer to a series of financial well-being checks. It is not an offer or guarantee of credit. The approval of a conditional loan is subject to an exhaustive credit evaluation, and any offer you receive could be on different terms.
You may apply for a company loan if you:
The application process is quick and easy. Just complete the online application within a couple minutes, and a dedicated business expert in lending will contact you to guide you.
For a loan of up to $100,000 you’ll require identification details (valid Driver’s Licence) along with a valid NZBN/IRD as well as at least six months worth of bank statements.
Otherwise, for larger loan sizes, you’ll also require:
$100K – $250K: Details of application, including credit consent, 6 – 12 months of bank statements, IRD statement (if loan above $150K).
$250K-$500K: Information on the application including credit consent twelve month bank accounts, the IRD statements, last 2 years finalised financial statements, and interim financials for the current financial year including Aged Payables, Aged Receivables Summary.
For an unsecured loan ($5K or more) we usually offer a response in one hour, provided you make your application in quality business times and allow us to make use of the advanced bank verification system to instantly verify your bank details online. If you opt to upload copies of your banking statements we can offer a decision in just the span of one company day.
For the Larger Business Loan ($100K and up) we might be able to provide you with pre-approval conditional to your application within about 6 hours. Once you’ve 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. Some deals have been approved within 24 hours.
The quickest way to apply can be make sure you apply during normal business hours, and allow us to use the advanced bank verification system to instantly confirm your bank details online. If you decide to upload duplicates of your banking statements it may take a bit longer.
For the Small Business Loan ($5K and up) We can usually provide an answer within one hour – provided you make your application during normal business timings and you allow us to use the bank verification system link to instantly verify your bank’s information online. If you want to send us copies of your bank statements we can offer a decision within one business day.
For Larger Business Loans ($100K and up) we could be able to offer the conditional pre-approval within 6 hours. After you’ve signed the pre-approval, turnaround times are between 2 and 3 days for the final approval. However, this could be shorter based on the specifics of each application. Some deals have been approved within just 24 hours.
The fastest way can be make sure you apply during normal business hours. You can also allow us to use the advanced bank verification system to instantly verify your bank account information online. If you send us duplicates of your banking statements it takes a bit longer.
We provide loans ranging from $5,000 to $500,000. When you submit an application for a certain amount, we will consider a number of variables to determine how much we can lend you health that is your company as well as the amount of payments your company is able to afford. The total amount of your loan will be contingent on the specifics that are unique to your business.
If you apply for a specific amount we will consider a number of aspects to determine the health of the business and the extent of the repayments your business can afford. The total amount of the loan will be determined by the particulars that are unique to your company.
If you decide to request the company loan, we’ll assess the risk assessment the business and offer you with a customised offer that includes the loan amount, the terms and interest rates. It is a company loan is an upfront-priced loan therefore you will know the exact amount due, which includes any charges, interest rates or fees.
The interest rates on business loans rates depend on several factors including the amount that is borrowed, what business assets the funds will be used for as well as the field the company is in, how long the business has been operating and in the event that the business has sufficient cash flow to fund the loan, as well as the overall health or financial standing of the business.
There aren’t any hidden costs with our business loans, and you’ll be aware of the amount you need to pay and at what time, from day one. There’s no compounding and no extra fees (as long as you make your payments in time).
We do not charge an application fee. You are able to apply for a loan with no cost upfront or the obligation to take action.
The Origination Fee includes the expenses 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 can decide to repay all of your loan in full at any time.
If you decide to do this please speak to our friendly company loans specialists. They’ll provide you with repayment details and an early payment figure. It will be calculated using the total of the principal remaining and the accrued interest up to the date of early payout plus 1.5% of the remaining principal plus any outstanding fees.
To make sure you do not miss repayments and to fit in your cash flow cycle we provide repayments either weekly or daily. These are automatically deducted from your nominated business account.
Security of your data, and being upfront about how we collect, use, exchange and ensure the security of your information is crucial and an integral part of our relationship with you.
Yes. We utilise industry-recognised encryption standards to secure your sensitive, personal and financial data and our funders are ISO 27001 certified for our commitment to protecting the security of clients and privacy. We make use of an advanced bank verification system to instantly verify your bank account information online. This allows us to offer quick responses.
An asset-based loan is when the company owner borrows from the assets they have to obtain a loan. The asset can be an individual property, such as the family home, or a business asset like a truck or other piece of machinery.
The majority of lenders, including the major banks, prefer to make loans secured by assets. If you are having difficulty paying back the loan, then your assets could be taken over by the lender. In essence, it is means of securing new funding taking advantage of the value of what you already own.
Up to $150,000 in loans no asset security is required in advance to gain access to the funds However, we do need the personal guarantee. As long as you follow the loan terms (as stated in your loan contract), asset security will never be required. For loans over $150,000 typically, you will need personal guarantee and security is provided in the form of charges on assets.
