The criteria for eligibility for an unsecured business loan in Auckland of between $5K and $100K are pretty minimal.
Do you require more money? Find out the guidelines for eligibility for our $100K to $500K business loans.
All you need to begin is your contact details (company name, your name, email address, phone) along with the amount you’d like to lend, and your monthly earnings.
In the course of the process and before settlement we’ll need confirmation of who you are but not for starting:
Once we’ve started, for loans of more than $150,000 you’ll also need the following financial statements:
Let’s get started.
Auckland unsecured loans offers amounts between $5,000 and $100,000 with terms between 3 and 24 month and cash flow friendly repayments that are either daily or weekly.
The application to your Small Business Loan in under 10 minutes via the internet or on the phone. You’ll receive an instant response and funds may be in your account within 24 hours. Traditional business loans refer to an interest rate per annum plus other fees and charges. The company loan is an upfront priced loan therefore you’ll know in advance the total amount payable including the interest, fees and charges. This is then broken down into a daily or weekly installment amount.
It is a Small Business Loan can be used for virtually every company use, including control of cash flow business renovations, marketing for purchasing inventory or new equipment, or as general working capital, and much more. The loan is not available for personal use.
The Larger Business Loan is a larger loan size to support company growth opportunities. Loans range between $100,000 and $500,000 with a term fixed up to 36 months. Repayments are either weekly or fortnightly to work with you cashflow.
A Larger Business Loan has an Origination Fee, determined at 2.5 percent of the amount of the loan.
To be eligible for a loan of this size the company needs to be operating for at least three years with an annual turnover of $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) at least 18 years old or have a New Zealand company (with a valid NZBN/IRD) and be able to prove at minimum 12 months of business.
A larger company loan can be used for nearly every company purpose including company improvements, purchasing new equipment or inventory for general working capital and much more. The loan cannot be used for personal reasons.
Asset security is needed for accessing funds over $150,000. This is by taking a charge on assets, and could be registered in the PPSR or registering as a caveat.
A personal or director’s ensure is a guarantee to pay off a credit line that is general in nature rather than defining the security of a specific asset. The person who signs the ensure is personally liable in the event that the business lender is not able 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 granted to individuals who own personal property (including the assets or goods). The PPSR grants preference over private property granted according to the date the registration of a security interest.
Caveats are legal document lodged to offer the public notice of a legal claim on a property.
If you’re applying for an enterprise loan of more than $250K it is possible to offer a preliminary pre-approval to help smooth out the process. It is possible to apply for this without credit checks and within 6 hours of your initial application. The pre-approval is based upon a preliminary assessment which includes you answering a few financial health questions. It’s in no way an offer, nor is it a guarantee of funds. Unconditional approval is subject to a full credit assessment and any offer you receive could be based on different conditions.
You may be eligible for an business loan if you
The process for applying is fast and simple. Simply complete the online form in just a few minutes, and a dedicated company credit specialist will call you to assist you.
For a loan of up to $100,000, you’ll require proof of identity (valid Driver’s Licence) as well as an NZBN/IRD that is valid and at least six months of bank statements.
Otherwise, for larger loan sizes, you’ll need:
$100K – $250K: Application details 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 as well as 12 months bank statement, an IRD statements Last 2 years’ finalised financial statements, plus interim financial statements for the current year including Aged Payables, Aged Receivables summary.
For an unsecured loan ($5K to $100K) we can often provide an answer in just one hour – as long as you apply within standard business time and allow us to make use of the advanced bank verification system link to instantly verify your bank information online. If you opt to send us copies of your bank statements , we are able to offer the decision in as little as 1 business day.
If you are applying for a Larger Business Loan ($100K up to $500,000) we may be in a position to offer you with pre-approval conditional to your application within 6 hours. After you’ve signed the pre-approval, turnaround times are between 2 and 3 days for the final approval, however this can be quicker based on the particular circumstances of each application. Some agreements have been approved within 24 hours.
The quickest method is to ensure you apply during standard business hours. Also, let us use the advance bank verification to instantly check your bank’s information online. If you decide to upload the copies of bank accounts, it can take a bit longer.
For the Small Business Loan ($5K or more) We can usually offer a response in one hour if you apply during normal business times and allow us to utilise the advanced bank verification system to immediately verify your bank account information online. If you choose to submit copies of your bank statements we can offer the decision in just the span of one business day.
For Larger Business Loans ($100K and up) we could be likely to provide you with a conditional pre-approval in around six hours. After you’ve signed the pre-approval, turnaround times are around 2-3 days for final approval. However, this could be shorter based on the circumstances of each application. Certain transactions have received approval within 24 hours.
The fastest way would be to make sure you apply during normal business hours. Also, allow us to use our sophisticated bank verification to instantly verify your bank account information online. If you choose to upload the copies of bank statements, it can take a bit longer.
We provide loan amounts between $5,000 to $500,000. When you submit an application for a specific amount we will consider a number of variables in order to assess how much we can lend you health of your business as well as the amount of the repayments your business is able to afford. The amount you receive from the loan will be determined by the particular circumstances that are unique to your company.
When you make an application for a particular amount, we will consider a number of aspects to determine your health for your company and the extent of repayments your company is able to afford. The total amount of your loan will depend on the specifics that are unique to your company.
When you request our company credit, we’ll assess the risk profile that you have for your business and offer you with a customised proposal that includes the loan amount, the terms and interest rates. It is a business loan is an upfront cost loan which means you be aware of the total amount you will have to pay, including charges or interest.
The interest rates on company loans rates depend on several factors including the amount borrowed, what business assets the funds will be used for, the industry the business operates in, the long the business is in operation, how long the company has enough cash flow to fund the loan, and the overall health or financial standing of the company.
There aren’t any hidden charges with our company loans. You’ll be aware of the amount it is that you be required to pay, and when, from the day you sign up. There’s no compounding and no extra fees (as as long as you pay your payments in time).
We don’t charge an Application Fee. You are able to apply for a loan with with no upfront cost or obligation to proceed.
The Origination Fee covers the costs associated in establishing and managing the loan. It is only charged for this fee if you choose to proceed with the loan. Our Origination Fee is 2.5% of the amount of loan.
You may choose to pay back the total amount of your loan early at any time.
If you are deciding to do this please speak to our friendly company loan experts. They’ll offer you with details for repayment and an early payout figure. The figure will be calculated as the total of the principal balance and the accrued interest up to the time of early payout plus 1.5% of the remaining principal and any fees that remain unpaid.
To ensure that you don’t miss payments and to work your cash flow cycle we provide payments that are either weekly or daily. They will be automatically deducted from your nominated business account.
The security of your personal information, as well as being upfront about how we collect the information we collect, use, share and ensure the security of your information is crucial and is an essential part of our relationship with you.
Yes. We utilise industry-recognised encryption standards to protect your sensitive, personal financial information and our funders are ISO 27001 certified for our commitment to protecting the security of customers and privacy. We utilise a sophisticated bank verification system link to immediately verify the bank account details online, allowing us to provide an immediate response.
The term "asset-based" refers to borrowing where an company owner makes use of assets they own to make the funding. The asset can be an individual asset, such as the family home, or it could be a business asset like a truck or piece or equipment.
The majority of lending institutions, even the big banks, tend to secure loans against an asset. If you have trouble paying back the loan then the asset could be sold by the lender. In essence it’s the process of securing additional financing using the value of what you already have.
For loans that exceed $150,000, the requirement for asset security is not required before you can access the money but we require a personal guarantee. need a personal guarantee. So long as you comply with the loan terms (as stated in your loan contract document) Asset security is not required. For loans that exceed $150,000, generally there is personal ensure and security in the form of an asset charge.
