The requirements for obtaining an unsecured business loan in Auckland of between $5K and $100K are pretty minimal.
Looking for more funding? Review the conditions of eligibility for our $100K-$500K company loan.
All that is needed to begin is your contact details (the name of your company, your name, email address and phone) along with the amount you’d like to lend, as well as your monthly income.
In the course of the process and before settlement we’ll need confirmation of your identity, but not to get started:
In addition, once we have started in the process, for loans that exceed $150,000, you’ll require basic financial statements:
Let’s get started.
Auckland unsecured loans offers amounts of between $5,000 and $100,000 with terms between 3 and 24 months and cash flow friendly repayments that are either daily or weekly.
The application to get the Small Business Loan in under 10 minutes on the internet or on the phone. You’ll receive an instant response and funds may be available in just 24 hours. Traditional business loans refer to an annual rate of interest plus other fees and charges. The business loan is a cash-based loan so you will know ahead of time the total amount payable including any fees, interest or charges. This is then divided into weekly or daily amount to be paid back.
A Small Business Loan can be used for nearly every business reason, such as the management of cash flow, company remodels and marketing, to purchase inventory or new equipment, to fund general working capital, and much more. The loan is not available for personal reasons.
The Larger Business Loan is a larger size loan to aid in business expansion opportunities. Loans are between $100,000 and $500,000 with a fixed-term up to 36 months. Repayments are either weekly or fortnightly to work with your cash flow.
This Larger Business Loan has an Origination Fee, calculated at 2.5 percent of the amount of the loan.
In order to be eligible for a loan that is this large the company needs to have been trading for at least 3 years and have an annual turnover of $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) over 18 years as well as own a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at the least 12 months of operating.
A Larger Business Loan can be used to fund almost every company use, including company renovations, to purchase new equipment or inventory or as general working capital and so much more. The loan is not available to fund personal expenses.
Asset security is necessary for accessing funds over $150,000. It’s as a result of an charge against assets, and may be registered through the PPSR or filing a caveat.
A personal or director’s guarantee is a guarantee to repay a loan which is general in nature, rather than stating the security of a specific asset. The person who is signing the guarantee is personally accountable if the business lender is not able 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 records security interests that have been that are registered for personal property (including items or assets). The PPSR grants preference over private property assigned according to the date a registration of a security interest.
An affidavit is an official document that is filed to offer the public notice of a legal claim on a property.
If you’re requesting a Larger Business Loan of more than $250,000, we may offer a preliminary pre-approval to help simplify the process. It is possible to apply for this without a credit check, and within six hours of your initial application. This pre-approval is based on a preliminary assessment which includes you answering a few financial health checks. It is in no way an offer, nor is it a guarantee of credit. Unconditional approval is subject to an exhaustive credit evaluation, and any offer you may receive may be subject to different conditions.
You may apply for an business loan if you:
The application process is simple and easy. Complete the online form within a couple minutes, and an experienced business loan specialist will contact you to guide you through the process.
To apply for up to $100,000, you’ll require the right identification documents (valid Driver’s License) as well as an NZBN/IRD that is valid and at least 6 months of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K to $250K: Details of application, including credit approval, 6-12 months of bank statements, IRD statement (if loan above $150K).
$250K – $500K: Details for application including credit consent twelve month bank accounts, the IRD statement and the last two years’ finalised financial statements, plus interim financials from the current financial year, Aged Payables and Aged Receivables Summary.
For an unsecured loan ($5K and up) we usually provide an answer within an hour if you submit your request in quality company times and let us utilise the bank verification system link to immediately verify your bank account information online. If you choose to upload copies of your banking statement, we’ll provide an answer in just one business day.
For the Larger Business Loan ($100K or more) we may be likely to offer you with a conditional pre-approval in about 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 particular circumstances of each application. Certain agreements have been approved in just 24 hours.
The quickest method is to make sure you apply during normal business hours. Also, allow us to use our advanced bank verification system to instantly verify your bank account information online. If you decide to upload documents from your account statements it can take a bit longer.
For the Small Business Loan ($5K to $100K) We can usually provide an answer in just one hour, provided you make your application within standard business times and let us use the advanced bank verification system link to immediately verify your bank account information online. If you decide to submit copies of your bank statements we can provide an answer in as little as the span of one business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we could be in a position to provide you with pre-approval conditional to your application within about 6 hours. Once you’ve signed your pre-approval, turnaround times are about 2-3 days for final approval. However, it could be faster based on the circumstances of each application. Certain transactions have received approval in less than 24 hours.
The fastest method can be make sure you apply during normal business hours. You can also allow us to use the advance bank verification to instantly verify your bank account information online. If you opt to upload copies of your bank statement, it can take a bit longer.
We provide loan amounts between $5,000 to $500,000. If you apply for a particular amount, we consider a variety of aspects for determining the health of the company and the amount of the repayments your company will be able to support. The amount you receive from your loan will depend on the particular circumstances for your company.
When you make an application for a particular amount, we consider a variety of elements to assess how much we can lend you such as health that is your company and the level of payments your company is able to afford. The total amount of your loan will be contingent on the specifics of your company.
When you make an application for our company credit, we will assess the risk profile for your company and provide an individualised offer, including the amount of loan, the term and interest rates. The business loan is an upfront priced loan which means you know in advance the total amount you will have to pay, including interest rates, fees or charges.
The interest rates on business loans rates depend on several variables like the amount to be of money borrowed, the company assets the money are used to purchase, the industry the company is in, how long the company has been in operation for, how long the business has enough cash flow to pay for the loan, and also the general health or creditworthiness of the company.
There aren’t any hidden costs for our company loans. You’ll know precisely how much it is that you need to pay and when, from day one. There’s no compounding and the loan comes with no additional fees (as as long as you pay your payments punctually).
We do not charge an Application Fee. You can request a credit loan with no cost upfront or the obligation to take action.
The Origination Fee includes the expenses associated in establishing and managing the loan. It is only charged for this fee if you proceed with the loan. Our Origination Fee is 2.5 percentage of the amount of loan.
You can choose to repay the total amount of your loan in full at any time.
If you decide to do this please talk to one of our helpful business loan experts. They will offer you with details for repayment as well as an early payout amount. This will be calculated as the total of the principal balance plus any accrued interest as of the time of early payout plus 1.5% of the principal amount remaining plus any outstanding fees.
To ensure that you don’t miss repayments and to fit in with your cash flow routine, we offer repayments either weekly or daily. They are automatically deducted from the nominated company account.
Protecting your information, and being transparent about the ways we gather, use, exchange and secure your information, is crucial and an integral part of our relationship you.
Yes. We employ industry-recognised encryption protocols to safeguard your sensitive, personal financial information and our funders are ISO 27001 certified for our commitment to the security of our clients as well as their security. We utilise a sophisticated bank verification system to instantly verify the bank account details online. This allows us to offer rapid response.
The term "asset-based" refers to borrowing where a company owner uses assets they own to get a loan. The asset can be an individual asset, such as the family home or a company asset such as a truck or piece of equipment.
The majority of the lenders even the banks with the biggest size, prefer to guarantee loans against an asset. If you’re struggling to pay back the loan, then 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 that exceed $150K, the requirement for asset security is not required upfront to access the money, however we do require the personal guarantee. If you adhere to your loan commitments (as specified in your loan contract document), asset security will never be needed. For loans that exceed $150K, generally there is an individual guarantee and security that is in the form an asset charge.
