The eligibility requirements for an unsecured business loan in Auckland of between $5K and $100K is fairly low.
Are you looking for additional funding? Find out the eligibility requirements for our $100K-$500K company financing.
All that’s required to begin is your contact information (the name of your company, your name, email address, phone) along with the amount you want to borrow, and your monthly earnings.
Through the process and before settlement we’ll require confirmation of your identity but not before we can begin:
After we start in the process, for loans that exceed $150,000, you’ll need basic financial statements:
Let’s get started.
Auckland unsecured loans offers amounts between $5,000 and $100,000. Terms range from 3 and 24 month and cash flow-friendly repayments that are either per day or weekly.
You can apply to get the Small Business Loan in under 10 minutes via the internet or on the phone. You’ll receive an instant 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. Our business loan is an upfront priced loan and you’ll know ahead of time the total amount to be paid, including any fees, interest or charges. This is then broken down into weekly or daily installment amount.
The Small Business Loan can be used for almost every company use, including managing cash flows, business renovations, marketing to purchase inventory, new equipment, to fund general working capital, and much more. The loan cannot be used for personal use.
The Larger Business Loan is a larger size loan to aid in company expansion opportunities. Loans range from $100,000 to $500,000 over a fixed term up to 36 months. Repayments are weekly or fortnightly in order to accommodate the flow of cash.
This Larger Business Loan has an Origination Fee which is calculated at 2.5 percent of the loan amount.
To be eligible for a loan in this amount, your company needs to be operating for a minimum of 3 years and generate an annual revenue of $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) over 18 years as well as own a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of continuous trading.
A Larger Business Loan can be used to fund almost every business use, including business renovations, to purchase new equipment or inventory as well as for general working capital, and much more. The loan cannot be used for personal purposes.
Asset security is required to obtain funding above $150,000. This is as a result of an charge over assets, and may include registration with the PPSR or making as a caveat.
A director’s or personal ensure is a promise to pay back a loan that is generally in nature rather than specifying the security of a specific asset. The person who signs the ensure is personally accountable if the company the borrower fails to make the repayment.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It reflects security interests which are registered with respect to personal property (including items or assets). The PPSR allows the priority of personal property granted in accordance with the date on which a security interest has been registered.
A caveat is a legal document filed to provide the public notice of a legal claim on a property.
If you’re applying for larger business loans of more than $250,000, we may offer a preliminary pre-approval to help smooth out the process. We could be able to apply for this without a credit check and within six hours of your initial application. The pre-approval process is based on an initial assessment, which involves answering a couple of financial well-being questions. It is in no way an offer, nor is it a guarantee of financing. Unconditional approval is subject to an extensive credit evaluation and any offer that you are offered could be based on different conditions.
You may apply for a company loan if you
The application process is quick and simple. Just fill out the online application in just a few minutes, and a dedicated business lending specialist will contact you to guide you.
For a loan of up to $100,000 you’ll require identification details (valid Driver’s License) and 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 also require:
$100K to $250K: Application requirements, including credit consent, 6-12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K-$500K: Details of the application, including credit consent as well as 12 months bank statement, an IRD statements Last 2 years’ finalised financial statements, in addition to interim financials from the current financial year as well as Aged Payables and Receivables summary.
For an unsecured loan ($5K to $100K) we typically offer an answer within an hour if you apply in standard company time and allow us to use the advanced bank verification system to immediately verify your bank account information online. If you decide to send us copies of your bank statements we can offer an answer in as little as an company day.
For Larger Business Loans ($100K to $500K) we may be capable of offer you with a conditional pre-approval within about six hours. Once you have signed the pre-approval document, you will need to wait between 2 and 3 days for the final approval, however it could be faster based on the particular circumstances of each application. Some offers have been approved within 24 hours.
The fastest way is to ensure you apply during standard business hours, and allow us to use the modern bank verification to instantly verify your bank information online. If you opt to send us copies of your bank statements it can take a bit longer.
For the Small Business Loan ($5K to $100K) we usually provide an answer within an hour – provided you make your application at standard business times and allow us to use the advanced bank verification system link to immediately verify your bank account information online. If you decide to upload copies of your bank statement, we’ll provide an answer in as little as 1 business day.
If you are applying for Larger Business Loans ($100K to $500K) We may be likely to provide you with pre-approval conditional to your application within six hours. After you’ve signed the pre-approval, turnaround times are between 2 and 3 days for the final approval. However, this can be faster depending on the particular circumstances of each application. Certain agreements have been approved in the space of 24 hours.
The fastest method would be to ensure you apply during standard business hours and allow us to use the advance bank verification link to verify your bank account information online. If you opt to send us the copies of bank statements, it may take a bit longer.
We offer loan amounts between $5,000 to $500,000. When you make an application for a certain amount we will consider a number of elements that determine what is the health that is your company and the amount of the repayments your company is able to afford. The total amount of your loan will be contingent on the specific circumstances the company.
If you apply for a specific amount we consider a variety of variables to determine the well-being for your company and the extent of payments your business will be able to support. The amount you receive from your loan will be contingent on the specifics the company.
If you decide to make an application for business loans with us business financing, we’ll assess the risk assessment that you have for your business and offer you with a customised proposal that includes the amount of loan, the term and the interest rates. It is a business loan is an upfront cost loan so you will be aware in advance of the total amount you will have to pay, including interest rates, fees or charges.
Interest rates for business loans rates depend on a variety of factors including the amount of money borrowed, the business assets the money are used to purchase in addition to the industry that the business is operating in, how long the business has been in operation, in the event that the company has enough cash flow to support the loan, as well as the overall well-being or creditworthiness of the business.
There aren’t any hidden costs with our company loans. You’ll be aware of the amount you’ll be required to pay and when, from day one. There’s no compounding interest and the loan comes with no additional fees (as long as you make your payments on time).
We don’t charge an application fee. You are able to make an application for loans with no upfront cost or any obligation to sign up.
The Origination Fee includes the expenses associated with establishing and managing the loan. The only way to pay this fee if you choose to proceed with the loan. The Origination Fee for us is 2.5% of the amount of the loan.
You can choose to repay all of your loan early at any time.
If you decide to take this route, please speak to our friendly business credit specialists. They will provide you with repayment details and an early payment figure. This will be calculated as the sum of the principal remaining and accrued interest to the time of early payment, plus 1.5 percent of the remaining principal and any outstanding fees.
To ensure you do not miss payment dates and to align with your cash flow cycle we provide payments that are either daily or weekly. They are automatically deducted from the nominated business account.
Security of your data, and making it clear how we collect data, process, exchange and ensure the security of your information is of huge importance and a vital element of our relationship with you.
Yes. We utilise industry-recognised encryption standards to protect your sensitive, personal financial and other data. Our funders are ISO 27001 certified for our dedication to the security of our customers as well as their security. We utilise a sophisticated bank verification system link to instantly verify your bank account information online, allowing us to provide rapid response.
An asset-based loan is when the company owner utilises the assets they have to obtain the loan. The asset can be an individual property, such as the family home, or it could be a business property like a truck or other piece of machinery.
The majority of lending institutions, even the banks with the biggest size, prefer to make loans secured by assets. If you’re struggling to pay back the loan then your assets could be taken over by the lender. In essence, it’s an opportunity to secure new financing taking advantage of the value of what you already have.
Up to $150,000 in loans there is no requirement for asset security before you can access the money, however we require a personal guarantee. need an individual guarantee. As long as you follow your loan obligations (as stated in the loan contract), asset security will never be needed. For loans that exceed $150K, generally, you are able to get the option of a personal guarantee and security that is in the form a charge over assets.
