The eligibility requirements for an unsecured business loan in Auckland of between $5K and $100K are fairly minimal.
Looking for more funding? Check out the conditions of eligibility for our $100K-$500K company loan.
All that’s required for starting is your contact details (company name, your name, email, phone) and the amount you’d like to lend, as well as your monthly income.
In the course of the process and before settlement we will need confirmation of your identity but not to get started:
After we start with loans that exceed $150,000, you’ll require basic financial statements.
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Auckland unsecured loans offers amounts between $5,000 and $100,000. Terms range from 3 and 24 months. They also offer cash flow friendly repayments that are either per day or weekly.
Apply for the Small Business Loan in under 10 minutes on the internet or over the phone, receive an instant response and funds may be in your account in 24 hours. Traditional company loans are based on an annual rate of interest as well as other fees and charges. Our company loan is a cash-based loan and you’ll know ahead of time the total amount due, which includes the interest, fees and charges. This is then broken down into weekly or daily amount to be paid back.
The Small Business Loan can be used for virtually any business need, such as cash flow management, company remodels and marketing to purchase inventory or new equipment, or as general working capital, and much more. The loan cannot be used to fund personal expenses.
The Larger Business Loan is a larger size of loan that can be used to fund company growth opportunities. Loans range between $100,000 and $500,000 over a fixed term for up to 36 months. Repayments are either weekly or fortnightly to work with you cashflow.
It is crucial to note that the Larger Business Loan has an Origination Fee, calculated at 2.5 percentage of the loan amount.
To qualify for a loan of this size the business needs to be trading for at least 3 years and have an annual turnover of $700,000. Your business must belong to 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 minimum 12 months of continuous trading.
A Business Loan of a larger size can be used for almost all company use, including company renovations, purchase of 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 for accessing funds over $150,000. This is by way of charge over assets, and could include the registration of this with the PPSR or registering a caveat.
A personal or director’s ensure is a commitment to repay credit that is general in nature, rather than stating security over a particular asset. The person who is signing the ensure is personally liable in the event that the company borrower is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is an online, central register run by the New Zealand Government. It contains security interests which are registered with respect to personal property (including items or assets). The PPSR allows prioritisation over property that is personal to be assigned according to the date a registration of a security interest.
Caveats are legal document that is filed to offer the public notice of a legal claim to property.
If you’re seeking a Larger Business Loan of more than $250,000 we can offer a preliminary pre-approval to help simplify the process. We might be able to apply for this without a credit check, and within 6 hours of the initial application. The pre-approval process is based on an initial evaluation that involves you answering some financial health questions. It’s in no way an offer, nor is it a guarantee of financing. A conditional approval is subject a full credit assessment and any offer that you may receive may have different conditions.
You are eligible to apply for an company loan if you;
The application process is quick and easy. Complete the online form within a few minutes and a dedicated company loan specialist will call you to guide you.
To apply for up to $100,000, you’ll require the right identification documents (valid Driver’s Licence) along with an active NZBN/IRD, and at least six months worth of bank statements.
For larger loan sizes, you’ll need:
$100K to $250K: Application details including credit consent, 6 – 12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K to $500K: Information on the application including credit consent twelve months of bank records, IRD statement, last 2 years finalised financial statements, in addition to interim financial statements for the current year such as age-related payables and aged Receivables reports.
For an unsecured loan ($5K up to $100,000) We can usually provide a response in one hour – as long as you submit your request during standard business time and allow us to use the advanced bank verification system to instantly verify your bank’s information online. If you want to send us copies of your bank statements , we are able to offer a decision in just an business day.
If you are applying for a Larger Business Loan ($100K to $500K) we may be likely to offer you with pre-approval conditional to your application within about six hours. Once you’ve signed the pre-approval form, it will take around 2-3 days for final approval. However, this can be quicker based upon the circumstances for each application. Certain offers have been approved within less than 24 hours.
The quickest way to apply can be make sure you apply during normal company hours. Also, allow us to use the advanced bank verification system link to instantly confirm your bank details online. If you choose to upload the copies of bank statements , it can take a bit longer.
For the Small Business Loan ($5K or more) We can usually offer an answer within one hour – provided you make your application during standard business timings and let us make use of the advanced bank verification system link to immediately verify your bank account information online. If you opt to send us copies of your bank statements, we are able to provide an answer in just one business day.
For the Larger Business Loans ($100K or more) We may be capable of provide the conditional pre-approval in around six hours. Once you have signed the pre-approval, turnaround times are around 2-3 days for final approval, however this may be quicker depending on the specifics of each application. Certain offers have been approved within just 24 hours.
The most efficient method for you to apply is ensure you apply during normal business hours, and permit us to use the advanced bank verification system to instantly verify your bank account information online. If you decide to send us the copies of bank statement, it will take a little longer.
We offer the loan amount between $5,000 and $500,000. If you apply for a specific amount we take into consideration a range of aspects to determine what is the health that is your company and the amount of repayments that your company can support. The total amount of your loan will be contingent on the particular circumstances for your company.
If you apply for a set amount, we take into consideration a variety of elements to assess how much we can lend you such as health of the company and the amount of repayments that your company can support. The total amount of your loan will be determined by the particular circumstances of your business.
If you decide to make an application for the company loans, we will assess the risk assessment for your business and offer you with a customised offer that includes the amount of loan, the term and the interest rates. It is a company loan is a loan that is priced upfront therefore you will be aware in advance of the total amount you will have to pay, including charges, interest rates or fees.
Interest rates for company loans rates depend on several factors such as the amount that is borrowed, the company assets the funds are used to purchase and the sector the business operates in, the long the business is in operation for, in the event that the business has enough cash flow to pay for the loan, and overall health and creditworthiness of the company.
There aren’t any hidden costs for our business loans, and you’ll know precisely what it is that you need to pay and when, from day one. There’s not any compounding interest and no extra fees (as as you make your payments on time).
We do not charge an Application Fee. You are able to make an application for loans without any upfront costs or obligation to proceed.
The Origination Fee includes the expenses associated with the setting up and management of the loan. It is only charged for this fee if you proceed with the loan. Our Origination Fee is 2.5% of the amount of the loan.
You can decide to repay the entire amount of your loan early at any time.
If you choose to pursue this option, please contact our helpful company loan experts. We will provide you with details on repayment and an early payout figure. The figure will be calculated as the total of the principal remaining and any accrued interest at the time of the early payout and 1.5% of the principal remaining and any fees that remain unpaid.
To make sure that you don’t miss repayments and to fit in with your cash flow routine, we provide payments that are either weekly or daily. They will be automatically deducted from the nominated company account.
Protecting your information, and making it clear how we collect information, use it, and exchange it, as well as secure your information, is of paramount importance and is an essential part of our relationship with you.
Yes. We utilise industry-recognised encryption standards to secure your sensitive, personal as well as financial data. Our funders are ISO 27001 qualified for our commitment to security for our clients and privacy. We employ an exceptionally sophisticated bank verification system to instantly verify your bank account details online. This allows us to offer a fast response.
The term "asset-based" refers to borrowing where a company owner utilises assets they own to secure the funds for a loan. The asset could be an asset belonging to the personal, like the family home, or it could be a business asset like a truck or piece of equipment.
The vast majority of the lenders not just the big banks, tend to make loans secured by an asset. If you’re struggling to pay back the loan, your assets could be taken over by the lender. In essence, it is an opportunity to secure new financing taking advantage of the value of what you already own.
For loans of up to $150,000, there is no requirement for asset security upfront to access the money However, we require a personal guarantee. require the personal guarantee. If you adhere to the terms of your loan (as stated in the loan contract) and you are able to meet your obligations, asset security is not needed. If you take out loans in excess of $150K generally there is an individual guarantee and security in the form an asset charge.
