The criteria for eligibility for an unsecured business loan in Auckland of between $5K and $100K are pretty minimal.
Are you looking for additional funding? Take a look at the conditions of eligibility for our $100K-$500K company financing.
All that’s needed to start is your contact information (the name of your company, your name, email, phone) along with the amount you want to borrow, and your monthly revenue.
Through the process and before settlement we will need confirmation of who you are but not to get started:
After we start in the process, for loans that exceed $150,000, you’ll need basic financial statements:
Let’s get started now.
Auckland unsecured loans provides amounts between $5,000 and $100,000. The terms range between 3 and 24 months, cash flow-friendly repayments that are either daily or weekly.
It is possible to apply for the Small Business Loan in under 10 minutes on the phone. You’ll receive an immediate response, and the money could be on your account within 24 hours. Traditional company loans are based on an interest rate per annum as well as other fees and charges. This company loan is a pre-paid loan so you will be aware of the total amount to be paid, including the interest, fees and charges. Then, it is broken down into a daily or weekly installment amount.
A Small Business Loan can be used for nearly every business purpose including cash flow management, business remodels and marketing to purchase inventory or new equipment, as general working capital and so much more. The loan is not available for personal use.
The Larger Business Loan is a larger size of loan that can be used to fund business growth opportunities. Loans range between $100,000 and $500,000 with a fixed-term with a maximum of 36 months. The repayments are made weekly or fortnightly depending on you cashflow.
This 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, your business needs to have been operating for a minimum of 3 years and have an annual turnover of at least $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) at least 18 years old, own a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at the least 12 months of operating.
A Larger Business Loan is a great option for almost any business purpose including company improvements, purchasing new equipment or inventory or as general working capital and so much more. The loan is not available for personal purposes.
Asset security is required for funding of more than $150,000. This is as a result of an charge against assets, and could include registering this in the PPSR or filing a caveat.
A director’s or personal ensure is a promise to pay back a loan that is generally based rather than specifying security over a particular asset. The person signing the ensure is personally liable in the event that the business lender is not able to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It contains security interests granted to individuals who own personal property (including objects or assets). The PPSR permits preference over private property granted according to the date the security interest that is registered.
A caveat is a legal form of document to offer the legal claim against a property.
If you’re requesting larger business loans of more than $250K we may be able to provide an initial pre-approval that will help make the process. We might be able to make this decision without a credit verification and within 6 hours of your initial application. This pre-approval is made based on an initial evaluation that involves you answering a few financial health checks. It is not an offer or guarantee of financing. Acceptance without condition is subject to a full credit assessment and any offer you receive could be based on different terms.
You are eligible to apply for an company loan if you
The application process is fast and easy. Just fill out the online application within a couple minutes, and a dedicated business lending specialist will contact you to assist you.
To be eligible for up to $100,000 you’ll need proof of identity (valid Driver’s License) along with an active NZBN/IRD, and at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll need:
$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 months of bank records, IRD statement as well as the two most recent years’ financial statements, in addition to interim financials for the current financial year including Aged Payables, Aged Receivables summaries.
For an unsecured loan ($5K up to $100,000) We can usually offer an answer in just one hour, provided you submit your request at quality business hours and let us use the advanced bank verification system to instantly verify your bank’s information online. If you decide to upload copies of your bank statement, we’ll offer a decision within just one business day.
For the Larger Business Loan ($100K and up) we may be likely to provide the conditional pre-approval in about 6 hours. After you’ve signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval, however this can be quicker based on the circumstances of each application. Some offers have been approved in 24 hours.
The fastest way would be to ensure you apply during normal business hours and let us use the modern bank verification to instantly confirm your bank details online. If you decide to send us documents from your account statements it will take a little longer.
For the Small Business Loan ($5K and up) we usually offer an answer within an hour – provided you apply within standard business time and allow us to make use of the advanced bank verification system to instantly verify your bank details online. If you want to upload copies of your banking statements, we are able to provide an answer in just the span of one business day.
For Larger Business Loans ($100K up to $500,000) we might be capable of provide you with a conditional pre-approval in around 6 hours. Once you’ve signed the pre-approval form, it will take approximately 2-3 days to receive final approval. However, it could be faster based on the specifics of each application. Certain offers have been approved within less than 24 hours.
The fastest method would be to make sure you apply during standard business hours and permit us to use the sophisticated bank verification to instantly verify your bank information online. If you opt to send us duplicates of your banking statement, it can take a bit longer.
We offer loans ranging from $5,000 and $500,000. When you make an application for a certain amount we will consider a number of variables to determine the well-being for your business and the level of repayments your company can afford. The total amount of your loan will be contingent on the specific circumstances of your company.
When you apply for a certain amount, we take into consideration a variety of aspects to assess how much we can lend you such as well-being for your company and the level of payments your business will be able to support. The total amount of your loan will be determined by the particular circumstances that are unique to your business.
If you decide to request our business loans, we’ll assess the risk assessment that you have for your business and offer an individualised offer that includes the amount of the loan, the duration and interest rates. The business loan is an upfront-priced loan therefore you will know the exact amount to be paid, including any charges or interest.
Interest rates for company loans rates vary due to factors like the amount of money borrowed, the business assets the funds will be used for and the sector the business is operating in, how long the company has been operating and what percentage of the business has sufficient cash flow to pay for the loan, and also the overall health or creditworthiness of the business.
There are no hidden fees for our company loans, and you’ll know precisely how much it is that you need to pay, and when, right from day one. There’s no compounding and the loan comes with no additional fees (as as long as you pay your payments in time).
We do not charge an Application Fee. You are able to make an application for loans absolutely no upfront cost and no any obligation to sign up.
The Origination Fee covers the expenses involved in establishing and managing the loan. The only way to pay this cost if you take out the loan. The Origination Fee for us is 2.5 percentage of the amount of loan.
You may choose to pay back all of your advance loan at any time.
If you are deciding to pursue this option, please speak to our friendly company credit experts. The specialists will provide you with details for repayment and an early payout figure. It will be calculated using the total of the principal amount remaining and any accrued interest at the time of early payment and 1.5 percent of the principal balance as well as any outstanding fees.
To make sure that you don’t miss repayments and to fit in with your cash flow cycle we provide repayments either weekly or daily. They will be automatically deducted from your nominated company account.
Protecting your information, and knowing the ways we gather, use, exchange and protect your information, is vital and is a crucial part of our relationship with you.
Yes. We utilise industry-recognised encryption standards to secure your personal, sensitive financial and other data. Our funders are ISO 27001 certified for our commitment to protecting the security of clients and privacy. We make use of an advanced banking verification system to immediately verify your bank account information online to provide an immediate response.
Asset-based borrowing is when a company owner utilises assets they own to make the funding. The asset can be either a personal asset like the family home or an company asset like a truck as well as a piece of machine.
The vast majority of lenders, not just the major banks, prefer to make loans secured by assets. If you are having difficulty paying back the loan, then your asset may be transferred to the lender. In essence it is an opportunity to secure new financing using the value of what you already own.
For loans of up to $150,000, there is no requirement for asset security before you can access the money However, we do require an individual guarantee. As long as you follow your loan obligations (as specified in the loan contract) Asset security is not required. For loans that exceed $150,000, generally, you can get an individual guarantee and security in the form an asset charge.
