Unsecured Business Loans up to $500,000

NEW LOANS - REFINANCING - DEBT CONSOLIDATION

Unsecured loans are those that do not require items of property, vehicles or equipment to secure them. Unsecured loans are usually for existing businesses (six or more months in business).

We can help you find a new loan, or refinance an existing unsecured loan.

We have a range of lenders for unsecured business finance, up to $500,000. Each lender has different criteria, information needed to complete your loan application and different products. Rates also vary significantly between lenders.

We will ask you targeted questions to identify which lender you meet the criteria for then work with you to provide the correct application documentation. When you meet the criteria of more than one unsecured business lender, we will first try the lender with the lowest rates and/or the longest loan terms.

You will need to have good credit - a credit score of at least 350 is required. How much you can borrow will depend on your time in business, industry, other borrowing, annual revenue and profitability, and whether you are up to date with your GST and PAYE payments.

Buying a business?

There are very few lenders who provide unsecured loans for business purchases. The maximum you can borrow is $100,000 and you must be contributing at least 25% of the purchase price. The business you are buying must be profitable. It helps if you are a home owner and have another source of income that could service the loan, such as a spouse/partner who earns PAYE income.

Starting a business?

Most business lenders do not provide unsecured loans to start a business. You may need to consider applying for a personal loan to start your business.

Learn more

Unsecured loans up to $150,000

These loans are usually assessed using only your business bank statements, credit checks and a small amount of financial information about your business.

What lenders are looking for:

Good conduct in your bank accounts, eg no bounced payments, especially for any other borrowing you have
Clean credit for the directors and the business, or defaults are paid and/or explained
GST and PAYE up to date, or a payment arrangement in place (some lenders will fund IRD arrears)
Trading for a minimum of 6 months
Some lenders might want to see your management accounts or accounts for the last tax year

Unsecured loans over $150,000

These loans require more documentation to support them. As well as the criteria for unsecured loans under $150,000, you will need to provide:

Current management accounts (ie your profit and loss and balance sheet as of today)
Accounts for the last financial year and sometimes the year before
In some cases you may need to supply actual GST returns for the previous 12 months
Confirmation from IRD of any payment arrangement in place
You may need to supply accounts receivable and accounts payable reports