An One Mile unsecured business loan is easy and quick to apply for. Approve your loan in a matter of minutes and start using the funds for your business.
You can expect:
The eligibility requirements for an unsecured business loan within One Mile are fairly minimal.
Call Now 1300 931 913Requesting the business financing within One Mile with us is simple and only takes about a couple of minutes, there are no lengthy forms or lines.
Be approved and receive your funds within 1-2 company days.
We are aiming to assist One Mile companies of all kinds, including medium, small and even solopreneurs access funds quickly so that they can make use of the loan to expand and develop.
The requirements for obtaining an unsecured business loan in One Mile of between $5K and $100K are pretty minimal.
Looking for more funding? Review the eligibility requirements for our $100K-$500K business loans.
The criteria to be eligible of larger One Mile business loans of between $100K to $500K comprise:
Do you require a smaller amount of funds? Find out the guidelines for eligibility for our $5K-$100K One Mile unsecured business loans.
An One Mile unsecured loan is great for nearly every company need. Contact us now.
Are you looking to start one of these projects as soon as tomorrow? Then get in touch with us or send your application online to get the fastest and most effective process.
All you need to start is your contact details (company name, your name, email address or phone number), how much you’d like to lend, and your monthly income.
While in the process and before settlement we will need confirmation of your identity, but not before we can begin:
Once we’ve started in the process, for loans greater than $150,000 you will also need fundamental financial statements:
Let’s get started now.
In the wake of traditional lenders and banks tightening credit conditions and the constant stream of alternative and non-bank loan providers entering the market provides an incredible source for you to tap into.
One Mile SME’s are now in a position to obtain finance via alternative lenders that service One Mile who are focused on enabling business expansion or smoothing out cash flow issues. In the past the personal sources of credit (drawing equity from a home loan or credit cards or personal loans, as well as overdrafts) provided the most viable alternative financing services in One Mile that were available.
There’s not a requirement for you to depend on using real estate to secure business lending. With an unsecured loan business funding is made simple. Instead of a term loan with a bank, business finance for an SME with interest rates and loan terms that aid in cash flow are available as business credit options.
There are numerous benefits in separating personal from company debt.
Reduce your risk, make the tax process much easier. Get started with an unsecure business loan. Make an application today.
The main benefit of keeping your personal and business assets separate is that your house does not have to be tied to access the funds. In the case of a business loan in One Mile up to $100K, asset security will not be needed as in the event that the borrower has met the loan requirements.
Companies will be in a stable long-term position when they have a good credit or debt ability to service.
It is crucial to separate personal from company financial accounts makes it more seamless in the event of tax time, particularly when determining the tax-deductible amount. The IRD has outlined the requirements for evidence for claiming deductions on an individual’s tax return. This is an area that the IRD have specifically advised on.
Effective management of cash flows is essential to the longevity of any company. By keeping personal and company finances separate, businesses can easily view how they are performing, monitor and plan on the ability to clearly evaluate their cash flow situation.
One Mile unsecured loans provides amounts between $5,000 and $100,000. Terms range from 3 and 24 months. They also offer 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 answer within the same day and funds may be available in just 24 hours. Traditional business loans refer to an annual rate of interest along with other charges and fees. This business loan is a cash-based loan so you will know in advance the total amount payable including any fees, charges or charges. This is then divided into a daily or weekly payment amount.
The Small Business Loan can be used for almost any business reason, such as the management of cash flow, company remodels and marketing to purchase inventory or new equipment, for general working capital and much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger size loan to aid in business expansion opportunities. The loan ranges from $100,000 to $500,000 with a fixed-term for up to 36 months. The repayments are made weekly or fortnightly to work with your situation.
This Larger Business Loan has an Origination Fee, which is calculated at 2.5 percent of the amount of the loan.
To qualify for a loan in this amount, your business needs to be trading for at least 3 years and have an annual turnover of $700K. You must be a New Zealand Citizen (or Permanent Resident) who is over the age of 18, own a New Zealand company (with a valid NZBN/IRD) and be able of proving at minimum 12 months of continuous trading.
A Business Loan of a larger size is a great option for almost any business use, including company renovations, to purchase new equipment or inventory or as general working capital and so much more. The loan is not available for personal use.
Asset security is needed to obtain funding above $150,000. This can be done by way of charge on assets, which could also include the registration of this with the PPSR or filing a caveat.
A director’s or personal ensure is a guarantee to repay a loan which is general in nature, rather than stipulating security over an asset. The person who is signing the guarantee is personally responsible if the business borrower is unable 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 granted to individuals who own personal property (including goods or assets). The PPSR gives prioritisation over property that is personal to be assigned according to the date a security interest that is registered.
An affidavit is an official document that is filed to offer the legal claim on a property.
If you’re applying for a Larger Business Loan of more than $250,000 we may be able to provide an initial pre-approval to smooth out the process. It is possible to do this without a credit check and within six hours of your initial application. The pre-approval is based upon an initial assessment, which involves the answer to a series of financial well-being questions. It is not an offer or guarantee of finance. The approval of a conditional loan is subject to an extensive credit evaluation and any offer that you receive could have different conditions.
You may be eligible for a company loan if you
The application process is simple and easy. Just fill out the online application within a couple minutes, and a dedicated business expert in lending will contact you to help you.
To apply for up to $100,000 you’ll need the right identification documents (valid Driver’s License) and an active NZBN/IRD, and at least 6 months’ worth of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K – $250K: Application requirements, including credit approval, 6-12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K to $500K: Details for application including credit consent, 12 month bank accounts, the IRD statements as well as the two most recent years’ financial statements, plus interim current financial year financials as well as Aged Payables and Receivables reports.
For an unsecured loan ($5K or more) we can often offer an answer in just one hour if you submit your request at quality company hours and you allow us to utilise the bank verification system to instantly verify your bank details online. If you opt to send us copies of your bank statements , we’ll be able to provide an answer within 1 company day.
For Larger Business Loans ($100K up to $500,000) we could be likely to provide you with conditional pre-approval within about 6 hours. Once you’ve signed the pre-approval form, it will take about 2-3 days for final approval, however this can be quicker based on the particular circumstances of each application. Some deals have been approved within 24 hours.
The quickest way to apply for you to apply is ensure you apply during normal company hours, and allow us to use our advance bank verification to instantly verify your bank account information online. If you send us documents from your account statement, it will take a little longer.
For the Small Business Loan ($5K to $100K) we usually provide an answer in just one hour if you make your application at standard business timings and permit us to utilise the advanced bank verification system link to instantly verify your bank’s information online. If you decide to upload copies of your bank statements we can provide an answer in just 1 business day.
For Larger Business Loans ($100K and up) we may be capable of provide you with pre-approval conditional to your application in about six hours. Once you’ve signed your pre-approval form, it will take between 2 and 3 days for the final approval. However, it could be faster based on the particular circumstances of each application. Certain offers have been approved within the space of 24 hours.
The fastest way for you to apply is make sure you apply during standard business hours and allow us to use the advance bank verification to verify your bank information online. If you choose to send us duplicates of your banking accounts, it takes a bit longer.
We provide loans ranging from $5,000 to $500,000. When you submit an application for a certain amount, we will consider a number of aspects that determine what is the health of your company as well as the amount of repayments your business can afford. The amount you receive from the loan will be determined by the specific circumstances of your business.
When you submit an application for a certain amount, we consider a variety of variables to assess your health of the company and the extent of repayments that your business is able to afford. The amount you receive from your loan will be determined by the specific circumstances the business.
If you decide to request our company credit, we’ll assess the risk profile of your business and provide you with a customised offer that includes the loan amount, the terms and the interest rates. The business loan is an upfront cost loan and you’ll know the exact amount payable including any charges, interest rates or fees.
The interest rates on company loans rates depend on a variety of factors such as the amount that is of money borrowed, the company assets the money are used to purchase as well as the field the company operates in, how long the company has been operating as well as in the event that the company has sufficient cash flow to cover the loan, and also the general well-being and creditworthiness of the business.
There are no hidden costs with our company loans. You’ll know precisely how much you’ll need to pay, and when, starting from the very first day. There’s no compounding and there are no additional charges (as as long as you pay your payments in time).
We do not charge an Application Fee. You are able to get a cash loan no cost upfront or any obligation to sign up.
The Origination Fee covers the costs associated with the setting up and management of the loan. You are only charged this fee if you decide to take the loan. Our Origination Fee is 2.5 percent of the amount of the loan.
You can repay the entire amount of the advance loan at any time.
If you decide to take this route, please talk to one of our helpful business loans specialists. The specialists will provide you with repayment details along with an early payout estimate. This is calculated as the sum of the principal balance and accrued interest to the date of early payout in addition to 1.5% of the principal remaining and any outstanding fees.
To ensure that you don’t miss payments and to work your cash flow schedule, we provide payments that are either daily or weekly. These are automatically deducted from your business account.
Security of your data, and being transparent about how we collect information, use it, and exchange it, as well as secure your information, is crucial and an integral part of our relationship with you.
Yes. We employ industry-recognised encryption techniques to protect your personal, sensitive and financial data and our funders are ISO 27001 qualified for our commitment to customer security and privacy. We make use of an advanced bank verification system to immediately verify the bank account details online, allowing us to provide rapid response.
Asset-based borrowing is when a company owner makes use of the assets they have to secure the funding. The asset can be an individual property, such as the family home, or a company property like a truck or other piece of machinery.
The vast majority of banks, not just the banks with the biggest size, prefer to secure loans against an asset. If you’re having trouble paying back the loan then the asset might be sold by the lender. In essence it is means of securing additional financing using the value of what you already own.
For loans up to $150,000 no asset security is required prior to the loan’s access however, we do need a personal guarantee. If you adhere to your loan commitments (as specified in your loan contract document) the security of assets will never be needed. If you take out loans in excess of $150,000 generally, you can get personal guarantee and security in the form charges on assets.
Although we can’t help with an unsecured business loan in the above industries, we might be able assist with an secured business loan.
