Business loans

To apply for a small business loan in New Zealand:

• You must be at least 18 years of age

• You must be an NZ citizen or Permanent Resident

• You must show proof of a stable income

To apply for a small business loan in Australia:

• You must be at least 18 years of age

• You must be an Australian citizen, Permanent Resident or New Zealand citizen

• You must show proof of stable full-time or permanent part-time employment

• You must show proof of identity such as a valid Australian passport or Australian driver’s licence

• Your credit file should not include any bankruptcies, defaults or judgments

• Your loan must be for a minimum of $2,000

Business loans with Harmoney are treated just like personal loans. We’ll tell you what documents we need to see at each step of the online application process.

Your business loan can be used to cover many expenses related to your business up to your loan limit, such as buying or upgrading equipment, stocking up on inventory, paying for services and registration fees, or just to help with short-term cashflow. However, a business loan can’t be used for general day-to-day business expenses. Let us know your plans when you make your online loan application.

Harmoney business loans are taken out as personal loans in your name, so your credit rating will be influenced by your borrowing activity. Simply getting a quote from us for a business loan won’t affect your credit score. Only once you’ve approved the quote and apply will an application show on your credit file.

Even a business loan taken out under your business name may affect your personal credit if you’ve guaranteed the account.

Harmoney small business loans are a type of personal loan, designed to help people who may only be starting out in business or dealing with cashflow problems. This means we don’t need to see business tax returns, evidence of turnover or how long your business has been operating unless you’re self-employed.

If you are self-employed we will require both your personal and business accounts from the last 3 months. We also need a personal tax return and profit and loss statement from the last financial year.

In Australia you also need to provide a Notice of Assessment.

If you already have a business loan with us and you want to borrow more, it may be possible to arrange a loan top up if you’ve maintained a good credit and met your scheduled repayments for 6 months or longer.

If you need to finance a vehicle purchase, a car loan with Harmoney should be arranged separately.