There are many ways to secure financing for a business. Many of these require extensive documentation, a business plan, assets to secure the loan and more. Fortunately, these complicated loans aren’t the only option for a business. Here at UnsecuredBizLoan, we offer financing without the need for asset-based security or a business plan. You can obtain a loan of up to $750,000 under these terms. An unsecured loan of this type is also referred to as a business cash advance.
The “”unsecured”” designation simply means that you don’t have to put up any collateral to get the loan. This does not mean that the loan has no backing at all. Instead of being backed by company assets, it is backed by the credit of the company itself or even the personal credit of the company’s owners or principles. The lender still has the option to take assets in case of default, but these are not assets that have been specifically designated as collateral.
Unsecured business loans have a higher interest rate than their secured brethren, but have many benefits to help offset this fact. The company does not have to pledge a particular asset to obtain the financing, which is good for businesses that do not have items of particularly high value. These loans can also help build the credit rating of the business. This rating is separate from your personal credit rating.
If a business is new, you may find it beneficial to cosign for your business. This spreads the lender’s risk between you and your business. The benefit to you, other than an increased chance of securing funding, is that you will improve both your and your business’ credit ratings when you pay the loan back in a timely fashion.
Despite the benefits, a business cash advance should only be used for short term financing needs. This is because their traditional brethren offer lower interest rates and longer terms.
To find out your options for business cash advances, check out the other articles on our site. If you’re ready to apply for a loan, just fill out the form at UnsecuredBizLoan.com to get started.
To apply for funding for your small business, use the form on the right to begin the application process.
For more information, go to Business Cash Advance at http://www.unsecuredbizloan.com/business-cash-advance