There are many different types of business loans, and the right one for your company depends on several factors. When you know you need to borrow, first take a few minutes to determine the type of loan to apply for. Here at UnsecuredBizLoan, we offer several different types of business loans to meet whatever needs you have.
First, figure out whether you need a one-time loan or an ongoing line of credit. A one-time loan is best if you have a pressing need for a large sum of money right away. Business loans and business cash advances are examples of one-time loans. An ongoing line of credit is better if you expect you’ll want to borrow smaller sums of money over a long period of time. Business credit cards and business lines of credit fit into this category.
Next, figure out how much you want to borrow. You can usually borrow more with a business loan than with a business cash advance. Likewise, you can borrow more with a business line of credit than with a business credit card. However, the methods that allow you to borrow more typically have longer and more strict application processes, so if you need the money quickly, you may have to settle for borrowing less.
Lastly, determine how you want to pay back the money. A traditional business loan typically has fixed monthly payments over a long period of time, which is ideal if you’re not sure if you’ll have the cash flow to pay it back quickly. A business cash advance, on the other hand, requires faster repayment, often directly from your credit card receipts over the next several months. Our business credit cards and lines of credit have flexible repayment options, allowing you to pay the minimum to stretch out repayment or pay a higher amount if you want to free up your credit for future purchases.
To apply for funding for your small business, use the form on the right to begin the application process.