The day-to-day operations of a business can be smooth, but this predictability is often punctuated by the occasional emergency. A delay in a customer’s payment can leave you high and dry on payroll day or an expensive piece of equipment could fail. You may even have a bit of luck in the form of a giant order, only to find that you don’t have enough stock on hand to fulfill it. In cases like these, an unsecured business loan can be a lifesaver.
Unsecured business loans are also known as business cash advances, and this is for good reason. Like their personal counterparts, they are meant to cover emergency expenses and be paid back quickly. Since an unsecured business loan is short term, it’s great for scenarios like those previously mentioned. The unsecured business loan will allow your business to float until an expected influx of money comes in.
You won’t need a lot of paperwork to get an unsecured business loan. Unlike conventional loans, you don’t need to produce a detailed financial statement or business plan. You also don’t need any collateral for an unsecured business loan.
The benefits of an unsecured business loan may have you wondering why businesses don’t use them for all of their financing needs. The main reasons are the interest rates and the repayment schedules. An unsecured business loan carries a higher interest rate than one that is secured by collateral. These loans also need to be repaid quickly. If you need money to buy a new building or expand your business, a conventional loan is therefore the better bet. Unsecured business loans, however, are great for short term emergency needs.
If you’re wondering how to get started on getting an unsecured business loan, don’t worry. Here at UnsecuredBizLoan, we can connect you with the best lenders for your business and financial situation. Our lenders are experts at setting up unsecured business loans for all sorts of clients, so don’t give up if your business’ credit is less than stellar. Chances are good that we can find one who is willing to deal with you and give you the terms you’re looking for.
To apply for funding for your small business, use the form on the right to begin the application process.