When your business needs some extra money to get things moving, you have several choices. One of the most popular choices among businesses is the unsecured business loan. An unsecured business loan is a one-time loan extended to your business to cover your various cash flow needs. You can use an unsecured business loan to take on a new project, or you can use it to make ends meet during difficult times.
When your business obtains an unsecured financing, you will not have to pledge any collateral. Instead, you will secure the loan based on your credit rating and revenue history. In order to qualify for this type of loan, you must typically show that your business is financially responsible enough to handle the monthly payments. To determine your eligibility, potential lenders will look at your credit history and the reliability of your income. The total amount you can receive typically depends on your business’s credit history and income.
All unsecured business loans include interest, which is a payment you make to the lender to compensate him for providing you with the loan. Interest rates on unsecured business loans typically vary based on current market rates, your business’s credit rating, and the stability of your business’s cash flow. Each month, a portion of your loan payment will go toward interest, while the other portion will pay off the loan’s principal balance.
If you believe that an unsecured loan is the ideal financing choice for your business, UnsecuredBizLoan can help you get started. Contact us today to see how much your business may qualify to borrow.
To apply for funding for your small business, use the form on the right to begin the application process.