If you are growing or expanding your business but need additional cash to do so, an unsecured business loan may be just the option for you. Unsecured business loans are generally approved much faster than traditional loans, and they allow you, the business owner, to utilize the funding for any business-related pursuit (including equipment, expansion, etc.)
If you believe your business could benefit from an unsecured business loan, following are some of the reasons to consider this option.
1. Qualification: If you credit history is less than perfect, unsecured business loans may be perfect for you. While bad credit history is generally considered high-risk in most cases, lenders for unsecured business loans consider your ability to repay the note. Also, by keeping up with your payments, an unsecured business loan could help improve your credit score over time.
2. Freedom: You’ll enjoy having the freedom to choose what business-related expenses to fund with your unsecured business loan.
3. Ease of Processing: Generally, the paperwork required for unsecured business loans is far less than the documentation required for traditional loans. In most instances, you will not have to present a detailed business plan to receive an unsecured business loan. This is another reason that approval is generally much quicker for unsecured business loans than for traditional funding sources. You will, however, need to have a clearly communicated plan of action when apply for an unsecured business loan.
4. No Collateral Requirements: You’ll rest easier with unsecured business loans because you will not have to offer up your assets in order to get funding. Lenders want to see a clear demonstration of your ability to repay the unsecured business loan; however, in the event you are somehow unable to meet the scheduled payment terms for your unsecured business loan, you will not have to worry about having your business assets taken away due to the default.
5. Payment Terms: The terms of your payment for unsecured business loans are generally shorter (usually between 6 months and 10 years, based on the amount and on information secured from your application).
Should you decide that this type of loan is right for your situation, you can get quick approval and fair payment plans with us at UnsecuredBizLoan.com. Applications are quick and easy, and your business could qualify for up to $750,000. Contact us today!
To apply for funding for your small business, use the form on the right to begin the application process.