Unsecured Loans for Business

Businesses need to access loans and credits all the time to pay bills, expenses or start new projects like developing new products or improving the existing ones.

Therefore, it is necessary to find several sources and lenders that can give access or offer different loan options according to the business needs.

The problem with loans in that most lenders offer them in exchange for collateral, which makes these loans secured ones.

Secured loans are characterized by the borrower having to give assets as a guaranty of the loan that is being requested or applied in case it is approved.

In this way, the lender has a guaranty or way to get the money you borrowed in case you don’t pay for the loan.

This is very risky for businesses since they need to give away part of their assets like the place where the business is or the owners and entrepreneurs need to put their homes and other belongings as assets.

Because of this, businesses are always looking for unsecured loans that are the opposite of secured ones.

You don’t need to give collateral and you can access the funds while you give your word to pay for it under certain terms.

These terms and conditions vary depending on the source or lender.

Accessing unsecured loans is not easy since there are not many lenders or sources that are willing to give this option for businesses, especially those with bad credit history or score.

Therefore, researching and looking at different sources is going to be key to find the right loan for your business.

Also, keep in mind that unsecured loans still have pros and cons that you will need to evaluate while comparing them with secured loans—putting aside the collateral aspect.

In our company, Business Funding Team, you will be able to access unsecured loans without having to meet too many qualifications.

However, keep in mind that we have a few extra conditions to guarantee that borrowers will pay for the loan in the agreed time.

Also, we will offer you different loan options depending on your business needs and your qualifications.

If you don’t apply for the one you wanted, we will do our best to give you other options.

What is an unsecured loan?

As mentioned before, an unsecured loan consists of borrowing money or getting it from a lender without having to give any collateral or asset as a guarantee. This type of loan benefits most businesses that usually don’t have something to give as an asset. However, it is hard to find sources and lenders that offer such a loan option.

Besides, you will need to meet different qualifications and requirements according to the lender and most of them are difficult to fulfill for several businesses. The main requirement for unsecured loans is to have a good credit history and usually, you are not allowed to have debts to apply for one. This will always depend on the source or lender, but those are the most standard qualifications.

Requirements like good credit score, the time that your business has been operating and more, will vary as well. The disadvantage of unsecured loans is that you can’t access high loan amounts. Usually, secured loans allow a business to access loan limits that are higher compared to unsecured ones.

This is because the asset or collateral acts as the guaranty, and since the asset needs to be of the same or similar value to the loan, lenders don’t have anything to risk as long as they have a guaranty. Therefore, if you want to access higher loan limits, you will have to consider secured loans for this. Unless you decide to apply for several unsecured loans—if you qualify for them.

Where can you access unsecured loans?

Different sources like banks, angel investors, funding companies, SBA loans and more, offer unsecured loans for businesses. Banks are probably the less common source to access this type of loan. Besides, the few ones that give it as an option, have many requirements and qualifications that make it almost impossible for businesses.

Therefore, options like angel investors and funding companies, are the best shot most entrepreneurs and businesses have. Most angel investors don’t care about the collateral since they aim for different terms and conditions when lending money. Usually, those conditions include a certain percentage of the profit or earnings of the business for a while.

As for funding companies, most of them are very flexible with the type of loans they offer and you should be able to access different ones even without too many requirements. Our company, Business Funding Team, offers unsecured loans for businesses that don’t have to meet a long list of qualifications. You can access our loans without worrying too much about this aspect. Besides, we do our best to give the highest loan limits in the industry so you have more chances and opportunities to get the amount you need for your business.

However, you do have to meet all the requirements we have—even when they are fewer than other sources. We pay attention to your credit history and score the most, but we are also very flexible with this. If you don’t meet the minimum credit score, you can bring a business partner to fulfill it for you.

Also, you can apply for a loan without worrying about it affecting your credit history or score. You’re free to do it without worrying about both things. Make sure to visit our website and read all our terms and conditions that we are sure will be more than fair and reasonable for you. Then, apply by filling our form. It will take you only 1 or 2 minutes.