Unsecured Business Loans
What happens when you apply for a bank loan or line of credit with no collateral or with a fair credit score below 700? Chances are you’ll be turned down. In today’s climate, traditional bank loans require assurances from the borrower in the form of solid collateral–hard assets, inventory, or real estate. The banks also look for 2 years minimum time in business profitable tax returns & strong financials.
- Unsecured loans do not require your personal assets & in many cases a performance guarantee is required, not a personal guarantee.
- Payback amounts for unsecured business loans typically are higher than asset based loans guaranteed with collateral, and they vary based on your business risk score and the lender who funds your loan.
How it works
Super fast is the answer! The reason unsecured business loans are preferred is the speed at which you can access the capital (typically 24-48 hours). Traditional banks usually take 2-3 months for this process and most of the time decline after all the paperwork and time spent seeking the approval. Sba loans can take up to a year to secure with grueling time and paperwork necessary to get approved.
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- 1 Summit Ave Broomall, PA 19008