Setting up your business, one expects to expand it over time. One of the tools for sustaining your growth is to consider an unsecured loan for small businesses.
However, as small business, you will be reluctant to commit any asset or property as collateral against the loan. Unsecured loans addressing this idea by offering loans that require no securities
Unsecured small business loans are collateral-free business loans that you can qualify for, based on your credit score and other eligibility conditions set by the lender. You can use your approved loan amount for a variety of purposes, such as expanding the workplace, purchasing inventory, investing in equipment or launching a marketing campaign.
Your business score plays a crucial role in getting this type of loan. The interest rate applicable to your loan is dependent on factors like your time in business, minimal revenue, repayment history, loan amount, and loan term.
Lenders like FundingJack, for instance, offer a simple, automated, and transparent application process. Usually, since this loan is collateral free, the approval process is short, especially when compared to regular secured loans.
Flexible repayment periods, ease of use and the fact that no securities are required, Unsecured loans can be an ideal funding solution for young SMEs and startup companies, that require access to capital, while not having sufficient securities and collateral available for securing a regular loan.
It is always a good idea to compare different lenders offering SME loans and choose the one that matches your requirements at the best terms and conditions. You need to look at various factors while comparing lenders, including their loan amount, interest rate, customer service, and application and approval process. Also, check their eligibility conditions and other requirements before applying.
Looking for a small business loan to expand your business? Apply for Unsecured Business Loan at FundingJack now to advance your business growth.