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If you do not have spare money to spend, you can take an unsecured business loan. These types of loans are a positive option for those who run their own business – some companies ensure that the funds are available within 24 hours of applying. Note that business loans are different from personal loans – these types of loans are meant to be used for business reasons only.
Easier to get than secured business loans
An unsecured business loan will be easier to get than a secured business loan. This is because your business will not need to put up any further collateral.
no collateral with unsecured business loans
With a secured loan, the lender will be able to take collateral from you if you don’t pay back the loan. However, if you default on an unsecured business loan, the lender will not be able to take your business assets until they have a court order.
Court can discharge unsecured debt when filing bankruptcy
If for some strange reason your business has to file for bankruptcy (we hope that never happens), the court can discharge those unsecured debts. However, it is not common for them to discharge a secured loan.
quick turnaround time
With most lenders, as long as you qualify for the loan, you’ll have cash available within a few business days. On the other hand, in the case of banks, it may take several weeks to see the money you need.
credit score does not count
If you are doing business for an unsecured corporate/business loan, your credit score will not be counted. Eligibility will be based on your business – if your business is strong, you should have no problem getting the money from the lender.
payment will be adjusted
The amount you are paid on a daily basis will depend on the profit made by your business. This means that the amount paid will adjust according to both slow business and profitable times. This technique makes it easy to pay back the money in one go without going broke.
Unlimited Money Potential
As your business sales grow or if you need more funding for your business, you can apply for more funding, as long as you are in good standing.
As you see, there are many factors that go into getting an unsecured business loan to help your business during tough times. Almost any established business, regardless of industry, can qualify for this type of loan. Most companies have a short application that you must fill out to determine if you are eligible for funding.
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