Ways To Work With Unsecured Business Lenders
Finding Unsecured Business Lenders
As a business owner, you are always looking for ways to get more capital Unsecured business lenders are growing in popularity with many business owners. Part of this is due to the requirements. can make obtaining secured loans a challenge. Long application forms and lengthy waiting times are also a source of trouble. In fact, The number of businesses that are approved by banks has decreased every year since 2007.
A secured loan will often need your business to have some or all of these:
- Detailed business plans.
- Detailed accounting records.
- Proof of high amounts of profit to show loan serviceability.
- Banks will also review your business’ industry.
Study the above points and think outside the box when it comes to your finance needs. Unsecured business lenders are deeply in tune with issues that business owners face. Here are some of the benefits of choosing this option.
Assets remain risk-free
Collateral isn’t needed for unsecured business loans. The advantage lies in peace of mind that your personal assets remain risk-free. An added convenience of this is that the paperwork is not as complex. You’ll also have access to your funds much quicker than when applying for a secured loan.
Poor credit scores often overlooked
Are you still trying to correct a poor FICO score? No need to worry. With an unsecured loan, you can still be financed. Unsecured business lenders are more interested in other criteria than your credit score. This makes finance options available to many more small business owners.
Just as your credit score is often irrelevant, credit history is not part of the approval process. Unsecured business lenders can accurately calculate the risk involved when lending to small businesses. Credit score and history are only reviewed in a high-risk application scenario.
Money in a hurry
Higher premiums aren’t uncommon for quick funds. However, sometimes time is of the essence in business. Whether you’re after new equipment or expansion funds, it is easier to get quick funding by choosing this route. Short term higher premium is worth considering for long-term savings on other purchases.
Unsecured business lenders are a valuable asset, but no one option is ideal for everyone. As a result, there is a growing need for other funding sources. Some of these combine some of the benefits of these lenders while avoiding the negatives. This is key at eBusiness Funding, and we work to support businesses that may struggle with other lenders. To do this, we provide merchant cash advances. These are accessible to a wider spread of businesses than bank loans or private lenders. 95% of businesses that meet our simple requirements qualify for funding. All you need is to be in business for at least six months, with over $10,000 brought in monthly. With us, it’s not about past credit history or collateral, but about your business’s potential.
It’s important to us that you use the funds we offer in the most helpful way possible. As a result, so we place no limit on how you spend our advances. Payroll, expansion, repairs, spend on what you need! We also get you your funds fast, sometimes as soon as 72 hours after you first apply. Repayment is also very simple. Rather than large monthly payments, we take a set part of your future sales. This is set up by our skilled consultants. This percentage stays the same, so if business slows down, you pay less.
Interested? All it takes to begin is filling out a simple contact form. We’ll be waiting, and are looking forward to helping your business get the funding support it needs.