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.

Alternatives

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.

Who are Unsecured Business Lenders and Why do I Need to Know About Them?

When it comes to business lending there are many different options you may or may not have heard about. Knowing the difference between them can help you focus on the right type of lender for you. Whether you are thinking about secured or unsecured business lenders, we are here to break it down for you.

Before you choose the type of funding option you are going to apply for you need to know the difference between the types of providers that offer these options. And we are here to explain those differences to you.

Secured Business Lenders

This is the type of lender that will require you to have some sort of stake in the ground when it comes to your financing. This could come in the following forms:

• A Down Payment
  • This option is focused on the borrower putting down a certain percentage of the loan. Depending on the type of loan, the required down payment percentage can vary.
• Collateral
  • If you are a business owner taking out a loan for expanding your business, collateral could be something like a building, inventory, or a vehicle.

After you have determined the type of funding you are going to use to secure the financing, you can choose your lending product.

Unsecured Business Lenders

This type of funding provider is the opposite of a secured lender. Unsecured business lenders are not looking for a down payment or collateral. However, the type of provider you choose will determine the requirements to qualify for funding.

Traditional Lenders

• A traditional lender is a financial institution such as a bank that is regulated in many ways by the government. They have to abide by fair lending standards, have a risk appetite statement; as well as, many other things. Traditional lenders are typically much more risk adverse especially in the regulated environment we live in.
• If you are looking for a traditional unsecured business lender, you are going to have to have a very good credit score, detailed business plan of how you plan to use the funding, and an extensive business history. These requirements are all due to the fact that the lender is taking on an increased risk to lend funding to you without having any skin in the game.
• It is important to note that an unsecured business loan will often come at a much higher interest rate compared to a traditional secured loan.

Alternative Funding Providers

• An alternative funding provider is a new option to many. As the world of banking is changing, so are the players in the space. Many people are looking for other ways to receive financing; as well as, do their day to day banking. This is what is known as the FinTech revolution.
• When it comes to unsecured business lenders in the alternative funding space, most providers offer unsecured solutions; although they are not without their fees or higher interest rates.

Now that you are aware of the difference between secured and unsecured business lenders, we want to make you aware of a great unsecured option.

A popular option among many businesses that are looking for unsecured business lenders is a merchant cash advance through eBusiness. Our solution is simple and will never require you to put collateral or a down payment down. We only have 2 requirements of our customers in order to qualify:

• Have been fully operational for at least six months.
• Are generating at least $10,000 a month in revenue.

If you can meet these requirements, you have a 90% chance of being approved for a cash advance from us for up to $500,000. Yes, you read that right! $500,000 with no money down to spend the way you need to in order to grow your business.

Ready to Get Started?

Contact eBusiness Funding now at 305-985-6593 or complete the contact form on this page now.

What is Unsecured Business Lending?

Whether you are starting your business or have been in business for years, the thought needing to take out a loan can be daunting. Long gone are the days where you only had one option to go to for financing. Now there are hundreds of alternative lenders in the market on top of the financial institutions offering an array of products. The challenge is not finding a funding method; it is picking the right option for you that you qualify for. Before you think about going down the road of choosing a method you have to think higher-level. Are you looking for secured or unsecured business lending?

Not sure which option is right for you? Secured business lending is tied to collateral. This can be either an asset that is associated with you as the owner or to the business itself. Unsecured business lending is an option for a business and owner that do have many assets to be able to put up for collateral against a loan.

Bank Loans

An unsecured method from a financial institution can be much harder to receive because the bank has more risk. With nothing to take in exchange for not paying back the loan, there is more on the line for the lender. Typically, a bank loan will require perfect credit and an extensive business history of success. It will also often come with higher interest rates compared to a secured loan.

Now not everyone has perfect credit or a long business history. Some businesses are just starting out. Or sometimes owners have made a few mistakes as they were learning to use credit. Things happen and alternative funding providers are typically more forgiving of these mistakes.

So what other some other options for unsecured business lending?

Friends and Family Loans

Asking people, especially people you know, for money may be uncomfortable but it is a way to get investment from people who already want to see you succeed. Actually, more than 50% of all start-ups have been funded by friends and family at the beginning. The best part is that friends and family aren’t likely to ask for your credit report or collateral. And even if they do, they are most likely not going to use that as the deciding factor for giving you a loan.

Merchant Cash Advance

A merchant cash advance offers many benefits to your business. It is an alternative funding method that is often used by companies to receive unsecured business lending.

Some of the benefits include:

• Quick Approval
  • In just 24 hours we can get you approved.
• Cash in hand quickly!
  • Just three days after you apply and are approved, we can get the cash directly deposited into your bank account.
• No Collateral
  • We will never hold personal or business assets against the funds.
• Short business history is not an issue!
  • The business history we are looking for is just six months.
• A business plan is not required!
  • We are not going to ask for a three to five-year plan because we believe that if you are in need of funding, you want to see your business succeed.
  • We are not going to ask how you plan to use the funding after it is deposited into your account either.

Get Started Here

Whether you have only been in business for a short period of time or have bad credit, we are here to help. So if you are ready to apply for our unsecured business lending method, get started with us today. We are ready to get you the cash you need in three days!

Use the contact form on this page or call eBusiness Funding now at 305-985-6593

Get Unsecured Business Financing Today

When you think about your business and its funding needs, the first place people’s minds tend to go is to bank loans. Traditionally businesses would go to their local branch to apply for a specific amount of funding. Businesses were typically approved and they left happy. In today’s world, it is not as simple. There are so many options out there, business owners can be overwhelmed. Especially when it comes to knowing the difference between secured and unsecured business financing.

What also doesn’t help is that only about 20% of businesses that apply for traditional loans are approved. That means 80% of applicants are denied. You can be denied for a business loan for several reasons including poor credit, limited business history, or low to no collateral.

We can’t help you improve your credit score or the length you have been in business but we can offer you a product that won’t hold collateral against you. Unsecured business financing may be the product you have been searching for.

Unsecured business financing is an option that can come in many forms. An unsecured business loan is one option. Lenders who offer unsecured business loan can make it much more difficult to get approved for this product. There is an increased risk on behalf of the lender.

Because offering traditional loans that are unsecured is a risk to a financial institution, there are fewer of these loans that are offered to business. But our business is different. We look at companies who can’t necessarily afford to put up collateral and want to help them. That is why we offer a Merchant Cash Advance product.

Merchant Cash Advances are a great option for businesses that accept credit cards. This is one of the many alternative lending options on the market today.

The benefits of a Merchant Cash Advance for your unsecured business financing needs:

• No complicated approval process
• No long waiting periods
• No spending restrictions
  • We are concerned about helping you grow your business so we do not require a traditional business plan or a plan of how you will be using the funds.
• High approval rate
  • We approve over 90% of those who meet our minimum requirements.

We have made qualifying simple and easy. We only have two minimum requirements. The first is that you must have been in business for six months or longer. The only other criteria that you must meet is that you average $10,000 a month in sales.

Once you have submitted our simple form and you are approved, we can get you between $5,000 and $500,000 in just three days., depending on what you qualify for. We deposit the cash directly into your bank account so you can start using it to help grow your business almost immediately.

Unlike a bank loan, we will not make you pay a fixed monthly payment. We will take a pre-determined percentage of your credit card sales daily until the amount advanced is paid off. The benefit of this method for you is we don’t make money until you get paid. You do not have to worry about forgetting to pay us back either because through our automated process we can take the funds directly from your daily transactions.

Because we don’t require a business plan when you apply, you can use the cash however you need. You can use it to expand your business or increase your inventory. You can also use it to pay your taxes or payroll. If you are thinking about opening a new location or purchasing new equipment, you can use the funds for that too!

Get Started Now

So if you are looking for unsecured business financing, our merchant cash advance may be the product for you.

Contact us today at 305-985-6604 or complete the contact form on this page to explore how we can help you meet your business goals.