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.