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.

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