Reasons to Get an Unsecured Loan for Your Business

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( — March 1, 2022) — Unsecured loans allow a small business to access the funding they need to get moving fast, without any required collateral. This type of loan is exceptionally simple to apply for, and you can discover whether you were approved or not in a matter of just minutes. These loans also don’t require any assets, allowing you to obtain the capital you need to build your new business from the ground up. Having access to additional working capital allows you to make the right choices and to create something worthwhile.

Today’s smarter, more comprehensive technology has revolutionized the application process, improving the time it takes to work through pre-approval. Pre-approval will also provide you with an accurate indication of your eligibility, and you can use this for the future and continue forward with peace of mind.

No assets required means you do not have to put down your valuable assets as collateral to get a loan. An unsecured loan is fast and simple, and you never have to worry about how many or how few assets you currently have when applying. Repayment schedules are tailored to your unique situation, allowing you to repay your loan at a rate that you can afford with your current cash flow. As you grow your business, a cost-effective monthly payment will give you the room you need to make important decisions without worrying about your budget’s limitations. Click here to get a free guide about business loans if you are a business owner.  

Same Day Transfer

Once your loan is settled, the money is transferred into your nominated bank account. In most cases, as long as the settlement happened before midday, businesses can see their funds reach their bank account on the same day. If you happen to secure your loan after midday, you will see the money the very next day. The only situation in which you may see your money take longer is if you are with a small credit union. Even then, your money should arrive promptly and be available for use when you need it the most.

What You May Be Approved For

Depending on your unique circumstances, you may be approved for any amount between $1,000 and $250,000. Unless you need to borrow a larger amount, this is what most businesses need in order to get started on the right foot and have the capital to make the right business decisions. Without the capital you need, moving forward as a business may seem like an impossible undertaking. Any products you sell must be fabricated, and new equipment is rarely cost-effective. In addition, you must pay any and all employees, place ads, and create a useable website. All of this cannot be done without the right amount of capital in your account, and business loans were created to help you gain access to such capital. 

Simple Criteria

To be approved, you need a reliable turnover of at least $6,000 per month and a relatively good credit history. This is true of any business that has been trading for at least six months or more, and you are likely to be approved for larger amounts if you meet these criteria. New businesses are not necessarily out of the running. If you are a new business looking to get on your feet, read our blog post article it has great information about a business loan. So, check them out.