If you simply do not have the spare money, you can turn to an unsecured business loan. These types of loan are a positive alternative for people who own businesses – some companies make sure the money is available within 24 hours of applying. Take note that business loans are different than personal loans. Simply put, these types of loan are only meant to be used for business reasons.
Quick Turnaround Time
With most lenders, as long as you qualify for the loan, you will have cash available in a couple of business days. With banks, on the other hand, it could take weeks before you see the money you need.
Credit Scores Don’t Count
If you are a business going in for an unsecured company/business loan, your credit scores will not count. The qualification will be based on your business – if you have a strong business, you shouldn’t have a problem getting money from a lender.
Payments will be adjusted
The amount you are asked to pay back on a daily basis will all depend on the profits your business made. What this means is the amount repaid will adjust in accordance with both slow business and profitable times. This technique makes it easy to pay the money back, without going broke at the same time.
Easier to Obtain Than Secured Business Loans
An unsecured business loans will be easier to obtain than a secured business loans. This is because your business will not need to put any collateral up front. More details here: http://www.investopedia.com/terms/u/unsecuredloan.asp
No Collateral with Unsecured Business Loan
With a secured loan, if you do not pay the loan back, lenders will be able to take the collateral from you. However, if you default on an unsecured business loan, the lender will not be able to take your business’ property, unless they get a court order.
The Court Can Discharge Unsecured Loans When Filing Bankruptcy
If for some odd reason your business has to file for bankruptcy (we hope this never happens), the court can discharge those unsecured loans. However, it’s not normal for them to discharge a secured loan.
Unlimited Funding Potential
Individuals who are looking for an unsecured business loans may be interested in Xpressbusinessloans.com. This company offers unsecured business loans with the opportunity to receive funding in as little as one day – light documentation must be presented to qualify – this includes a bank statement from the past 6 months and the most recent tax return documentation. The loan amounts are based on gross sales amount. Basically, you can loan anywhere from 5k to 1 million.
As the sales for your business increase or if you simply need more money for your business, you can apply for more money, as long as you are in good standings.
As you see, there are many factors to getting an unsecured business loan to help your business during harsh times. Almost any established business, regardless of the industry, can qualify for this form of loan. Most companies have a short application that you are required to fill out in order to determine if you are eligible for the money.