8 out of every 10 businesses fail within the first 18 months. According to U.S. Small Business Administration, one of the leading causes of this colossal failure is insufficient capital or money. Having the essential funds helps businesses hit the ground running, investing in just the right factors that could result in success. Time is of the essence. So, how can you get access to quick unsecured business funding? Here’s a guide!
1. First, Understand The Difference between Secured & Unsecured Loans
There is one factor in the difference between secured and unsecured loans. Secured loans are those that require you to offer some asset in return for the loan. This asset is referred to as collateral. On the other hand, unsecured business loans do not require the potential borrower to offer any kind of collateral for the loan. This means that you receive your necessary funding, without risking your personal assets.
2. Get Your Credit Rating Information
Your credit rating is the testament of your reliability as a borrower. Do you have the capacity to repay the loan? Will you make timely repayments? With a high credit score, around 700, you will be in the position to enjoy lower interest rates on your unsecured loan. So, make sure you get the right FICO or VantageScore rating.
3. Fill Out The Application Form: Skip The Documentation
Generally, banks and other traditional lending resources will require you to offer extensive documentation before they even begin processing the loan. This is hardly the best option for your businesses if you’re pressed for time. Unsecuredfinances.com offers loans within 7 days of the application submission. There is no need for businesses to offer any documentation, since we exercise a ‘NO DOC’ policy. This way, we ensure that businesses get their funding in the shortest duration of time.
4. What You Will Receive
Once your loan application has been processed, you should receive the details of the loan repayment and timeline. Here are some things that you should look forward to:
- What is the loan duration? (it may vary between 5, 10, 15 years, etc)
- What will your interest rate be?
- How much will you be paying on a monthly basis?
In a few short and simple steps, you may have the means to finance your business! Get started now! With over $10 million in loan already sanctioned, we take great pride in helping businesses get the funding they require.
For more information, contact us on our toll free number, 1-888-294-2584. We’ve empowered thousands of people! Are you next?