As high inflation continues to be a problem, many aspiring entrepreneurs are struggling to get the funding they need. However, with the help of Unsecured Funding Source, more and more people are meeting this challenge head-on. Below, are five ways unsecured loans like theirs are helping future business leaders get their start:
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1) Unsecured Loans Don’t Require Collateral
Unsecured loans don’t require collateral. That means you won’t have to pledge personal assets like your house or car to get the money you need. This makes it far easier to pursue your business ambitions without feeling like you’re putting yourself or your loved ones at risk.
Additionally, for younger entrepreneurs or those who have suffered recent financial hardship, the lack of required collateral removes a major barrier to getting started. High inflation and low personal capital don’t have to stand in the way of your business.
2) Flexible Repayment Terms
With an unsecured loan, repayment terms are a lot more flexible. You’re able to negotiate your repayment schedule which will help you navigate this unpredictable economy. Additionally, with flexible repayments, you’re better equipped to handle the heavy fluctuations in cash flow that often come during the startup phase of your business.
3) Quick Loan Approval
Unsecured loans don’t put you through a lengthy approval process. You won’t have to worry about putting together a detailed business plan, filling out a lengthy application, or having the perfect credit score. With quick loan approval, you’re able to jump on opportunities faster, scale your business more rapidly, and shortcut your way to pushing back against inflation.
4) Lower (and Fixed) Interest Rates
Compared to other funding options like credit cards, unsecured loans can offer significantly lower rates. With lower interest, you’re empowered to spend more money on growing your business rather than on paying down high-interest debt. During high inflation, that can be especially beneficial given how much faster your expenses can pile up.
Providers like Unsecured Funding Source also offer unsecured loans at a fixed rate. In-house funding programs like their Jumpstart LoanSM offer entrepreneurs a predictable way to move forward with liquidity offered by sponsor banks. The provider also offers funding through third parties, which allows them to know what rates other institutions are charging. Clients can then be matched to the best national funding programs. Either way, borrowers can have peace of mind knowing their rates are competitive and stable even in a high-interest environment.
5) Wide Accessibility
Still worried about your less-than-perfect credit score? Don’t be. With unsecured loans, you’re still able to receive funding even if your credit score isn’t in ideal shape. That said, don’t think having a solid score will hurt you!
For those with qualifying credit, lenders like Unsecured Funding Source are offering unsecured loans at rates as low as 8.99%. Regardless of how you’ve been affected by recent inflation, an unsecured loan may still be a viable option for moving forward with your business plans.