The biggest hurdle many people face when looking to start their own business is having to figure out how to fund it. Thankfully, in most cases, putting up your home and your life savings as collateral isn’t necessary if you apply for an unsecured business loan.
If that sounds like something that would be helpful in your quest to build your own business, let’s take a quick look at how the process works.
How Unsecured Business Loans Work
An unsecured business loan is ideal for many businesses that need capital – especially pre-revenue and new businesses in the startup phase. The main advantage of an unsecured business loan is that it does not require any form of collateral, but that’s not the only benefit. Some other benefits of unsecured business loans include:
- Borrowers are not required to have any personal or business assets.
- Loan approvals are based on borrower – not business – creditworthiness
- The loan approval process is often faster than a traditional loan.
- Funding can be available within days of approval.
- Terms can be adjusted to fit the needs of your business.
- Anyone with a good credit score (720+) can qualify.
- You get to decide how to spend your money!
Unsecured Business Loan Approval Process
When working with Unsecured Funding Source (UFS), the approval process begins with a 60-second application that asks for the following information:
- Basic Contact Info
- Amount Requested
- Purpose of the Loan
- Credit Score Range
Once you fill out that basic information, one of our Loan Advisors will contact you to follow up with customized options designed to accommodate you and your unique business goals.
How to Get an Unsecured Business Loan with UFS
Filling out our 60-second loan application to begin the process of securing an unsecured business loan will not impact your credit score, so why not get started right away if you are serious about securing funding?
In most cases, UFS can help you access various types of unsecured loans and lines of credit, including options to borrow as much as $450k with interest rates that start under 6%. Apply for an unsecured loan with UFS today to benefit from our professional expertise in non-collateralized lending.