Why waste time with your local bank? Skip the headaches and hassles and get the money you need with an unsecured business loan or line of credit! Unsecured Funding Source can help you skip the business plans and eliminate the need for assets or collateral with our fast and easy service.
Our minimal documentation programs make borrowing easy and headache free. Speak with a loan consultant or get started today by filling out a quick pre qualification form and we can have you approved within 48 hours for the money you need!
As a business grows, so does the need for capital. An unsecured business loan can be used for virtually any business costs including equipment purchases, payroll or expansion.
Benefits of unsecured business loans and lines of credit
Features of a personal loans
What is an unsecured business loan?
An unsecured business loan is a type of loan that a business seeks out when in need of capital. For example, you may take out an unsecured business loan when expanding your business to a new location. An unsecured business loan can be used for other business expenses, such as working capital or equipment purchase.
Unlike a secured loan, an unsecured business loan does not require any collateral from the borrower. This means that you can borrow a loan without risking any of your hard-earned business assets.
Advantages of applying for an unsecured business loan
One of the main advantages of unsecured business loans is that it does not require collateral. A borrower can get the capital they need for their business without risking their assets as collateral.
Unsecured business loans are also flexible and can be used for almost any business expense without requiring business financials or other documentation. Let’s say you use an unsecured business loan to start a small business. Unlike other loans, such as an SBA loan, an unsecured business loan won’t require documentation such as business financials. This allows the borrower more flexibility in how they use their unsecured business loan.
Unsecured business loan requirements
Unlike a secured business loan, an unsecured business loan doesn’t require collateral to qualify a borrower for a loan. Instead, unsecured business loan lenders use other methods to qualify a borrower. First, the borrower must fill out an application for the unsecured business loan. The borrower may also be asked to provide pay stubs or tax returns depending on the lender. When reviewing the application, an unsecured business loan lender uses various criteria to determine whether they will lend the borrower the loan amount.
Unsecured business loan FAQs
Unsecured business loans can be used for almost any business expense! Common uses for this type of loan include financing business expansion, working capital or equipment and inventory purchases.
The difference between secured vs. unsecured business loans is that a secured loan requires collateral. Because a secured loan presents less financial risk to the lender, they may offer higher secured loan amounts. But a borrower with good credit can often get an unsecured business loan on terms that are comparable, if not better, than SBA or other business loans. An unsecured loan allows the borrower to utilize lower interest rates without risking hard-earned business assets.
Unsecured business loan rates depend on various factors, including the overall economy and the credit policies of the individual lender. UFS offers unsecured business loan rates as low as 5.99% with qualifying credit.