Secured loans require collateral to “secure” them, meaning if the borrower doesn’t make timely payments to pay back the loan, the lender can go after the collateral to recoup their money. For many business owners, the thought of putting their personal home or vehicle on the line to take out a loan for their business is too much of a risk, so they look for unsecured loans.
Unsecured loans are business loans that don’t require tangible items to secure them. There are lenders all over the country who are willing to offer these types of loans with affordable interest rates and flexible payment options. At United Business Funding, we work with clients in nearly every industry and sector, helping provide the funds they need to help their business thrive.
How Easy are Unsecured Loans to Obtain?
Getting approved for an unsecured business loan will depend on your personal credit score, the ability to prove a monthly business deposit of $10,000, and proof of your business operating for longer than 6 months. If you meet all the criteria set out, the application process can happen in just a few clicks and the money could be in your hands within a few days of approval.
Purpose of Unsecured Loans
Most business-relevant endeavors can utilize the funds from an unsecured loan. If you’re looking to buy a smaller competitor, higher new leadership, improve your manufacturing process, or even get through a financially difficult time, an unsecured loan might be the answer. Business owners apply for small business loans for a plethora of reasons, and frankly, as long as you are reliable in making your monthly payments, there are not too many restrictions on how the money can be spent.
Perhaps you need to repair an office space after a storm and you’re short a few thousand dollars or maybe you’re looking to purchase new technology or equipment for your team that will be a bit pricier; we can provide loans from $2,000 to $2,000,000, pending approval.
Like any loan, the money has to be paid back within a set time frame on a schedule that is agreed upon upfront by both parties. We never want our clients to overextend their finances and would never approve a loan if we didn’t have full faith in the borrower’s ability to pay it back. That being said, we do understand that different businesses have different cash flow patterns, and we try to set up a repayment schedule that is aligned with each client’s flow of funds.
Contact Our Team Today
If you’re not sure where to get started, take a quick look at our website to learn more about how we operate and the values we hold. You’ll also be able to submit a free quote request for the loan amount you need. This is the best first step in obtaining cash fast, but a call with our expert team can also help get the ball rolling. We can’t wait to partner with you!