How to Get an Unsecured Business Loan Even If You Have Bad Credit
You’ve worked hard and made big sacrifices to get your business to this point. Your business generates revenue every month, but you need some cash beyond that to help you expand, buy inventory, get through a slow season, or some other reason. But, you have a challenge going to the bank and getting a traditional loan. Your credit is not perfect and you do not have collateral to secure a loan. How about applying for an unsecured business loan?
What is an Unsecured Business Loan?
An unsecured business loan does not require collateral or good credit. The lenders are primarily interested in your monthly revenues. If you own a business and you can show that your earnings are consistent, you can probably get the business financing you need.
Here are some of the advantages of an unsecured business loan:
• No Collateral Necessary
• Bad or Poor Credit OK
• No Personal Guarantee
• More Flexible Terms Than Conventional Bank Loans
• Fast Turnaround
• Less Red Tape
Many times business owners have to dip into their personal funds in the early stages of launching a business. Due to this, they may not make a timely payment on a bill and this can compromise their credit standing. Or they may have to get an extra credit card or some other form of credit. Increased outstanding debt can negatively affect their credit score.
You may have done the same thing and now you need a loan. Your bank has said no and you’re not sure what to do next. Don’t worry. There are lenders out there who specialize in unsecured business loans. They offer business credit cards, business cash advances, lines of credit and other flexible financing programs. All they want to know is two things. Do you own the business and is your business generating revenue? If you can prove to them that your business produces consistent earnings, you can likely get a business loan.
Most of the time, the lenders do not specify how you can use the money to build your business. They leave that up to you. So you can use it the best way you see fit to take your small business to the next level.
Now, you can access lenders who specialize in unsecured loans for borrowers with poor or bad credit. All you have to do is fill out this short, secure application form and you are on your way to finding the unsecured business loan you need. Apply now.