Unsecured Business Finance
Table of Contents
What are Unsecured Business Loans?
Unsecured Business Loans offer easy and fastest way to get finance for business without any security or collateral.
Since there is no security or collateral evaluation, the application process is easier and more straightforward and the loans are quicker to process. It is offered on the bases of financial reports. Unsecured Business Loans give your business immediate funding without securing the loan against any assets.
Is my business eligible for a secured business loan?
- Minimum 6 months trading
- UK Businesses
- Sole traders, Limited company or Limited liability partnership (LLP) in the UK.
- Actively Trading
What are the advantages or merits and disadvantages or demerits of unsecured business loans?
Advantages or Merits
- Quick disbursement into your business bank account after approval.
- Borrow from £1,000 to £500,000 +
- Does not require any security, collateral or Assets.
- Term starts from 1 month up to 6 years.
- Minimum paperwork needed.
- Offers a Short to Long term lending solution.
- Keep your company’s assets safe.
Disadvantages or Demerits
- Missed payments lead to fall in credit score.
- It’s more expensive than a secured loan.
- Lender at risk – Personal Guarantee is needed.
- Unsecured loan offers Smaller Term compare to a secured loan.
- Cost Added to the business.
How much funds you can get?
Unsecured business loans offer a quick funding solution for UK businesses. You could borrow starting from £1000 to £500,000 without having to secure the loan against any collateral.
How do unsecured business loans work?
Unsecured business loans work by offering your business with funding without requiring assets. There will be a monthly repayment over a fixed period, known as the loan ‘term’.
How to paid back unsecured business loans?
You can repay the loan in monthly payments. There will be scheduled amount which you have to pay monthly over the term. In many instances you can close the loan early so you don’t need to pay remaining interest.
What are the minimum documents required for an unsecured business loan?
To place the application:
- Register document required – Filed Accounts
- Supporting Document required – Business Bank Statements
If you don’t like Unsecured Business loan?
You may like Merchant Cash Advance, and our experts will help you. We offer a wide range of funding options that can offer the perfect solution for your business.
How much time does it take for an unsecured business loan to be approved?
Frequently Asked Questions
How much time does it take for an unsecured business loan to be approved?
It takes 24hours to 72hours, in some cases few days for the Conclusion. Unsecured business loan is one of the fastest ways to get finance hence there is no security or collateral for evaluation.
Can I get a unsecured business loan for a start-up / new business?
No, the business should be 3 months old for unsecured business loan or else you have the option for secured business.
Can I can get unsecured business loan with existing loans?
Yes, it's a matter of affordability, our experts will help you with suitable options.