Unsecured Business Loans
Growing your business often requires additional funding. This means borrowing money so you can expand to new premises, hire new staff, or manage your cash flow. Unsecured business loans are a popular option for business owners who need assets or collateral to secure a loan.
Unlike regular loans, it is issued without providing collateral and the lender cannot seek repayment by going after the borrower's assets. However, there is still a need to meet income and credit requirements while other lenders ask for a personal guarantee.
Minimum eligibility criteria
At Funding Link, we have simplified and streamlined the application process so that any business owner can be eligible for an unsecured business loan:
✔️ 12 months minimum trading time
✔️ Bank statements for the business
✔️ Balance sheet and profit-loss statements
✔️ Principal borrower's credit score
✔️ Personal and business tax returns
Where to use it?
There are three ways where you can best utilise unsecured business loans:
1. Working Capital: Cover day-to-day expenses such as rent, payroll, and other bills.
2. Expansion: Finance expansion efforts such as opening a new location or hiring additional staff.
3. Marketing: Fund marketing and advertising campaigns to help generate more business.
Getting unsecured business loans can provide certain benefits that will lead to your business growth and success.
1. No Collateral: Businesses do not need to put up assets such as property or equipment as security.
2. Quick Approval Process: Funding can be secured within 24 hours.
3. Flexibility: Favourable terms of repayment schedules, interest rates, and loan amounts.
4. Easy to Qualify: Designed to be easy to obtain even with those with spotty credit history.
Getting an unsecured business loan is worth exploring as a financing option. Still not sure if it's the right one for your business? Learn more about other types of loans with Funding Link.
Need cash infusion on working capital?
Boost your working capital and grow your business funding today. Apply now for an unsecured business loan. Talk to Funding Link now.