Unsecured Business Loans:
There may come a time when a small business owner can use the help of additional finance. Whether you’re facing the typical cash flow shortfall or you simply want to invest funds into a business expansion project, you may need more money than you have in the bank. We are here to help.
You’re Lending Options:
Bank Loan: A bank loan is the most common loan type and often the one with the most favourable terms. However, most bank loans are normally difficult to obtain, especially if you are looking for a fast approval. Bank loans normally require you to submit a business plan, financial documents and other types of paperwork before any decision can be made. Many companies, especially small business owners, will never qualify for a business loan applied for directly through the bank.
Alternative Loans: An alternative loan is different than a traditional bank loan. It encompasses anything from peer-to-peer lending to short-term loans brokered through a bank.
One good alternative loan options you’ll find will be a short-term unsecured business loan that is brokered through a real bank. When you obtain a loan brokered through a real bank you skip the long application process and still receive many of the same benefits, such as interest that is tax deductible. Your interest rates may be higher, but because you’ll have fast access to cash it’s a trade off that many small business owners are willing to take. We’ll talk more about this option in the next section.
Cash Advance: Merchant cash advance companies are also available. Companies with uncertain futures may turn to merchant cash advance companies because they have no alternative lending option at their disposal. Cash Advance companies are not regulated by a government body and as such their terms are often expensive with high rates.
Unsecured Business Loans (No Collateral Required)
An attractive option for most small business owners looking to move quickly on a new project will be an unsecured business loan brokered through a real bank. “Unsecured” simply means that the business owner does not need to put up any collateral to receive the money. This is great news for business owners that don’t want to put their personal or business assets at risk.
One of the main reason many small business owners opt for this choice of finance is because they cannot obtain a bank loan any other way or the approval process from the bank is taking too long (it can take months to receive a decision). When you work with Smart Financial Products you can be approved for your bank loan within 24 hours and receive funding within 10 business days or less.
The Pros to an Unsecured Business Loan through Smart Financial Products:
- You don’t have to put up any personal or business collateral
- You can be approved in as little as 24 hours
- You don’t need a high credit score to get approved
- The interest is normally fully tax deductible
- Payments aren’t linked to credit card receipts like a cash advance
An unsecured loan for your business can be used for a whole range of different things, including:
- Covering shortfalls in rent or salaries during slower periods
- Buying extra stock in preparation for a busy period
- Paying for refurbishment of premises
- Taking advantage of growth opportunities
Funding natural growth – i.e. buying new machinery, extra transport or stock.
An unsecured loan such as those arranged by Smart Financial Products is ideal for small businesses. If you would like to learn more about unsecured business loans please give us a call on 08000 499136 and talk to one of our representatives who can answer any questions you may have.