Working CapitalEssentially, an unsecured business loan is a loan that is issued without collateral being put forth on the part of the borrower. Traditional lenders might require you to put your home or some other type of asset on the line in order to qualify for funding, but an unsecured business loan does away with this requirement.
Lenders use secured loans as a way to cover their bases in case the borrower defaults. This way, even if a business owner is unable to pay back their loan, the lender has some recourse in the form of selling whatever asset has been pledged to cover the costs.
Unfortunately for business owners, they may not always have the collateral necessary to access the cash they need. However, even if an owner does have assets that can be used to secure a business loan, they may not want to put personal property on the line for a business matter.
Qualifying for this type of loan is easy. The simple criteria you must meet will be discussed with your Nationwide Equipment Finance agent. With no fixed payments, hidden fees or upfront costs, a merchant cash advance could be the ideal solution if you're seeking an unsecured business loan. The benefits are very clear:
• Unsecured loans with absolutely no pledge of personal assets
• $500,000 in as few as 24 hours
• Loans for bad credit and poor FICO scores
• Simple paperwork
• Renewable source of capital