Getting a loan for your business can mean the difference between growing your brand and becoming stagnant. It’s an important step in keeping your business afloat or finally expanding into a larger organization.

However, getting the loan you need isn’t always easy, and some loans come with several strings attached. Unsecured business loans are an excellent way to get the funds you need to grow your company without the cumbersome conditions other business loans impart.

Let’s explore the ins and out of unsecured business loans, and how they can help your organization.

What are unsecured business loans?

Unlike secured loans, unsecured business loans do not require collateral and deliver the cash you need faster than secured loans. This means that you do not have to show collateral—like essential equipment for your business, your inventory, property—or other assets in order to receive the funds.

Keep in mind, though, that while unsecured business loans do not require collateral some lenders still expect a personal guarantee for the loan. This means that should you not repay your loan, the lender may attempt to gain possession of other assets, like cash, your car, or your home.

Another thing to remember is that most unsecured business loans come with higher percentage rates than secured loans. While this means you pay more over time, it still gives you the chance to get the cash you need faster than with other loans—and more opportunity to build the capital to pay it off faster, meaning less interest over time.

Easier application

Besides getting the funds you need faster than secured loans, unsecured loans afford a much quicker application process. It’s a simpler, more straightforward process than applying for secured loans since there’s less background information to explore, like what qualifies as collateral.

Similarly, the approval process is often much faster than that of secured loans. This means that your business doesn’t need to wait around for an appraisal of your assets to be used as collateral. This is often the longest part of waiting when it comes to secured loans, which can drag on for quite some time.

Benefits of an unsecured business loan

Hunter&Wolfinstein Services knows that businesses often need cash quickly to take the necessary steps to keep afloat or to progress to the next big milestone, which is why we offer unsecured working capital for business owners.

These loans get cash in your hand faster than other types of business loans and offer more flexibility than others as well. These types of loans are perfect for those who may not qualify for secured loans, including:

• Those who have previously declared bankruptcy
• Individuals who face tax liens
• Those who have been turned down by other lending institutions
• Companies that need up to one million dollars
• Business owners who need cash for marketing or other expansion needs

All you need to do is complete your application. If your application meets all requirements and there are no issues that prolong the decision-making process, the underwriting time is complete with 24-48 hours—exponentially faster than with secured business loans.

Get the funds you deserve with Hunter&Wolfinstein

Ready to take your business to the next phase? Reach out to us today to get the cash you need to make it happen.