Many people thinking about going into business often think only of a bank for a business loan, and do not even consider all of the other options such as an unsecured loan. But all loan options should be considered when you are deciding how to finance your business, and an unsecured loan is an option.

Advantages of an unsecured loan:

• Less documentation required – therefore, less work for you or your CPA or attorney.
• Your property is not used for security.
• Loan approval is usually quick.
• Closing the loan is hassle free.

• Since the risk is higher to the lender there will be a higher interest rate to pay.
• If you need a large loan for your business, you may not be able to find a lender provide a large amount unsecured. (The definition of large varies by lender, but generally a loan over $100,000 to $200,000 is large.)
• The repayment term will be considerably less than a secured loan. If you have projected enough cash flow to handle the larger payments, this may not be a problem.

• You wil
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  Many people thinking about going into business often think only of a bank for a business loan, and do not even consider all of the other options such as an unsecured loan. But all loan options should be considered when you are deciding how to finance your business, and an unsecured loan is an option.

  Advantages of an unsecured loan:

  • Less documentation required – therefore, less work for you or your CPA or attorney.
  • Your property is not used for security.
  • Loan approval is usually quick.
  • Closing the loan is hassle free.
  Disadvantages of an unsecured loan:
  • Since the risk is higher to the lender there will be a higher interest rate to pay.
  • If you need a large loan for your business, you may not be able to find a lender provide a large amount unsecured. (The definition of large varies by lender, but generally a loan over $100,000 to $200,000 is large.)
  • The repayment term will be considerably less than a secured loan. If you have projected enough cash flow to handle the larger payments, this may not be a problem.
  Your ability to get an unsecured loan will depend on some or all of the following:
  • You wi
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    ong>Advantages of an unsecured loan:
    • Less documentation required – therefore, less work for you or your CPA or attorney.
    • Your property is not used for security.
    • Loan approval is usually quick.
    • Closing the loan is hassle free.
    Disadvantages of an unsecured loan:
    • Since the risk is higher to the lender there will be a higher interest rate to pay.
    • If you need a large loan for your business, you may not be able to find a lender provide a large amount unsecured. (The definition of large varies by lender, but generally a loan over $100,000 to $200,000 is large.)
    • The repayment term will be considerably less than a secured loan. If you have projected enough cash flow to handle the larger payments, this may not be a problem.
    Your ability to get an unsecured loan will depend on some or all of the following:
    • You wi
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      ured loan:
      • Since the risk is higher to the lender there will be a higher interest rate to pay.
      • If you need a large loan for your business, you may not be able to find a lender provide a large amount unsecured. (The definition of large varies by lender, but generally a loan over $100,000 to $200,000 is large.)
      • The repayment term will be considerably less than a secured loan. If you have projected enough cash flow to handle the larger payments, this may not be a problem.
      Your ability to get an unsecured loan will depend on some or all of the following:
      • You wi
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        $200,000 is large.)
      • The repayment term will be considerably less than a secured loan. If you have projected enough cash flow to handle the larger payments, this may not be a problem.
      Your ability to get an unsecured loan will depend on some or all of the following:
      • You will be required to have a fairly good credit score. The minimum score will vary by lender, but a minimum will usually be in the 700 range, plus or minus about 50 points.
      • Generally you will still have to have a good business plan which shows probable business success.
      • Your ability to get the loan will go up if you are buying a proven business or franchise. If you are starting the business from scratch, you will probably have to show substantial net worth, or some other proof of financial stability, to get the loan.
      There are many sources for an unsecured loan. Your business or franchise consultant should be able to direct you to a number of sources they have been successful with in the past, or you can try to search for a loan provider on-line.

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