Am I an Unsecured Business Loan Candidate?

If you’re in the process of searching for business cash and that process has been longer and more difficult than you originally expected, you’ve probably started to wonder if you are a candidate for an unsecured business loan. If any of the following points describes you, then you are probably an excellent candidate for the unsecured business cash advance and you could have the opportunity to get up to $500,000 in business funds.

I Have No Collateral

Unsecured business loans are completely unsecured (as the name hints). Therefore, no collateral is required to get this type of business funding. Some providers describe the businesses’ future credit card sales as a form of collateral, because they advance funds based on credit card sales that have yet to be processed and then collect the repayments only as a small percentage that is deducted from the business’s daily credit card sales. This repayment method allows the payback to fluctuate along with the business’s sales, putting less stress on the business and the business owner.

My Credit Score is Less-than-Perfect

Banks and other financial institutions will require that borrowers have credit scores of 700 or higher. They feel that the borrower’s credit history reflects how they will repay their current loan. However, as mentioned above, unsecured business cash advance repayments are totally different. Providers do not rely on the borrower to make the payments, as the funds are automatically deducted from the business’s daily credit card sales. This takes the responsibility of repayment out of the borrower’s hands completely.

I Don’t Qualify for Other Business Funding Methods

Besides requiring collateral and exceptional credit scores, other lenders will set a slew of other requirements for business funds eligibility. Unsecured business cash advance lenders, on the other hand have only a few requirements and on top of that, they’re easy to meet.

Business must process at least $3,500 in monthly credit card sales
Owner must have owned business for at least six months
Business must have at least one year remaining on the business lease
Owner may not have any unresolved bankruptcies

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Unsecured Business Loans