Small business owners with limited assets and a less-than-stellar credit score might not qualify for a small business loan. Banks and credit unions are approving fewer small business loans, and their loan parameters are more stringent than ever before. If you own a small business, you need access to capital to help your company grow and prosper. One suitable option for you to consider is an unsecured business loan. Companies throughout the United States have benefited from unsecured business loans.

What is an Unsecured Business Loan?

Unlike a small business loan from a bank, an unsecured business loan can be approved with little or no collateral, and without perfect credit. Plus, applying for an unsecured business loan requires far less paperwork than a traditional bank loan. The application takes just minutes to complete and, depending on the financing company you select, a business plan might not be needed. A working capital loan and merchant cash advance, also referred to as a business cash advance, are two common types of unsecured business loans.

What Payment Terms are Available?

Flexible payment terms are one key advantage of unsecured business loans. Term lengths typically range from 12 to 36 months and will be based on your unique credit profile. As mentioned above, collateral isn’t always needed to get an unsecured business loan approved, but your credit score will play an important role. It will be used to determine your loan amount, interest rate and payment terms.

How to Get an Unsecured Business Loan

It’s a good idea to do your homework before applying for an unsecured business loan. This can help you select the best financing company for your needs, and help prevent any unexpected delays with your loan. For starters, run your credit report and do your best to clean up any problems that show up. Next, research the various options you have for your unsecured business loan needs. Look for a financing company that has a long track record of success with small- and medium-sized companies nationwide, and that offers an easy and efficient loan process. Finally, make sure you organize a folder with all of your business paperwork, such as tax documents, bank statements and balance sheets. Being prepared can increase your chances at getting your loan approved.

We Have The Funding You Need

Balboa Capital specializes in unsecured business loans. Our business funding group can recommend the best loan program for your company. Our products include working capital loans, merchant cash advances and flexible small business loans. Get started now by using our free online business loan calculator and then submit your online loan application.