How Do Unsecured Business Loans Work?
Unsecured business loans are a quick and easy method raising funds for your business. They tend to be flexible, affordable and are ideal for businesses with few assets.
Loans are usually set up on a capital repayment basis, with fixed monthly repayments made over the agreed term. If the monthly payments are made in full and on time, the loan is repaid in full at the end of the term.
When taking out business finance on an unsecured basis, the lender will usually require a personal guarantee. This acts as an assurance that you will repay the debt if the business were to default.
It’s important that you consider whether a personal guarantee is right for you before taking out a business loan. It is possible to insure personal guarantees, with the policy paying out in the event of the guarantee being called upon.
Unsecured Business Loan Lenders
Times have changed and the first port of call for a business loan is no longer, for many companies in the UK, their own bank. With lending rules tightening up and applications seeming to take longer and longer, more and more people are turning to alternative sources of funding.
There are a number of lenders to choose from including:
- High Street Banks
- Peer to Peer Lenders
- Challenger Banks
- Alternative Commercial Finance Lenders
We help you to compare all of the above lenders from across the market, through one simple enquiry.
The Benefits Of Taking An Unsecured Business Loan
- Excellent rates from a variety of lenders
- Drive your business forward with a cash injection
- Fast decisions and simple application processes
- Lots of flexible lenders
Compare The Whole Market Without Paying A Broker Fee
Compare unsecured business loans, select your preferred option and apply online for a fast decision.
Alternatively, to talk to a business loan expert, enquire online or call us now and we’ll usually be able to give you a decision and written terms within one hour.