Have you heard the radio ads, offering what seems to be easy unsecured business loans from Prospa, OnDeck, GetCapital just to name a few, but what does it entail?
Unsecured Business/ Term Loans are exactly what they say –
- Can be anywhere between $10,000- $300,000
- Terms from 6-24 months
- Weekly repayments
- No real estate security needed.
These loans do come at a cost, set up fees and higher interest charges which differ between finance companies, but it allows you to borrow money without having to put your house up as security. They can be arranged in a couple of days and the funds can be used to help grow your business.
Some ways you might use an unsecured business loan could be -
- To purchase new stock
- To Invest in new technology
- Expand or renovate facilities
- Marketing or advertising
- Hire additional employees
- Pay a deposit on equipment that will take months until delivery
If you are thinking of ways to expand and grow your business but don’t have the cash then give us a call and we can put you in contact with people who can help you get an unsecured business loan.