Unsecured Business Loans

When you’re looking at getting some more cash into your business, one of the most simple ways is a business loan.

You probably already know how a loan works, you simply choose how much you’d like to borrow and how long you’d like to have to pay it back.

What can you use a business loan for?

There’s many reasons why you might want to take out a business loan, such as:

  • You’re starting a new project and need some funds to buy materials
  • You’ve identified a scalable marketing opportunity to add revenue to your business
  • You need the working capital for costs associated with some projects
  • You have a bill due
  • You’re looking to buy another company

You’re more likely to be approved for a loan if the purpose helps the company increase revenue or cut down on cuts. Loans for crown debts are available, but generally leave lenders and underwriters uneasy due to the risky nature.

What is an unsecured business loan?

Unsecured business loans are loans which aren’t backed by any form of security. This means you won’t have to risk any assets or property to take them out. You’ll normally have to sign a personal guarantee.

The advantages of an unsecured loan is they can be issued fast, so if you’re in a pinch you can quickly access capital and get on with business. However, normally you can expect to pay more.

How much can I borrow with an unsecured business loan?

A general rule of thumb is 1-2 months turnover. If you have a great credit rating and can put a good case to a funder, you may be able to borrow a little bit more.

Although these loans are unsecured, you’ll normally be asked to sign a personal guarantee.

If you’re looking at taking out an unsecured loan, fill out our form below and we’ll be in contact to see how we can help

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