For the numerous small businesses who are looking for unsecured business loans we provide them with those. Obtaining the funding for small businesses is not at all a problem for small businesses, and we provide the funding very quickly in a hassle free manner. We do however advise all loan applicants to be very sure and decided about the funding they require. The reason for this is small businesses make up the spine of the economy, healthy small businesses result in a healthy economy. The more stable and healthy small business that exist the better the economy. To be decided and sure simply means the business owners has thought through their decision well, and has decided to act decisively.
Banks do not prefer to fund small businesses, and we are aware that a lot of small business owners believe the banks are the best option. Due to the fact that banks do not like to provide small businesses with the best unsecured business loans, they have very stringent qualification criteria’s, and most small businesses fail to make the cut. As a result over 90% of all small business loan applications are rejected by the banks.
We do however provide small businesses with the small business loan unsecured that they require. The qualification parameters that we have are practical and simple for small businesses, and as a result most small businesses are able to qualify for the funding that they apply for. Mentioned below here are the qualification criteria that we have, and based on these most small business owners will be able to make out whether they qualify for the funding or not.
1. The business needs to be at least 12 months old and it also needs to be a running business.
2. The owner of the business should not be in any form of active bankruptcy at the time of the loan application. If they were in the past they should be discharged from it at the time of the application.
3. The gross income of the business needs to be at least $10 thousand a month.
These are the simple criteria that we have, and most small business owners will be able to ascertain whether they qualify or not for the funding. Also mentioned here below, we have the rest of the features that go on to make the funding process with us hassle free, convenient and quick.
The processing time frames that we require are very quick, and we are able to provide small businesses with the funding that they require within 48 to 72 hours from the time we receive the unsecured business line of credit application. At the most this time frame will be a week to ten days, not over that. Banks on the other hand do not work so quick for many reasons, however with the stringent qualification criteria that they have, it does slow down the entire processing speed. The generic time frames associated with banks are closer to a couple of months or maybe even over that time frame.
We do not ask small businesses to provide us with high credit scores either when they apply for an unsecured business loans bad credit, as this is not part of our qualification criteria. We work with al credit scores, and often work with those that are in the low to mid-500s, and we do fund them also. Banks on the other hand will not work with low credit scores or average credit scores either, and would prefer the credit scores to be in the 700s if possible.
Collateral is a sore point with many small businesses and that is because many small businesses are unable to come up with the collateral required by banks and financial institutions. We do not require collateral as we provide instant business loan to small and medium sized businesses. The collateral requirements that banks have are generally related to property or other kinds of real estate, and the value of the collateral needs to be worth double of the funding amount required.
For more information related to the fast unsecured business loans that we provide get in touch with us. Our funding team will provide you with the information you require and also assist you with the filling in application form. Alternatively if you wish to do this online yourself, simply click on the ‘apply now’ tab and fill in your details.