Unsecured business loans can be a fast and easy option for funding for your business. However, with a growing number of bank lenders and non bank lenders growing in this space, it is important that you select the right lender for your unsecured business funding.

There are many reasons why an unsecured business loan can help your small business. In our experience, clients have used unsecured business loans to acquire another business. However, there are a variety of reasons for taking out an unsecured business loan. E.g. purchasing stock, equipment, expansion and re-fit of business premises.

As no collateral is involved most lenders unsecured lending process is quite fast, with some lenders even offering funds in your account within 48 hours. Absolutely perfect if you have that urgent stock order!

Many business owners opt for an unsecured business loan as they don’t want to eat into the equity of their home or investment property. Generally what occurs is that the lender takes charge or a guarantee over the business.

The flip side of unsecured business lending is that generally it is more expensive (another reason to have OCEAN Lending assist).  This is due to the fact that the lender does not have to assess any collateral and therefore the risk to them is higher than that of a normal secured business loan. However, one needs to think of the opportunity cost, not the interest rate. For instance,  you might have a large order from a client but have no capital to purchase the stock required to fill that order. Would you be willing to pay a slightly higher rate in order to secure fast funding so you can fulfil the order and obtain the income from the sale?

Start the process by Contacting Us and we can indicate if you qualify and what your repayments will likely be.