Unique Unsecured Business Financing for Quick Funding
Unsecured Business Loans—sometimes referred to as a business loan without security, signature funding or merchant funding—is a unique type of financing. Essentially, they do not require collateral on the part of the borrower. Traditional lenders often require that you offer your home or some other asset on the line in order to qualify for funding. These lenders use secured loans as a way to recoup losses in case the borrower defaults.
Alternative funders—such as Fast Capital 360—differ from traditional cash lenders in that they use factors other than collateral to judge the eligibility of a business. At Fast Capital 360, unsecured business loans do not require that you put forward personal assets or collateral. In fact, all of our funding programs are unsecured and even bad credit can be overlooked as we judge the health of your business as a whole. We think that there shouldn’t be extra barriers between business and the cash flow they need to grow.
Small unsecured business loans could be a good option for small business owners who would rather not give collateral in order to obtain the needed working capital financing. For many, tying up their personal assets in business funding simply isn’t an option, a business loan without collateral is considerably more effective for their needs. Our approval process could not be more different from the one that the big banks employ. While the factor rate for your unsecured business loan may be higher, our approval process is significantly faster, as is our funding process.
How Quickly Can I Receive An Unsecured Business Loan?
Our application for unsecured business financing takes the average applicant 10 minutes or less, with an approval or rejection being determined in as little as an hour after the application is approved. Once the funding program is approved, cash can arrive in your bank account before the end of the next business day. Often, business owners who choose Fast Capital 360 find that they receive funding within 24 hours of finalizing their application.
Many banks do not offer unsecured business loans, requiring that applicants pledge assets or personal property and have waiting periods of 90 days or more. Our financing ethos centers around making small business loans without collateral quick, simple and transparent because we believe that lowering the barriers to securing fast business funding benefits the entire economy.
How Do I Qualify For Unsecured Business Lending?
Fast Capital 360 evaluates businesses on more than just their credit rating. We use a number of factors to determine what funding you may qualify for. Factors for approval include short-term business history, long-term business history, operating revenue for a business (minimum $150,000) and personal credit rating.
Our approval process allows us to take more elements of a business into consideration, giving us a better picture of what kind of unsecured funding is best for the given applicant.
Our business advisors are available six days a week to discuss everything pertaining to unsecured business loans over the phone.
Requirements For Fast Business Loans Unsecured:
- A credit score of at least 500
- At least six months in business under the same owner
- A minimum operating revenue of $75,000
- Up-to-date bank statements
From loans for business credit to traditional financing, we take a look at the bigger picture to provide you with the best possible terms and rates for your individual financial situation. Our make sense approach to funding businesses allows us to pick the best parts of a financial history and exclude other factors like a bad credit rating or a short amount of time as a company.
For those with bad credit, unsecured commercial loans give them the opportunity receive their needed cash without putting down business assets or personal assets.
Fast Capital 360 does not file a UCC for the majority of lending programs we offer, this allows the funding to function like a business loan but without security. A UCC or Uniform Commercial Code-1 is a legal financing statement that a lender files to give notice that it has taken an interest in personal or business assets. This form establishes to the public that the commercial lender has the right to take possession of and/or sell certain property or assets to recoup the repayment of the specified debt.
Alternative Unsecured Commercial Loans
Fast Capital 360 funds businesses across the country without hidden terms or fees. We’re a proud member of the Responsible Business Lending Coalition; our company is committed to upholding the tenets set forth by the coalition and solely providing fair contracts.
We’ve worked to change people’s expectations when it comes to commercial funds for their business, a big part of that is ensuring that all terms of our agreements are fair, concise and clear. Our transparent lending practices are just one of the reasons that we’ve been voted the best place to get a small business loan on CrowdReviews.com.
Our funding model provides businesses with unsecured business loans for bad credit borrowers, newer companies and small commercial entities. Fast unsecured business loans can often be the difference maker for many, allowing them to get the cash they need before bills get past due.
At Fast Capital 360, we offer working capital, business cash advances and fast, small business funding. For any questions about unsecured funding for your small or medium-size business, our business advisors are standing by six days a week to discuss your individual financial situation and what we can provide to help.
Wondering how to get a business loan without collateral? Fast Capital 360 can help.