Unique Unsecured Business Financing for Quick Funding
Unsecured Business Loans—sometimes referred to as signature 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 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. We think that there shouldn’t be extra barriers between business and the cash flow they need to grow.
Unsecured business loans could be a good option for small business owners who would rather not risk their personal collateral in obtaining the needed working capital financing. For many, tying up their personal assets in business funding simply isn’t an option. 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 lending 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.
For more information on why Fast Capital 360 is the best choice for unsecured business financing, contact us today!