Fast Unsecured Business 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 loans. 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, our alternative funding options to business loans do not require that you put forward personal assets or collateral. We think there shouldn’t be extra barriers between business and the cash flow they need to grow.
Funding alternatives to small business loans could be a good option for small business owners who would rather not give collateral in order to obtain the working capital they need. For many, tying up their personal assets in business loans simply isn’t an option. A merchant cash advance could be a more effective option for their needs when compared to a traditional loan. Our approval process could not be more different from the one that the big banks employ. While the interest rate for your business funds might be higher than a traditional banking loan, our approval process is significantly faster.
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 $120,000) 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 to discuss everything pertaining to getting fast, flexible alternative funding options to traditional business loans over the phone.
How Quickly Can I Receive Alternative Funding to a Business Loan?
Many banking institutions routinely make loan applicants wait 90 days to learn if they’ve been approved with some applicants reporting waits as long as six-months. Our applicants are notified of their approval within hours, in fact, most users wait just 60 minutes to be approved for funding.
Once your financing program is approved, our funding alternatives to short-term small business loans can arrive in your bank account by the end of the next business day. Many business owners go from application to cash in their hand in under 24 hours.
Requirements for Fast Business Loans Unsecured:
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 the usual 90 day wait. 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. Unsecured business funding allows businesses who are having trouble getting business loans an opportunity to get the money they need to continue growing.
Fast Capital 360 has funded thousands of businesses across the country in hundreds of industries. We’ve worked with restaurant owners who needed new business equipment in a pinch. We’ve funded retail businesses who needed inventory financing to keep their shelves stocked following a delayed shipment. Even food truck owners in need of a spur of the moment working capital advance. These types of situations are where business funding trumps business loans sheerly off the speed in which it functions.
Fast Capital 360’s application process takes the average user less than 10 minutes to complete. This means, if something goes wrong, a machine breaks or you only have a few free minutes, you’ll be able to apply for financing quickly without sacrificing any of your valuable time.
Being there for companies having trouble getting a small business loan is something we take great pride in. We know money doesn’t grow on trees, that’s why we have grown our own way to branch out to these owners with the best alternative to business loans available.
- A credit score of at least 520
- At least six months in business
- A minimum operating revenue of $120,000
Alternative Options to Unsecured Small Business Loans
Our unsecured small business loans offer business owners with subpar credit more options to get the money they need. Just because a business’ credit rating is below average doesn’t mean their financial needs don’t exist. That’s why Fast Capital 360 offers unsecured business funding for businesses with bad credit and not in the position to provide the collateral that traditional lenders often require in their loans. By asking applicants to provide collateral in their loan agreements, banks are putting these small businesses who are already in a bad position in even more of a hole by asking them to pledge personal assets.
Qualifying for funding with Fast Capital 360 is quick and easy, and if you meet certain requirements, you’ll already have a good idea of whether or not you qualify. If you have been in business for over six months, are bringing in an annual revenue of around $120,000 and have a personal credit score of over 520, then chances are you’re going to qualify with Fast Capital 360.
- Bank loans are still the most popular way to fund your business, but that doesn’t mean they work for everyone. If a small business can get a bank loan without pledging assets that leave them in an uncomfortable position, then a loan may be the right decision for you.
Fast Capital 360 prides itself on being the helping hand for companies who are having trouble qualifying for business loans but still need to find a way to make ends meet. Even if a business does qualify for a favorable loan agreement, they might still turn to a third-party funder for a few reasons. Banks and other traditional lenders can take up to 90 days just to inform an applicant if they have been approved or not. So if a business needs a loan, well, quickly, they might need to explore other options to do so.
Banks also are extremely wary of a business’s credit score. A business won’t even look at any of the applicant’s other factors if their credit score isn’t flawless, something we think is unfair at Fast Capital 360.
We encourage businesses to take bank loans if they have the option available to them, but for many small businesses, this isn’t an option. That is why Fast Capital 360 has proved to be an extremely useful tool for businesses who either need funding faster than banks can facilitate it or those who simply are being neglected by them.
Fast Capital 360 funds businesses across the country without hidden terms or fees. We’re a proud member of the Responsible Business Lending Coalition, meaning 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 funding alternative options to a small business loan on CrowdReviews.com.
Alternative Unsecured Commercial Loans
Our financing model provides businesses with alternative option to unsecured business loans for bad credit borrowers, newer companies and small commercial entities. Fast, flexible alternatives to business loans can often be the difference maker for many, allowing them to get the cash they need before bills get past due.
After you fill out your application and are approved for funding, the next step in our process is to put you in contact with one of our passionate business advisors. Beyond being experts in their respective fields, our business advisors care about your business. We build a report with our clients to ensure we know exactly what they need, how they intend to use and which of our programs will work best for them.
Our staff works tirelessly to help our clients grow by educating them on how the world of small business loans really works and how our product differs from it. We care about our clients and consider the outcome of their business funding experience to be a reflection on us.
At Fast Capital 360, we offer working capital financing, 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 alternative funding to a business loan without the wait? Fast Capital 360 can help.
For more information on why Fast Capital 360 is the best choice for unsecured business financing, contact us today!