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Unsecured Business Loans

Does what it says on the tin! It is a business loan which is not secured against the company, property, asset etc.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

Almas Uddin2023-05-09
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What does it mean for your business loan to be unsecured?

When it comes to taking out an unsecured business loan, there are so many products on the market that it can sometimes be difficult to make the right choice.

There are also a wide range of lenders offering similar products, so it's important to make sure you're getting the best deal you can get. If you're thinking of applying for a business loan without offering security, it's worth taking into account the following considerations and weighing up the pros and cons

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Business Loan Brokers - Unsecured Business Loans, what are they?

Whereas a secured business loan offers money on the basis of a tangible asset such as a property, lenders will want to see other types of guarantee for an unsecured loan. There are many reasons why a company may need an unsecured loan. For example, a start-up with a small online business that rents office space or works from home that wishes to invest in better technology, or a larger company looking to pay upfront rent and hire more staff. Perhaps the company is suddenly in higher demand and you need a cash injection to fulfil requirements.

Our Business Loan Brokers know there are lenders that offer loans of more than £100,000 if the business fits the right criteria although these are usually offered with a higher interest rate. However, the process is often quicker and there are less likely to be any upfront costs. This is because the loan application will be decided on factors such as the company's credit rating and previous earnings, so the lender doesn't have to carefully evaluate the collateral to determine the value of the loan. This can mean loans are secured with money in the bank in less than 48 hours from the point of application by one of our business loan brokers.

Unsecured Business Loan Broker

Because the lender perceives a greater risk, they will sometimes ask for a personal guarantee. While this may seem like a bit of a commitment, it helps to secure more funding and potentially lower rates. However, it could mean that your personal assets are at risk if repayments are not met. The lenders may take action through the courts to repossess any property you own, so this is worth considering. You are only obligated to pay from your own pocket if the business cannot meet repayments. Lenders usually look for a minimum of one year's financial accounts before agreeing to a loan.

Mortgage brokers are specialist Business Loan Brokers in helping to secure loans tailored to customers' needs, so get in touch to see how we can help you today.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

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FCA disclaimer

The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature.

We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.

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