(866) 480-2611

Who Qualifies for Unsecured Business Loans?

How does unsecured business financing benefit the individual or the business?

 

 

Unsecured business loans are gaining popularity with start-up companies and established businesses alike. Small business owners are coming to the table with enthusiasm, goals of all shapes and sizes, and questions about how to reach fiscal sustainability. One of the most common queries is who qualifies for unsecured loans? This article will give you the straight answer to this question.

Surfing in White Noise: How to Navigate Through Expert Advice If you clicked on this article, it’s because all of the so-called “expert” advice on unsecured business loans has you confused. Well, take comfort, you’re not alone. As helpful as lenders are trying to be, all of the information on unsecured funding is enough to make your head spin. For example, let’s look at the credit requirements. What you read just now probably gave you pause. That’s good. If you thought unsecured loans don’t require a credit check, it’s not your fault. This common misconception has been used as an advertising ploy to get unsuspecting borrowers in the door. It’s not a lie, it’s a question of semantics.

 

Potato, Pot-a-toe: The Truth about the No Credit Check Motto A lot of lenders can say they don’t require a credit check simply because they don’t choose to call it that. The credit check is veiled under terms like “payment capability” or “proven profit margins,” but the truth is in order to qualify for unsecured business loans, you need to have some type of credit already established. Now, it doesn’t need to be as strictly defined as it would be for a traditional loan, but you do need proof of a credit record. The following items are usually acceptable: • A credit score of 660 or higher is ideal as it nulls the


By the Book: The Basic Qualifications for Approval
Not everything about unsecured financing is up for debate. There are some basic qualifications all borrowers have to meet. They include: • Place of business must be established in the U.S. • Place of business must be in operation at least 6 months, or at most 2 years depending on the funding sought. • Borrower must be 18 years of age or older at time of application. • Business must have a domestic bank account. Approval is not guaranteed. If you are denied, find out why, fix it, and try again. The best piece of advice concerning this process is to network with local lenders and establish strong lending relationships with a select few. That way, qualification is never a problem because you’ll always know what to expect. That’s a valuable asset to any business.question of credit all together. • A previously established credit history on record with the Small Business Financial Exchange. • Evidence of payment schedule adherence for any open credit lines. • Revenue/sales records that verify you can pay the loan back. As previously discussed, the qualifications vary by lender, so the easiest way to make sure you have the appropriate documentation is to ask the individual lender.

Categories

Accounts Receivable
Bad Credit Business Loan 1
Bad Credit Business Loans
Bank Loan
Borrowing Money
Business Capital
Business Cash Advances
Business Debt
Business Equity
Business Financing Services
Business Leadership
Business Line of Credit
Business Loan
Business Loan Bad Credit
Business Loans
Buying Equipment
Cash Flow
Child Care
Construction
Construction Factoring
Credit Card Factoring
Credit Reports
Credit Utilization
Equipment Finance
Equipment Leasing
Equipment Purchase
Factoring Accounts Receivable
Flexible Factoring Options
Franchise Funding
Franchising
Freight Factoring
General Finance
Green Business
Hardware Stores
Industry Specific Articles
Landscape Contracting
Late Fees
Medical Accounts Receivable
Medical Supply Providers
Merchant Advance
Merchant Cash Advance
Merchant Cash Advance Loans
Merchant Finance
Merchant Loan
Mobile Payment Solutions
New York Business Loan
Press
Real Estate Management
SBA Loan
Small Business
Small Business Credit
Small Business Credit Line
Small Business Development Services
Small Business Finance
Small Business Financial Tips
Small Business Investors
Small Business Line of Credit
Small Business Loan
Small Business Loans
Small Business Marketing
Small Business Sales
Small Business Sales
Starting a Small Business
Startup Financing
Trucking and Transportation
Uncategorized
Unsecured Business Lines of Credit
Unsecured Business Loans
Unsecured Business Loans for Bad Credit
Unsecured Credit Line for Small Businesses
Unsecured Financing
Unsecured Line of Credit
Unsecured Lines of Credit for No Credit Businesses
Unsecured Loans for Bad Credit

Nurturing Business, Cultivating Hope

GET STARTED
Putting Our Clients First Since 2008.
Become A Partner
Partner with us to reach potential merchants using our patented technology on the Advance Funds Network platform.
464 Kings Highway Brooklyn, NY 11223
1633 Rt 35N Unit 4 Oakhurst, NJ 07755
5858 Dryden Place Carlsbad, CA 92008 Suite 238
2967 Dundas St. W. #220D Toronto, ON M6P 1Z2
(866) 480-2611
sales@afnllc.com
Important Information About Procedures for Opening a New Account
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.
USA
Canada
Coming
Soon
Coming
Soon
© Advance Funds Network 2023. All rights reserved.
crossmenuchevron-down