To ensure ease of repayment, we’ll do everything in your power to make the repayments as convenient as possible to align with your cash-flow. Financial institutions understand that, for many small businesses, the business’s financial health is directly tied to that of its owner. That’s why many lenders may enquire about your personal credit history or require a personal guarantee. The interest rate for business loans depends on the financial standing of the business and other factors, such as credit. Some business loans have interest rates as low as 2%, and some alternative lenders may offer loans at 100%. The application process is generally simpler and usually speedier than that of a conventional business loan.
- Obtaining these unsecured loans is because there is very little documentation and paperwork.
- Furthermore, the loan capital that one seeks to procure completely relies on the financial health of the organization.
- We do our level best to support small businesses that are looking for affordable and convenient business funding options.
- Khatabook does not make a guarantee that the service will meet your requirements, or that it will be uninterrupted, timely and secure, and that errors, if any, will be corrected.
It can also impact your future business dealings, since many companies carry out credit checks on companies they’re considering working with. An unsecured business loan provides your small business with upfront capital without requiring security. There are many different unsecured business loan options out there, each with varying terms to suit different kinds of businesses. An unsecured business loan allows you to borrow without having to secure the loan against any business assets, such as property, equipment or machinery.
What are the documents required for an unsecured business loan?
Is determined by several factors, including the applicant’s financial history, CIBIL/credit score, repayment ability, creditworthiness and annual turnover. Obtaining these unsecured loans is because there is very little documentation and paperwork. A consolidation loan is a straightforward loan that borrowers use to pay off pre-existing credit card debt or other unsecured debt.