Unsecured Business Loans
Unsecured business loans do not use any tangible assets, either personal or business, as collateral when applying for business finance.
Unsecured finance can be a suitable option for business owners who are looking for additional funding without having to secure loans on company assets.
Unsecured loans are generally quicker to arrange than secured loans due to less paperwork and no asset valuations. Instead, the loan application is assessed based on the business credit worthiness and affordability evaluations.
The Benefits of Unsecured Business Loans
As you are not using security or collateral when making the application there is less paperwork that needs to be completed. If you are applying for a secured loan, valuations of asset(s) must be undertaken (by an independent valuer) along with proof of ownership. This can increase the amount of time and paperwork that needs to be complete.
When applying for an unsecured business loan, this does not need to take place.
In order to apply you onlny need business bank account statements and business financial reports such as your profit and loss statements.
Because of this, RLA Capital give decisions on unsecured loans within 48 hours of application, with funding being released within 24 hours of all documents being signed by the client after a decision. Secured business loans will take longer due to the increased legal documentation that needs to be completed.