An unsecured business loan has an attractive advantage over a secured loan: You dont have to put up collateral, such as business equipment, inventory or property, to obtain financing in the first place. That means a lender cannot directly seize your assets if you fail to repay the loan. However, even though an unsecured business loan is not backed by collateral, some lenders may still require you to sign a personal guarantee.
A personal guarantee gives a lender the right to go after your personal personal loan top up pros and cons (think a home, car or cash) to recoup the loan if you fail to repay the debt. Unsecured business loans are likely to carry a higher annual percentage rate than secured business loans, but they typically come with faster funding. Here are our recommendations for the best unsecured business loans for you: Unsecured business loans with no personal guarantee.
Unsecured business loans with a personal guarantee. Unsecured business loans: Summary of options.
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It is backed by a number of high street names including Debenhams and John Lewis and aims to give retail staff access to finance. Former Dragons Den star Theo paphitis has also backed the new venture revealing that he and his businesses have invested over ВЈ100,000 in the not-for-profit venture.
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