An unsecured business loan is one which does not require security or collateral underpinning the amount borrowed. The choice between secured and unsecured lending is dependent on the risk which the lender perceives.
A growing number of businesses no longer have tangible assets within their balance sheets. For instance, a software development company would most likely rent a unit and only own a number of computers. Even renting is fast becoming antiquated with the advent of technology allowing more geographically decentralised business models. So the value of the business is comprised of intangible assets and trading history
There are three main types of invoice finance; invoice discounting, invoice factoring or selective invoice finance
Since there is no, there is no need for any valuations and hence the legal process also becomes simpler. As the decision is based on intangibles, a business plan, forecasts and trading history will be needed.
As mentioned previously, an increasing amount of businesses do not hold many assets within their balance sheets, therefore, unsecured business finance becomes accessible to more people.
Initial costs of unsecured loans are lower, and in some circumstances, not required at all. However the costs over the term tend to be higher as the lender risk is greater when compared to secured loans.
If you need a quick injection of cash into your business then an unsecured business loan might be right for you. Some of the criteria that lenders are looking for include
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If you want to buy a property but don’t have the cash immediately, bridging finance might assist. Private individuals and buy-to-let property owners, as well
Inflation hits businesses on both sides of the profit equation On the one hand costs rise across all the categories of expenditure On the other
Stephen will be taking over from founding member, Paul Kalinauckas, who retired at the end of March. He has been finance director and a member
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