An unsecured business loan is a loan that does not require any collateral or security and instead is based solely upon the creditworthiness of the business and its owners.
Banks tend to only offer unsecured loans to directors who have an excellent credit score and a very established business and prefer to secure loans against some sort of collateral like property, equipment, and other valuable business assets.
However, in the last few years, a plethora of new alternative lenders have entered the market with some offering unsecured loan amounts up to £500,000, across terms of up to 5 years, depending on the strength of the business.
Generally, this form of debt finance will be secured on business assets such as equipment and debtors.
It may also sometimes require a debenture but the benefit is that you will not need to use a personal guarantee.
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Risecap Ltd Data Protection Number ZA553906. The registered address is 85 Great Portland Street, London, England, W1W 7LT. Risecap is a credit broker and not a lender.
Copyright © 2022 Risecap. All rights reserved.