Unsecured Small Business Loans
Hello it’s Ty Crandall in credit suite and in this short video we’re going to take a look at some of the unsecured small business loan options are available for you right now. First of all cash advances are also known as merchant advances revenue lending and cash flow financing are a great way to get fast and easy money from an unsecured source, okay you can get approved if you’ve been in business for one year or more even if your FICO is as low as 500, and this is about the only type of unsecured financing it doesn’t require good personal or business credit for approval, now lenders will look at your most 6 most recent months of bank statements to determine your approval, you should have revenue of about $120,00 a year more which is about 10 grand a month of deposits and you need to have 10 or more deposits in every month, you should also manage your bank account responsibly, so you need to have a balance left over on your bank account each month, you need to have few NSF charges also, if you meet this criteria you can usually be approved and get money in a short a 72 hours. Okay the terms are short usually 3 to 6 months initially um and then once you prove yourself you usually get longer terms of even 6 to 18 months and this is one of the highest risk type of unsecured financing it’s out there because they accept bad credit, so rates are high really high I mean rates on these programs can be 15 to 45% we also see rates of 12% or less just depending on the risk factors that are actually involved. Now another type of unsecured financing it’s very popular is known as unsecured business financing, so if UBF you can get about 3 to 5 times the amount, are 3 to 5 credit cards that report only to the business credit reporting agencies, so not only will you get money but you’re also building your business credit which is also. Okay the lender can also get you low intro rates are typically on UBF you’re usually getting 0% rates for 6 to 18 months, but you going to have really good credit to qualify usually 700 plus type credit profiles we see people get approved down as low as 680 you can get up to $250,000 through business credit lines which are another unsecured options that’s available but the key to approval for these is that you going to have solid financials, you going to have tax returns with good net profits and gross revenue now the other program I just showed you the unsecured business financing were you’re getting 3 to 5 business credit cards instead a one credit line that’s no doc, you don’t need tax returns you don’t need financials with this program you have to have financials it is a full doc program you also need to have a really good credit for this just like the other program we talked about 700 plus scores and approvals are based on your revenue or profit, their different options some lenders will look at whatever your revenue is to determine your actual loan amount some will look at your actual profits. The rates are low about 7 to 10% but again this is a tougher program to qualify for because it is a full documentation program, so those are the 3 most common type of unsecured small business loans a fourth one we didn’t even get a chance to discuss was business credit so make sure you like this video and subscribe to our YouTube channel because they’re we do our long videos on unsecured loan options will be have a lot more time to jump in to 10, 12, 15 type of options that you can actually get and talk about more options whether you’re just starting your business or have credit problems that you can actually get approved for, so make sure you like this video make sure you subscribe to our channel to get a ton more info on unsecured small business loans, make sure you also grab click on whatever link shows up this video we often will give you the ability to grab free e-books, free guides, free reports even go through a quick pre qualifications to see exactly the kind of money that you can get for your business right now, so again this is Ty Crandall with credit suite thank you very much for taking the time to watch a short video on unsecured small business loans make sure you subscribe to our channel see you could check out really in depth longer version that mapped out everything you need to know to get approved for unsecured small business loans for your business.