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Unsecured Business Loan
At Providus Trust, we specialise in helping businesses secure unsecured small business loans designed to meet their funding needs without the requirement for collateral. Whether you’re looking to fund growth, manage cash flow, or invest in new opportunities, our flexible financing solutions can provide the support you need. With unsecured small business loans, businesses can access capital quickly and efficiently, allowing them to move forward with confidence and without putting valuable assets at risk.
Unsecured Small Business Loans: A Simple Way to Access Funding
Unsecured small business loans are a great option for businesses that need quick access to capital but don’t have assets to use as collateral. This type of funding provides businesses with the flexibility to borrow based on their financial performance, rather than having to secure the loan with property or equipment. Here at Providus Trust, we work with businesses to create customised financing solutions that meet their unique needs. Our streamlined application process makes it easy to get the funds you need, with fast approvals and no complicated paperwork.
Why We Offer the Best Unsecured Business Loans
Tailored Solutions For Your Business
As experienced brokers, we understand that every business is different, which is why we offer tailored financing options for unsecured small business loans. Whether you’re a startup or an established enterprise, we work closely with you to design a loan package that fits your needs. Our flexible terms allow you to borrow the amount you need and repay it in a way that aligns with your business’s cash flow. We offer competitive rates, with no hidden fees, ensuring that you have complete clarity and control over your financing.
Long-term financial success with unsecured funding
When businesses choose unsecured small business loans, they gain the ability to invest in opportunities that will drive long-term growth. From expanding operations and hiring new staff to investing in marketing campaigns or upgrading technology, unsecured loans provide the capital needed to support your business’s future success. With no collateral required, these loans allow you to preserve your assets while taking advantage of the opportunities that come your way. We always work hard to understand business goals and provide a solution that supports growth and operational needs.
Get the funding you need without risk
Securing an unsecured small business loan means you don’t have to risk your business’s valuable assets. With our professional advice and support, you can access the funds needed to take your business to the next level without worrying about putting your property or equipment on the line. Our team helps you navigate the loan application process and offers transparent terms, ensuring that you can focus on growing your business with confidence.
At Providus Trust, we offer more than just loans – we provide tailored solutions that support your business’s long-term financial health. Our expert team is committed to ensuring that every loan is suited to your business’s unique needs, allowing you to focus on what you do best.
FAQs on Unsecured Small Business Loans
What is an Unsecured Business Loan For Small Businesses?
An unsecured business loan does not require any security such as a charge against property or fixed assets. However, lenders will require a personal guarantee which effectively means that the guarantors are personally responsible for the loan. It is worth clarifying that lenders cannot just repossess your personal assets in a worst case scenario. You can understand more about personal guarantees here. There are some lenders who can offer a completely unsecured loan with no personal guarantee – do get in touch if this is what you are looking for.
Unsecured business loans are therefore perfect for service-based businesses such as consultancies who may not have any assets and typically no property available to secure against. You can even get an unsecured loan if you are loss-making which makes unsecured loans one of the most viable options for all businesses.
What Are the Minimum Requirements For an Unsecured Business Loan?
Trading history: any business can get an unsecured business loan – even a start-up. Different unsecured business loans do have their own requirements however. For example, to get a term loan (i.e. a loan for a term longer than 1 year) then most lenders require you to be trading for at least 2 years.
Loss making: even if you’re loss making, you can still get an unsecured business loan, however these will be based on revenue and are likely to be up to a maximum 12 months to help you achieve profitability. Once profitable, we can then look to refinance the loan for a higher amount and over a longer period.
Note that you can actually still get a term loan (loan up to 5 years instead of 12 months) even if you are loss making – get in touch and we will be able to let you know if this is possible for you and the options available.
Homeowner: if you are not a homeowner you can still get a competitive term loan just as a homeowner would. However, lenders will typically limit the amount you can borrow or the term over which you can borrow. One solution is if you know someone or have a family member who owns a property in the US who is happy to be a 3rd party guarantor to the loan but this makes them equally liable for the loan.
How Do I Get an Unsecured Business Loan?
To get an unsecured business loan, you will have to provide documents which typically are:
- Last 3 months Business Bank Statements (as PDF’s)
- Latest full filed accounts
- Credit score above 600
Some lenders may ask for additional bank statements (6 months) and VAT returns but we will be able to identify this for you from your initial application. Having read other articles, you may be under the misconception that you should prepare a full business plan and cash flow forecasts etc. This is not the case. Whilst we maintain that the more information the better, it certainly is not always necessary.
Once we receive your documents, we will assess them and make sure we identify the right lender for you that will, based on your requirements:
- Get the best offer available to you.
- Give you the best chance of getting an offer.
Once assessed, we will prepare your application and tailor it to the relevant lenders. You can expect a decision in around 2-7 working days (some lenders will make a decision within 24 hours). We will let you know the timescales you can expect for your specific application based on the lenders that we have applied to.
Lastly, once an offer is made, we will present all the details of the offer(s) to you for your decision as to how you would like to proceed. If you would like to go ahead, we will contact you to process the documents and release the funds.
We will still be on hand to help you understand and process the documents until the funds are in your crypto wallet.