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Unsecured Business loans..?

    • 26 posts
    June 29, 2013 1:53 AM EDT

    For your second question: you can maintain your credit score by not abusing your personal credit. This means making all your payments on time and as agreed (no late payments). Having no derogatory information like collections or bankruptcy. Not over using your credit - which means that if you have $20,000 in unsecured revolving credit available to you - that you are only using say 10% or $2,000 of it. Not applying for credit every other day. You have to show that you can properly manage your debt and credit.

     

    For an unsecured business loan, know that your personal credit score needs to be 700 + FICO at a minimum.  Further, just having great credit is not enough to get an unsecured business loan - even an unsecured business credit card. You also have to show some means of repaying that loan - meaning that you either have to have some business revenue or personal income to make payments.

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    Business Money Today - Small Business Loans

    • 120 posts
    June 27, 2013 3:35 PM EDT

    Unsercured Business Loans are loan to a business that are not secured by a collateral. Typically, the sender has only the business history and credit history of the business owner to rely on in deciding whether or not to extend the loan.

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    Looking for the latest information on mortgage rates? Get a loan you love by visiting LoanLove.com and learn from our helpful experts.

  • July 3, 2013 5:53 AM EDT
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    • 1 posts
    June 27, 2013 12:45 PM EDT

    "Unsecured" means just that... no collateral (real estate. equipment) or assets (invoices) attached to the loan. These are based strictly on good (700+) credit and usually come in the form of business credit lines.

    Without excellent credit it's impossible to get them...

    • 10 posts
    July 18, 2013 6:01 AM EDT

    William - You've gotten great advise here on your post!

    I will say, however, that one of our funding programs will provide Unsecured loans with a 660+ credit score.

    The other option you have is utilizing a business partner if you have one OR a Secured loan depending on the amount you need.

    Connect with me if you have further questions - we always try to assist where we can!

    lk

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    Linda King, Owner of Legacy Asset Solutions - Powerful & Effective Financing Solutions.

    • 49 posts
    June 23, 2013 10:00 PM EDT

    Hello All,

     

    I want to know What is Unsecured Business loans and what are the conditions to get these loans..?

     

    Thanks

    • 49 posts
    June 27, 2013 10:46 PM EDT

    Thanks for replies davey1 and christiancole!!

    As you both said that to get unsecured business loan your credit score should be on higher side. So, how can I Maintain my credit score or share some tips to maintain an excellent credit score.

     

    • 49 posts
    July 4, 2013 1:06 AM EDT

    Thanks Businessloans!! For your Just awesome reply. It means a lot for me!!