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Unsecured Business Loans Explained

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NGI Finance look at an overview of unsecured business loans, how they can help your business and how to go about submitting an application for a loan. A useful and interesting insight.

NGI Finance look at an overview of unsecured business loans, how they can help your business and how to go about submitting an application for a loan. A useful and interesting insight.

Published in Economy & Finance
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  • 1. UNSECURED BUSINESS LOANS An overview of unsecured business loans, by NGI Finance 0870 8504484
  • 2. What Exactly Is An Unsecured Business Loan? An unsecured business loan is a loan offered by a bank or lending institution to a business. With unsecured business loans, the borrowing business is not required to place any personal or business assets as collateral on the loan. This makes it a highly viable option for many organisations, of all sizes. 0870 8504484
  • 3. Unsecured vs. Secured What’s The Difference Between An Unsecured Business Loan And A Secured Business Loan? For unsecured business loans, the interest rate and repayments are fixed for the life of the loan. Unsecured business loans are not fixed to a borrower’s assets, whereas secured business loans rely on them. Unsecured business loan interest rates have a tendency to be slightly higher than those of a secured loan’s as the lender’s option for recourse against the borrower in event of default are limited. 0870 8504484
  • 4. Why An Unsecured Business Loan? There are many reasons you may want to take out a loan as a business: • More autonomy • Consolidate debts • Freedom to sell assets if necessary • No supply collateral • Easy to obtain 0870 8504484
  • 5. You may be under unreasonable pressure from your bank and require a loan to reconcile issues. Even if this is the case, unsecured business loans are easy to obtain and have minimal risk in comparison to secured loans. You do not need to supply collateral, whereas if your business defaults on a secured loan the lender can seize your property. 0870 8504484 Why An Unsecured Business Loan?
  • 6. Eligible For An Unsecured Business Loan? A successful application is mainly based on your business and personal credit rating, your financial status, and the amount that you would like to borrow. The lender will assess the risk in offering the loan. This level of risk will then be reflected in the rate of interest within the terms and condition of your unsecured business loan. 0870 8504484
  • 7. NGI’s terms Every professional lender operates their own regulations. NGI Finance will consider your application for an unsecured business if your company has been trading for more than two years and you can provide two years worth of filed and formal accounts. 0870 8504484
  • 8. How Much Can I Borrow? NGI Finance offer unsecured business loans for between £5,000 and £150,000 with rates starting from 8% APR which enables you to pay off your existing overdraft or invest in your business. 0870 8504484
  • 9. How Can I Use It? Unsecured business loans can be used for: • launching new marketing campaigns • buying new business software • building new websites • purchasing stock • carrying out expansion plans • supporting the working capital • supporting cash flow • reducing your bank’s overdraft. 0870 8504484
  • 10. For more information… Get in touch with NGI Finance today for information about an unsecured business loan that can help your organisation. Call: 0870 8504484 Visit: www.NGIFinance.co.uk 0870 8504484