WHAT YOU NEED TO KNOW
What is the underlying reason you are looking to borrow capital? Answering this question, is the first and most important step you need to take, before deciding to apply for unsecured small business loans.
Taking on more funding than you need can overburden your business’ cash flow while not borrowing enough can make the outcome of the project fail.
Keep in mind, a lender will look at the borrowers credit in order to determine the repayment structure for any types of small business loans.
The lower the credit score the higher interest rates will be used.
Rates and terms of the loan offered to you by a lender will determine whether or not your business can afford it and make timely payments.
Business credit cards are another option you can use for financing your business.
Small business owners should stay away from using their personal credit cards for business purposes.
Use Orumfy’s Loan Affordability Calculator to determine how much financing you can afford, and whether or not that amount will get the job done.
Unsecured business financing is available to all types of businesses.
Business owners that have a minimum personal credit score of 550 and have been in business for more than 6 months can qualify.
Payments can be daily, weekly, bi-weekly or even monthly.
Making all the payments on time will help raise borrowers credit score and help secure a longer repayment period if you will need financing in the future.
Generally borrowers will need a minimum credit score of a 550 in order to qualify for unsecured business loans.
But there is good news, if your credit score is below 550.
There are other financing options to help you obtain small business loans for working capital.
A merchant cash advance is one such option of funding your small business.
Invoice factoring is another option for funding to small business owners with a low credit score.
Lenders will look not at your credit score, but the credit rating of your invoiced customers instead.
Borrowers without any collateral such as real estate, business assets and don’t want to use personal assets can still obtain unsecured business loans.
Lenders will rely more heavily on the credit score of the borrower.
Orumfy’s platform makes it quick and simple for business owners to get approved for multiple types of unsecured business loans or unsecured business lines of credit.
Once the lender has approved your application, funding happens almost instantly.
Once the money has been wired to your checking account the payments start according to the agreed terms.
Repayment options can include daily payments, as well as weekly or biweekly payments for those with a high credit score.
Getting approved for a short-term loan on Orumfy’s platform is quick and simple.
I can do it on mobile!!!
This is what i need.
No Collateral? Great !!!
That was quick!