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What is an unsecured business loan?

Unsecured business loans provide working capital to business owners without any collateral, such as real estate or business assets.

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Why get an unsecured business loan?

Obtaining unsecured business financing is usually quick and requires minimal paperwork.

Lenders look at the borrowers credit history and cash flow of the business to determine if the business qualifies for this type of loan.

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How can you apply for an unsecured business loan?

Orumfy makes it easy to apply and qualify for unsecured business loans.

Simply create a free account and our platform will match you with a lender best suited for your business financing needs.

OVERVIEW

The advantage of unsecured business loans over secured loans is not having to put up any assets as collateral.

Online lenders may use a business owners credit score or the business’ revenue to determine the amount of capital and terms the borrower qualifies for.

Once approved funding usually takes place immediately.

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WHAT YOU NEED TO KNOW

Can you afford a small business loan?

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.

What types of businesses can qualify for unsecured business loans?

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.

Can you get a small business loan with bad credit?

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.

How can you get a business loan without collateral?

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.

How it Works
Step 1
Create a free account with Orumfy and immediately see how much you are pre-qualified for
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I can do it on mobile!!!

Step 2
Complete the application process and provide the necessary documents
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Finally!
This is what i need.

Step 3
We analyze your business, and present you with multiple offers from lenders, best suited for your business
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No Collateral? Great !!!

Step 4
Once the offer is accepted an agreement is signed by all parties
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WOW!
That was quick!

Step 5
Funding takes place within 24 Hrs
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Thanks Orumfy!

How it works
  1. Create a free account with Orumfy and immediately see how much you are pre-qualified for
  2. Complete the application process and provide the necessary documents
  3. We analyze your business, and present you with multiple offers from lenders, best suited for your business
  4. Once the offer is accepted an agreement is signed by all parties
  5. Funding takes place within 24 Hrs
We can help you get approved. lets get started

FAQ

What is a secured loan?

Borrowers looking to avoid higher interest rates can use collateral for a secured loan in order to obtain capital.

In most case the assets of the business or the property owned is used as collateral.

Personal assets can also come into play to help borrowers obtain secured business loans.

The repayment period with secured loans is usually longer, has better repayment terms and lower payments.

Are SBA loans unsecured?

In certain cases SBA loans can be unsecured.

Keep in mind all SBA financing options will require a personal guarantee.

The credit rating of the borrower and the amount of funding requested will determine if collateral is required to qualify.

To learn everything you need to know about SBA Lending just visit our page here.

Will you be signing a personal guarantee?

A personal guarantee in any type of a loan means that if the business is unable to keep making payments towards that loan the individual borrower becomes personally responsible for the repayment.

In most unsecured business loans a borrower will not have to sign a personal guarantee.

While in almost all secured business loans a personal guarantee will be required.

What is the easiest way to get a small business loan?

Business owners looking for financing no longer have to rely on their local bank for funding.

The days of a lengthy loan approval process only to find out you have been declined and having to start all over again with another lender are over.

Orumfy’s platform prequalifies you in seconds and allows you to see multiple different financing options for your business.

We know what lenders are looking for.

Our goal is to understand your business plan so that we can help you obtain unsecured small business loans with the best rates and lowest payments.

Short-term business loans, unsecured credit, term loans, equipment leasing and financing, credit cards and invoice factoring are just a click away.

Simply create an account and let Orumfy do the rest.

Don’t worry, it won’t affect your credit.

Orumfy is here to help.

Need advice or have questions? Call us at (877) WHY - ORUM or contact us here.