Do I Qualify for an Unsecured Business Loan?
An Unsecured Business Loan is for small business owners who have clear evidence of showing a profit, have strong credit profile, and can show previous financial responsibility when it comes to repaying debts on loans. Businesses qualifying tend to be in business for at least 2 years with an above average FICO credit score (630+) and can provide the supporting financials. Supporting financials consist, but are not limited to, 2 years business and personal tax returns, aging a/r report, and other financials in order to qualify. Bankruptcies must be completely satisfied and discharged for 24 months, at the minimum, and all tax liens must be on payment plans.
How Much Will an Unsecured Business Loan Cost?
Rates are contingent upon the strength of your personal and business credit profile and financial stability. Typically, the stronger the credit profile and the higher net profit margins a business can show the lower the rate it will receive.