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Getting an Unsecured Business Loan Faster

What is an Unsecured Business Loan?

An unsecured business loan means there will be no collateral backing the loan. Yes, this type of lending can be risky for lenders, because they are simply relying on the cash flow from the business. For this reason, borrowers normally need to have a good credit score and should be able to present their personal financial statements. In addition to this, the business should be able to show a strong cash flow in order to service the requested funding.

Improving Your Chances of Getting an Unsecured Business Loan

To speed up the process, it is important that you are prepared when you go in to apply for a loan. Today, we are going to tell you what you can do in order to improve your chances of getting that unsecured business loan faster.

Accounts Payable and Receivable Statements

When you go in to get this type of loan, the lenders will want to see your accounts payable and receivable statements for your business. The lender needs to see this to make sure payables are being paid on time and the receivables are coming in on time.

Business Financial Statements

Lenders need to see the business financial statements, because they need to see the ability of the business to repay the loan based on their cash flow. Tax returns, historical business income statements and historical balance sheets will need to be presented. If this is a new business, you will need to present your financial projections.

Business and Personal Credit Reports

It is important that you understand your personal credit score. If you have a credit score that is low, explain why. High credit limits, late payments, judgments and bankruptcies will obviously have an effect on your score.

Business Plan and Projections

Most lenders will want to see how prepared you are and would like to see your business plan along with your financial projections. Borrowers who can show the lender that they know where the business are going will have a higher approval rate.

Personal Tax Returns

Some lenders take the personal financial strength into consideration. Lenders will want to verify your income, so they would like to see a transcript of your tax returns.

If you would like to improve your chances of getting an unsecured business loan faster, it is important that you make sure you have everything read. Some lenders are able to give you money in as little as 48 hours, as long as you have the proper documents ready.

Individuals who are looking for an unsecured business loan may be interested in This company offers unsecured business loans with the opportunity to receive funding in as little as one day - light documentation must be presented to qualify - this includes a bank statement from the past 6 months and the most recent tax return documentation. The loan amounts are based on gross sales amount - you can get anywhere from 5k to 1 million.

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STATUS : - read comment for update from crossposter
How To Get An Unsecured Personal Loan While Unemployed

Jobs have been lost at an incredible rate during the continuing recession. Lay-offs and closed companies have cost the country jobs that probably are not coming back. Any new jobs created seem to be part-time, minimum wage jobs. This does not make it easy for people who have good educations and have many years of experience. They are unemployed and can not understand why. In addition to the ego shredding nature of such unemployment, the well educated person finds himself or herself in the throes of financial ruin. Severance pay, if they received any, runs out quickly but the bills keep arriving in the mail. Being out of work and broke is not an ideal situation, yet it is the way of life in America today. If you are one of the millions in this position, would you not love to find a loan that can help you tide it over until your financial situation turns around?

If you asked people around you about the possibility of getting an unsecured loan while unemployed, you will very likely find that no one believes it is possible. After all, you do not have a job. You have no steady income. You have no collateral to put up against the loan. You are in a position where it does not look like you will be able to pay back the loan. Who would lend money to you? If you look around, there are plenty of lenders who will approve your loan. Lenders exist who will help you get back on your feet financially in spite of your employment status.

Unsecured Loan Background

Any loan that does not have collateral is considered unsecured. without putting them up as collateral, you do not risk your personal assets should you forfeit on the loan. This means you are not risking your house or your car because of the unsecured loan. It is not a perfect world. Unsecured loans carry higher rates of interest. In fact, they are much higher than loans that have collateral.

Unsecured personal loans are viable even if you chose to not risk your personal property or home. Unsecured personal loans can be for amounts as small as $1,000. They can also be for larger amounts up to $25,000. It all depends upon your financial circumstances and the criteria that you and the lender discuss. Unsecured loans can be paid back over 6 months or up to ten years.

What About Bad Credit?

Your financial hole may not just stop with unemployment. It may well be that your credit score has crashed also. do not assume that bad credit will push you out of the market for an unsecured loan. Lenders who specialize in unsecured personal loans are also in the business of helping you remain solvent. It does not help them to give you money that you cannot pay back. Bankruptcy is not a deterrent when it comes to unsecured personal loans. but you have to know where to look for the lenders. Because of your bad credit and your lack of collateral, you will be a bigger risk to the lender than someone with either collateral or a higher credit score. This does not force you out of the lending market, but it will mean you will be paying a higher interest rate.

Unemployment Loans

When you apply for an unemployment loan, the lender generally will not ask you what you want the money for. While you are probably going to use the money to live on, you can actually do what you want with the loan money. You may choose to consolidate your credit card debt, or pay medical bills. You could use the money to purchase a vehicle to use to help you hunt for a new job. Just make sure you use the money wisely and remember you will have to pay it back.

You Must Be Responsible

You are probably feeling better now that you know you have options when it comes to personal unsecured loans while unemployed. But this does not give you permission to take the money and go on an expensive vacation. You should use the money to be the lifesaver that you want and need.

This is a loan and with any loans you must act responsibly with how you use the money. You must make sure you make a plan to pay it back and act on your repayment plan.