Unsecured Business Loans

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An unsecured business loan is a finance product that is only secured against a business by a personal guarantee. The business owner doesn’t have to be a homeowner making it more accessible to UK businesses. A traditional business loan can be over a set term with fixed monthly repayments and no margin for flexibility such as a high street bank loan. There is a wealth of alternative finance options out there for businesses who are looking to grow their business and require an unsecured loan.

Alternative unsecured commercial loan providers

There is a various alternative loan finance providers across the UK some being larger financiers which have various products. Mid to smaller providers which will focus on one type of loan such as a flexible loan for start-up businesses. They can be set up with minimal information that needs to be provided by the applicant such as 3 months’ business bank statements. Because of this, the funds can be released to the applicant the same day in under 24 hours. In addition, the loan can be repaid to the financier at any point during the loan term with no additional fee’s providing the flexibility SMEs require. A lot of businesses look at short-term unsecured loans as an alternative to a business overdraft. This is because they can borrow a set amount over a term but have the ability to not only pay this back at no extra cost but have the ability to apply for further funding.

Start-Up Business Loans

When a business starts it will be categorised as a small business and the type of loan you are eligible for will vary greatly. An unsecured loan over a short time frame may be the best option as you need capital to start your plans off but once the business has grown there may be little requirement for further funding. A secured long-term loan over 5 years for example may be what the business requires. In each of these circumstances, Pinnacle will be there to talk through the options available and have seen thousands of small businesses flourish and grow as a result of business loans.

Helpful Business Finance Resources

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