Tuesday 9 May 2017

Why Choose Unsecured Business Funding for Business?

Savvy businessmen know the importance of funds for business growth and expansion. In fact, smart businessmen follow the dictum “other people’s money, other people’s labor and other people’s time.” When it comes to investing money for business, a smart businessman will invest only part of his own funds. The rest he invests in assets like house and property that he will never mortgage.
There is a reason to not mortgage houses for business purposes. There is no knowing when a recession will strike or anything should happen that will result in a downturn and the mortgaged property being attached by the lender. If that should happen he and his family are out in the cold. This is just one reason why one should consider unsecured business funding over secured funding where collateral is necessary.

There is another reason to choose unsecured business funding. If one puts up collateral the process is quite involved. In addition to the loan application form, one has to put together other documents that include property papers where titles must be absolutely clear and the lender may also ask for project report or a proposal as to the purpose for which funds are required. When one goes down the unsecured funding path there are no such obstacles. Documentation is minimal. One only needs to submit bank statements and proof of identity, business, and residence. The process is fast. One applies online and submits documents and the loan could be disbursed in as little as one week. If funds are needed urgently, forget about secured loans. Unsecured financing is the way to go for small business. Perhaps this could be a more important reason for businessmen who may need funds occasionally to meet urgent commitments or for expansion purposes.
There is a downside to unsecured funding. The rate of interest or APR is usually higher than what one pays for secured loans and this is understandable but it does not deter businessmen who can plan to use the funds for growth. Increased revenues help repay installments and also the interest while leaving a tidy profit aside.

There is still another reason to opt for unsecured loans. It is that a businessman’s credit rating is subpar and usual lenders will not advance money. This may be the only viable option left to him to get funds, get back on his feet and prosper. It proves a lifeline when a person, hounded by poor credit and debts has nowhere to turn to receive a vital injection of cash that will help him survive and grow. Even if the APR is higher than the one for secured loans, it provides a lifeline and a chance to improve credit rating and prosper.
Unsecured loans have gained a bad reputation due to some lenders charging unfair application and processing fees in addition to high APR but when selects the right source like wscapnow.com, the terms are flexible and so is the repayment schedule. Unsecured is the best alternative funding for small business owners

For more details contact us, email us info@wscapnow.com or call us: +1-800-589-4161.


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