Unsecured business loans are loans that are issued without collateral being put forward by the borrower. Instead, this type of business financing is determined by a business’s revenue and/or creditworthiness.
Since an unsecured business loan is not guaranteed by any type of property, these loans are bigger risks for lenders and typically have higher interest rates than secured loans. However, unsecured financing can offer business owners higher loan amounts and additional flexibility by giving them extra cash on hand when their business needs it. Unsecured business loans can range from $5,000 to more than $500,000, depending on the size of the business and its credit rating.
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