Exploring the different business loan options and what they entail.
There are two main types available: unsecured and secured loans. Here's a brief overview what what these are and how they differ.
Unsecured loans
With an unsecured loan, you won't be asked for collateral but you may need personal guarantees. Small businesses with at least 3 months of operation and a strong credit score are usually most suitable for this option.
Secured loans
On the other hand, there's the secured loan, which requires collateral. This collateral can be your company's assets or a personal/commercial property charge. Secured loans are open to all types of businesses, even those that are just starting out. As long as there's enough security to back the loan request, pre-trade businesses can secure this option.
Learn more about the differences between unsecured and secured business loans.
Deciding what's the right loan for your needs
Your decision and access to a business loan depends on your business type and past performance before applying.
To figure out the best fit for you and see what you qualify for, our team is here to assist. Get in touch with us to help you decide the best course for your business and its financial journey.