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An unsecured business loan is a financing option where the funds can be used on any area of your business. They differ from secured business loans as they do not require any security over assets, such as company equipment or property. This means that funding can be acquired far quicker than other loans, in many cases within 24 hours. Unsecured business loans are perfect for businesses that do not own many assets or for business owners who do not want to tie their assets as a form of security.
Unsecured business loans are a great way of getting fast access to financing for your company. They are often completely flexible with maximum cap and repayment options that can be tailored to suit your needs.
Applying for an unsecured business loan is quick and simple and can be completed in just a matter of minutes.
Enquiry – To begin simply submit your enquiry using our online form or contact an account manager by calling 0333 015 3301.
Application – A finance application is then submitted to an underwriter and a decision is made on the approval within 48 hours.
Approval – On your finance gaining approval, a copy of the financial agreement is sent to you for completion.
Payout – Once we receive your signed financial agreement, we will process, activate and release the funds.
By applying for an unsecured business loan with Millbrook Business Finance you can get quick and simple funding for your business, without any complicated application process. You don’t need to own any property to apply for an unsecured business loan, meaning no property valuation is required, only a credit check. This means our application process is streamlined and with Millbrook Business Finance, funds can be available within 8 hours.
You can also choose the repayment term that works best for you. Your preferred payment term will differ depending on the amount of capital that you’re borrowing. Our unsecured business loans are available with short or long-term repayments plans which can be up to 6 years.
At Millbrook Business Finance we will always try our best to approve your loan, even if you have a bad credit score. A poor credit rating will make it more difficult to acquire an unsecured business loan but there are things that can be done to help get the funds you need. Our team will be with you every step of the way to help get your loan approved and give you access to the right funding that’s right for your business.
One of the main advantages of an unsecured loan is the speed at which they can be obtained, typically our unsecured loans can be approved within 48 hours from application. Unsecured business loans are ideally suited to business that have been trading for at least 6 months, as the business can evidence trading history. If your business has been trading for less than 6 months, it may be difficult to obtain an unsecured business loan, and therefore, a secured loan may be a better option.
Another key benefit is the ease at which an unsecured business loan can be approved. Other business loan applications such as secured business loans can be more time consuming. This is again down to the collateral which will need to be checked and valued sufficiently to determine its value. Since there is no collateral with an unsecured business loan, the process is much faster and the funds can be with you in a matter of hours.
Unsecured business loans are quick and simple to apply for and an application form can be filled out and submitted within minutes. Once we’ve received your application we will review it, and if successful, the funds will be transferred to your account once we’ve received your signed application.
An unsecured business loan can be spent on any part of your business that needs the funding. Whereas a personal loan can be spent on things relating to your personal life, an unsecured business loan can only be used on something that is directly related to your business.
Your funds could be used on upgrading your equipment to ensure that you are using the latest technology, or for staff training to provide your staff with the most up to date knowledge. You could also use your unsecured business loan to renovate your company premises or expand your workplace during times of company growth.
Businesses can benefit from using their loans to fund marketing and advertising strategies to make sure they are seen by the right people. Alternatively, you may want funds to help your business during tough periods. How you use your unsecured business loan is completely down to your company’s needs.
Millbrook’s unsecured business loans can range from £25,000 to £25m – if you require a loan in excess of £1,000,000, please speak to an account manager to discuss your enquiry in detail. How much you can borrow with an unsecured business loan is dependent on various factors, with one of the most important being your credit score. A business with a higher credit score will have access to a higher amount of funds, whereas a poor credit score could limit the finances available to you.
The purpose of your unsecured business loan will also be taken into account before approval. We will then work out what we think is a fair maximum cap for your loan depending on your individual situation, and we will always work our hardest to grant you access to the funding that is right for your business.
We offer a range of different unsecured business loan options and you are guaranteed to find the right level of funding for your business. Our unsecured business loans can be used to inject cash into your business where it’s needed most, in as little as 8 hours. We will always strive to approve your loan and will support you every step of the way during the application process.
To find out more about our unsecured business loans and what they can do for your business, contact one of our experts today. Call us on 0333 015 3301 or visit our contact page to submit an enquiry.
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