Wednesday, June 4, 2014

Guaranteed Unsecured Loans - Hassle-Free, Affordable Financing For Your Business

Unsecured business loans are great for starting or expanding a business, yet are rather difficult to obtain. Banks see unsecured loans that newly formed businesses wish to take as an extremely high risk, and therefore often refuse to grant them. If they do, the loan provisions are often very unattractive as banks assign high interest rates and restrictive terms to limit their risks. However, there is an easy way around it, allowing borrowing large amounts at decent interest rates - guaranteed unsecured loans for business.

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How Are Guaranteed Unsecured Loans Different

How are they different from regular ones? This type of products do not have any collateral requirements, i.e. they do not require the borrower to put up any property to secure a loan. They are purely credit based, and banks give borrowers money just based on their past credit track and on the written promise of repayment. As they mean less default protection for banks, they offset their risks by restricting the loan terms by enforcing shorter durations, lower amounts, and higher interest rates.

How Guaranteed Unsecured Loans Work

Guaranteed unsecured loans, while having the same features as regular ones, are considered as less risk by banks as they have an added layer of safety in form of a third-party guarantee. The way it works is that a borrower asks another party, whether it is an individual or a company, to issue a written guarantee of repayment should a primary borrower fail to honor financial obligations. Simply put, they are cosigned loans. As these loans pose fewer risks for lenders, they are often willing to offer competitive interest rates and grant higher loans amounts, allowing the borrower to benefit from lower monthly payments and reduced borrowing costs. Another benefit of guaranteed unsecured loans for business is that there are no collateral requirements, making them perfect for people who do not wish to risk their property, or for the ones that do not have any suitable assets to satisfy the collateral requirements set by the bank.

How To Secure Guaranteed Unsecured Loan For Your Business

The problem that many people face when applying for them is finding a cosigner for the loan. The easiest solution for this problem is to set a guaranteed unsecured loan for your business. In this case, a business is going to be a primary borrowers and a business owner is going to be a cosigner. It is noteworthy that such scenario is only possible when a business entity is completely separate from the business owner; therefore, sole proprietorships do not qualify. Limited liability companies and corporations are the best entity types to set up in case you intend to use them.

If you need a guaranteed unsecured loan for your business with tolerable interest rates that would not break your bank and decent amounts that would help to finance your business activities, you need to follow simple steps. First, you have to ensure that you have your business accounts set up completely separately from your personal accounts. Second, you have to find several lenders in order to get the loan quotes. Lender search may be easily performed online or through a loan broker who would be able to match you with few lenders. Last, you would have to select a guaranteed unsecured loan offer that best suits you business financing needs.

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