How to get small business loans from banks, private lenders and microloan lenders
If you simply do not have the spare money to spend, you can turn to an unsecured business loan. These type of loans are a positive alternative for people who own businesses – some companies make sure the money is available within 24 hours of applying. Take note that business loans are different than personal loans – these type of loans are only meant to be used for business reasons.
Easier to Obtain Than Secured Business Loans
An unsecured business loan will be easier to obtain than a secured business loan. This is because your business will not need to put any collateral up front.
No Collateral with Unsecured Business Loan
With a secured loan, if you do not pay the loan back, lenders will be able to take the collateral from you. However, if you default on an unsecured business loan, the lender will not be able to take your business’ property, unless they get a court order.
The Court Can Discharge Unsecured Loans When Filing Bankruptcy
If for some odd reason your business has to file for bankruptcy (we hope this never happens), the court can discharge those unsecured loans. However, it’s not normal for them to discharge a secured loan.
Quick Turnaround Time
With most lenders, as long as you qualify for the loan, you will have cash available in a couple of business days. With banks, on the other hand, it could take weeks before you see the money you need.
Credit Scores Don’t Count
If you are a business going in for an unsecured company/business loan, your credit scores will not count. The qualification will be based on your business – if you have a strong business, you shouldn’t have a problem getting money from a lender.
Payments will be Adjusted
The amount you are asked to pay back on a daily basis will all depend on the profits your business made. What this means is the amount repaid will adjust in accordance with both slow business and profitable times. This technique makes it easy to pay the money back, without going broke at the same time.
Unlimited Funding Potential
As the sales for your business increase or if you simply need more money for your business, you can apply for more money, as long as you are in good standings.
As you see, there are many factors to getting an unsecured business loan to help your business during harsh times. Almost any established business, regardless of the industry, can qualify for this form of loan. Most companies have a short application that you are required to fill out in order to determine if you are eligible for the money.
Individuals who are looking for an unsecured business loan may be interested in Xpressbusinessloans.com. This company offers unsecured business loans with the opportunity to receive funding in as little as one day – light documentation must be presented to qualify – this includes a bank statement from the past 6 months and the most recent tax return documentation. The loan amounts are based on gross sales amount – you can get anywhere from 5k to 1 million.
See if you are eligible for a small business loan at Lendio
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This video explains how entrepreneurs can get small business loans. I discuss how to get personal loans that you can put towards your business so that they act as small business personal loans. Additionally, you can get small business loans from banks, private lenders, and microloan lenders. I discuss all three options for how to get business loans in the video.
Additionally, on my fundraising apps, I discuss how to get small business loans in more detail. Here is the Android app that covers how to get small business loans and other forms of fundraising for your business:
And here is the iOS (iPhone and iPad) mobile app that covers how to get small business loans and other forms of fundraising for your business.
I also discuss the different cases where banks loan to companies and when private lenders loan to companies. I also discuss how to get small business loans from banks rather than private lenders and micro loans.
Some of the sites I mention in the video are of course my sites: and but I also discuss some business loan websites.
Here are the business loan websites. The first is Lendio. I participate in the Lendio affiliate program. Here is the link to their form for determining if you are eligible to get a loan with their help:
The other sites I mentioned are prosper.com and kiva.org
All these sites are good, but keep in mind, in this video I also discuss that in most cases getting a business loan is not the greatest of ideas. So if you do try to get a loan, be very careful and cautious.
Consider the risk: if you take a personal loan, you will spend all that money on your business. But there is no guarantee that your business will succeed. But the fact that you will need to pay back that loan is in fact guaranteed. It will be easier to spend that money than to get it back. So while having the option to get a small business loan is a good option to have, choose it very carefully.
There are some outspoken individuals like Marc Cuban who say that entrepreneurs should not get a business loan to fund their business. I tend to agree with Marc. I certainly did not get a small business loan to fund my business. But nevertheless, his does not stop many entrepreneurs. And quite frankly, for most people, getting a business loan is the only viable option.
And here is a full article on how to get small business loans:
Here is the government site for loans where you can get a business loan:
Please check out my business books. Here is my book on starting a business:
Book with fundraising strategies to raise money:
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Mobile app marketing book:
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