If you want to get your franchise set up in weeks, not months, and you only need a limited amount of money to reach your desired capital, you may want to consider an Unsecured Loan. To qualify for an unsecured business loan, you should have a favorable credit score, low overall credit utilization, and a well-established personal credit history.
Unsecured business loans don’t require collateral—like property, equipment, or inventory—to get financing. Instead of collateral, you’ll need to sign a personal guarantee. If you fail to repay your unsecured debt, the lender has the right to go after your personal assets such as cash, a home or other property, or your vehicle.
Unsecured business loans are often used as supplemental funding with other forms of financing. They typically feature low introductory rates and are offered in amounts up to $150,000.
Requirements for unsecured business loans include:
- A 680+ credit score.
- No more than four inquiries per credit bureau.
- No recent collections, bankruptcy, late payments, or tax liens.
In addition, unsecured loans feature an unending line of credit, which is different from traditional loans that force borrowers into terms of a pre-determined length.
FBR partners with a team of experts who can pre-qualify you for an unsecured loan in minutes.