Are you looking for funding to grow your business? You might want to consider getting a loan for business without security/collateral.
Here are some of the benefits of getting a loan for business without security!
A loan for business without security is easily available!
Approaching a bank for small business loans may not be a great idea, especially if you are a young, small business. Most banks will ask for collateral or security and have strict eligibility criteria. However, most NBFCs and similar institutions offer quick business loans with security, with the bare minimum eligibility criteria.
Most lenders have a simple online application process, which can be completed from wherever the business owner is situated.
Although, if you are a startup, you might need to look at alternative sources of funding, since lenders may not lend to businesses without a credit history!
You don’t have to provide collateral!
In the case of a loan for business without security, you don’t have to offer up business or personal property as collateral for your borrowings. Even if you have assets you could use (which most small businesses don’t) there are drawbacks to offering them as security.
For eg. Once a bank has a mortgage over your property, you won’t be able to sell or replace it without getting the lender involved.
Although a loan for business without security will be more expensive, it leaves you with the flexibility and control of your assets. Be aware, though, that as the business owner you may be expected to guarantee the loan – which means you’ll be personally responsible for meeting repayments if your business defaults.
A loan for business without security is disbursed faster!
If you’ve fulfilled all the eligibility criteria and have the necessary documents, be rest assured that your loan will be disbursed quickly!
Make sure you do your research on the various lenders that offer business loans without security!
If you are looking for a loan for business without security, you can get in touch with Gromor Finance! If you meet all the eligibility criteria, you can get a business loan quickly… in less than 3 days!