Traditional loans are time-consuming and require personal funds or property as collateral. Our business cash advance product requires no collateral and you can use it immediately.
No collateral loans are obviously a very attractive proposition for business owners, because it means they don't have to put their prized assets down as a form of insurance in order to obtain financing for their business. The problem with no collateral loans that most business owners fail to understand is that they pay a premium for them – in the way of higher interest. Business owners are also likely to find it hard to obtain a no collateral loan, because of the risk associated for lenders like banks. No collateral loans are typically as expensive as high risk business loans.
A business cash advance is an alternative form of lending. It's not like a traditional loan, and there are several key differences, these are:
It's completely up to you what you use the cash advance for. You might want to use it to renovate your business premises, or even bring in new lines of stock. You may want to use the money to start developing your own brands or products – it's totally up to you what you use the money for! It always helps to have a business plan in place so you know where the cash will be spent, but it's not essential.
Getting a no collateral loan can be nigh on impossible for many business owners. Don't just give up on your business due to your inability to obtain finance, fill out our short application form right now to see whether or not we can help you!