When you are a business owner looking for an unsecured business line of credit, you need to first understand why this type of credit is much more beneficial for you than the secured business line of credit. It starts with the fact that the unsecured version of the line of credit comes with no strings attached while you use the money, and hence if you fail in your business venture, you will not lose something valuable like your home or property like you would with a secured line of credit. To understand this concept further, let us cite the differences between a secured and unsecured line of credit a little further.
The secured business line of credit:
These secured lines of credit are the most preferable and mandatory ways through which you can get a loan from a bank. This is because the reason why they are called secured is that, in exchange for the credit line, you will have to provide an equivalent or bigger hefty collateral. Something like your house, your factory, or other property will make your loan secured. This will reduce the risk factor from the banks, as they will attain the money regardless of you paying them back or not by simply seizing your collateral property if you fail to make the payment. And so it makes all of the risk fall only upon you.
The unsecured business line of credit:
These are the type of credit lines that are used by many credit unions, angel investment, and Merchant Cash Advance, where no collateral is used to make the loan secure. This way you will get your line of credit and will be able to use it freely without having to provide any collateral. In the end, even if you fail to make the payments, you will not lose your home just like you would with a secure line of credit. This makes it a better option for business owners than a secured line of credit.
Now, that you have undoubtedly understood why going for the unsecured business line of credit is much better than secured line of credit we must understand what is the best method through which you can get an unsecured line of credit for your business. And in this article, we will look at the best way through which you can make the most of an unsecured line of credit with the help of Merchant Cash Advance.
Merchant Cash Advance
Unlike banks, that do not offer any unsecured business line of credit when providing loans, Merchant Cash Advance solely offers the unsecured line of credit to all of its customers. It is the process through which business owners attain loans in a faster, transparent, and much more reliable way than banks. Merchant Cash Advance is designed by the business owners, for the benefit of business owners. And in the recent times has grown to help millions of business owners all over the world with its special services.
Here are a few advantages of obtaining unsecured line of credit with Merchant Cash Advance that you will surely not find in any other financial lending system:
- Complete transparency: Merchant Cash Advance offers a method of obtaining loans that is completely transparent and without any hidden policies. On both sides of the spectrum, there is a businessman as both the lender and the debtor. So, you can expect the whole process to go exactly like a business deal, with all of your cards at the table.
- No rigid policies: Merchant Cash Advance boasts to come with no rigid policies just like a bank would. It does not bind you in the usage of the money, the mode of your payment, or even the terms of the contract. You can negotiate with your lender directly yourself and only sign when you are completely okay with the deal in front of you. You can use the money however the way you want and also choose the mode of payment you are comfortable with best.
- Unsecured business line of credit: Merchant Cash Advance provides the best unsecured line of credit as it does not impose upon you a maximum loan limit or ask of you for any big collateral. It allows you to use the money however you deep fit and only pay when you are capable of paying through your future credit card sales.
- Ease of payment: Merchant Cash Advance boasts to give out the easiest mode of payment that you can pay in comparison to banks. As in banks, you will have to make monthly tiring payments and give fines when you are unable to meet the deadline, none of that happens with Merchant Cash Advance. Because, instead, Merchant Cash Advance allows you to pay a portion of your future credit card sales that is transferred automatically to the lenders until the loan is met.
- High acceptance rates: Getting unsecured business line of credit from Merchant Cash Advance comes with an added bonus of the fact that it has really high rates of acceptance. Unless you are a complete novice or a con who just want the money, you will attain a business loan 80% of the time. So, get your business plan ready alongside your projected future sales and you can easily get a loan of your own.
- Hassle free and faster: Merchant Cash Advance’s entire process can take place in just twenty-four hours without any problems. And the complete process is designed to help business owners feel at ease while applying for a loan and get processing done much faster than banks.
Merchant Cash Advance’s unsecured business line of credit is something to look forward to. The only drawback is the fact that you will be charged a higher interest than bank loans. But that is justified in the case of an unsecured line of credit, as the firms are also doing a business and are taking a risk by investing in you.