Unsecured Business Loans

7.99%

Rate of Interest

About Unsecured Business Loan

Rates so low that you won’t even know you are paying us back! Specific collateral is not required but a personal guarantee is. Why go bank to bank wasting time if you can get the same loan online faster? Need funds for materials, inventory, expansion, or acquisition without having to wait 30 days?

Benefits

Drawbacks

Get financing for whatever you need now

Quick facts and requirements

Find out about our Equipment Financing Loans options today

Loan Amount

$30,000 – $500,000

Loan Term

Up to 10 years

Interest Rate

Starting at 7.99%

Time to Funds

As fast as 24hrs

Payment Frequency

Monthly

Unsecured Business Loan FAQs

The definition of an unsecured loan is a loan given only on the strength of a borrower’s credit and cashflow, and is not backed up by any specific assets. These loans can be attractive for businesses that don’t have much to offer in the way of collateral, although the interest rates are usually higher than secured loans to make up for the increased risk the lenders take on without collateral.

One of the best things about an unsecured loan is that it does not require collateral. Unsecured loans do require a personal guarantee, and they are typically awarded to those with above average or good credit.

This type of loan can also help a young business build credit, which is why many pursue an unsecured business line of credit for a startup.

Because there is no collateral required, business owners who want an unsecured line should be prepared to supply business and personal tax returns, this helps AMP determine whether or not their loan is in good hands.

This is one of the areas that make unsecured loans preferable to secured loans. Secured loans can be restrictive when it comes to how the business can spend its money. Unsecured loans offer more flexibility, and do not limit a business’ spending to a certain purpose.

This gives business owners the freedom to spend on what really matters the most.

A smaller company can keep the power to make its own decisions. The only real restrictions are that an unsecured line of credit should not be used for gambling, purchasing securities, or participating in anything illegal.

Small businesses often use unsecured loans to take care of their payroll when they are experiencing a slow month or season. A startup might use unsecured funds to get a new office and computers, buy materials, or launch a new product.

Even more mature businesses may need a loan to renovate their store or expand to a new area.

It is difficult to get an unsecured loan with bad credit because there is no collateral, and the loan is awarded only on the strength of the borrower’s credit history.

Contact us to find out more about our minimum requirements and strategies to help you qualify.

The most important way to qualify for an unsecured business loan is to have a strong credit score. A history of on-time payments and strong credit profile demonstrate financial responsibility, and will help you receive a better loan.

Minimum qualifications:

90 days in business
550 Fico
$150k gross annual revenues
Bankruptcies must be discharged

Our average funded clients have been active for two or more years, and have a FICO credit score of 630 or more.

If you are a seasonal business, you may be requested to provide supporting financial documents such as the following:

  • Business and personal tax returns
  • An aging accounts receivable report
  • 12 months of bank statements

If a business has ever filed for bankruptcy, it can still qualify. All bankruptcies must be completely satisfied and discharged for a minimum of two years, and all tax liens must be on active payment plans.

The rate for a loan depends on a business’ financial stability as determined by the lender. The lender will consider a business’ credit profile to establish a level of confidence in the borrower’s ability to repay debts on time.

A small business with a good credit score and high profit margins will likely qualify for low rates. These rates may be higher if a business does not have a good credit score or high profits, because the additional cost adds a level of security for the lender. Use AMP Advance’s credit calculator to get an idea of what to expect from your rate.

Unsecured Business Loans

7.99%

Rate of Interest

About Unsecured Business Loan

Rates so low that you won’t even know you are paying us back! Specific collateral is not required but a personal guarantee is. Why go bank to bank wasting time if you can get the same loan online faster? Need funds for materials, inventory, expansion, or acquisition without having to wait 30 days?

Benefits

Drawbacks

Get financing for whatever you need now

Quick facts and requirements

Find out about our Equipment Financing Loans options today

Loan Amount

$30,000 – $500,000

Loan Term

Up to 10 years

Interest Rate

Starting at 7.99%

Time to Funds

As fast as 24hrs

Payment Frequency

Monthly

Unsecured Business Loan FAQs

The definition of an unsecured loan is a loan given only on the strength of a borrower’s credit and cashflow, and is not backed up by any specific assets. These loans can be attractive for businesses that don’t have much to offer in the way of collateral, although the interest rates are usually higher than secured loans to make up for the increased risk the lenders take on without collateral.

One of the best things about an unsecured loan is that it does not require collateral. Unsecured loans do require a personal guarantee, and they are typically awarded to those with above average or good credit.

This type of loan can also help a young business build credit, which is why many pursue an unsecured business line of credit for a startup.

Because there is no collateral required, business owners who want an unsecured line should be prepared to supply business and personal tax returns, this helps AMP determine whether or not their loan is in good hands.

This is one of the areas that make unsecured loans preferable to secured loans. Secured loans can be restrictive when it comes to how the business can spend its money. Unsecured loans offer more flexibility, and do not limit a business’ spending to a certain purpose.

This gives business owners the freedom to spend on what really matters the most.

A smaller company can keep the power to make its own decisions. The only real restrictions are that an unsecured line of credit should not be used for gambling, purchasing securities, or participating in anything illegal.

Small businesses often use unsecured loans to take care of their payroll when they are experiencing a slow month or season. A startup might use unsecured funds to get a new office and computers, buy materials, or launch a new product.

Even more mature businesses may need a loan to renovate their store or expand to a new area.

It is difficult to get an unsecured loan with bad credit because there is no collateral, and the loan is awarded only on the strength of the borrower’s credit history.

Contact us to find out more about our minimum requirements and strategies to help you qualify.

The most important way to qualify for an unsecured business loan is to have a strong credit score. A history of on-time payments and strong credit profile demonstrate financial responsibility, and will help you receive a better loan.

Minimum qualifications:

90 days in business
550 Fico
$150k gross annual revenues
Bankruptcies must be discharged

Our average funded clients have been active for two or more years, and have a FICO credit score of 630 or more.

If you are a seasonal business, you may be requested to provide supporting financial documents such as the following:

  • Business and personal tax returns
  • An aging accounts receivable report
  • 12 months of bank statements

If a business has ever filed for bankruptcy, it can still qualify. All bankruptcies must be completely satisfied and discharged for a minimum of two years, and all tax liens must be on active payment plans.

The rate for a loan depends on a business’ financial stability as determined by the lender. The lender will consider a business’ credit profile to establish a level of confidence in the borrower’s ability to repay debts on time.

A small business with a good credit score and high profit margins will likely qualify for low rates. These rates may be higher if a business does not have a good credit score or high profits, because the additional cost adds a level of security for the lender. Use AMP Advance’s credit calculator to get an idea of what to expect from your rate.