{"id":2633,"date":"2020-03-20T20:12:19","date_gmt":"2020-03-20T20:12:19","guid":{"rendered":"http:\/\/localhost\/2020\/swoopMW20\/?post_type=knowledge-hub&p=2633"},"modified":"2023-09-06T08:47:14","modified_gmt":"2023-09-06T08:47:14","slug":"unsecured-loan","status":"publish","type":"knowledge-hub","link":"https:\/\/swoopfunding.com\/ie\/knowledge-hub\/unsecured-loan\/","title":{"rendered":"Unsecured loan"},"content":{"rendered":"\n
This is a business loan<\/a><\/u> that doesn\u2019t<\/em> require you to offer security (in contrast to a secured loan<\/a>)<\/u>. You might want to consider an unsecured loan if you want to borrow more than the value of your assets, if you would prefer not to offer security, or if you’re a fast-growing business that needs finance quickly.<\/em><\/p>\n\n\n\n Here are three scenarios where you might look at taking out an unsecured business loan:<\/p>\n\n\n\n On the plus side, unsecured business loans are usually simpler and quicker to arrange than secured loans<\/a> because there is no need for the lender to inspect or value any assets.<\/p>\n\n\n\n However, in the absence of any security, the lender cares much more about your business\u2019s profile \u2013 and may also look at your personal credit history and personal assets. After all, they will need assurance that you can repay the loan if things don’t go to plan. Unsecured lending is usually more expensive than secured lending because there\u2019s more risk for the lender.<\/p>\n\n\n\n For an unsecured loan the lender may look at: <\/p>\n\n\n\n Unsecured lending is a broad term. As well as short-term loans<\/a> and ‘term’ loans (i.e. medium-term and long-term loans), it includes, for example, merchant cash advances<\/a>, revolving credit lines<\/a>, overdrafts<\/a> and credit cards<\/a>.<\/p>\n\n\n\n\n
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