As a small business, there are many things you need to think about before applying for business financing. What type of SME business loan you should get is one of them.
The type of business loan you apply for depends on how you plan on using the loan, what collateral you own that you can mortgage with the lender, and what loan amount you need.
If you do not own any collateral or you’re a relatively young business still building your credit history, an unsecured business loan is a great option!
An unsecured business loan is a short-term financing option, where lenders will loan you a small loan amount at a slightly higher interest rate when compared to secured business financing. You can use the loan to hire new employees, cover your overhead costs, or even invest in inventory!
At CreditEnable, we’ve helped our SME customers get unsecured business loans from Rs.1 Lakh – 75 Lakhs within 2-3 days! We can help you too!
Affordable Finance. Delivered Safely.