Do you need a loan to help your business succeed? Are you trying to open a business, but do not have any collateral to put up for a loan? There are ways to get unsecured small business loans, but sometimes this requires you to be creative. Here are some options to get you started and help you get the money you need.
Your first option is an online website called Prosper. They match individual lenders with individual borrowers and you can use it to get a loan for your business. The maximum loan amount is $25,000 so there is only so much available here, but if you have good credit you can get up to the maximum rather quickly. This is a good option if you have bad credit, too, but you might not be able to get as much or as good of a rate.
The second option is to use the bank that you hold your accounts with. This is a good place to go because they know what you usually make in a months time and they have a relationship with you. They might be willing to loan you up to $100,000 unsecured if you have good credit and they know that your business is pretty successful.
The last option is really not a loan, but it works like unsecured small business loans work. You can get a private individual to back you. You may have to give up a percentage of your company and profits, but you can usually put in a buy out clause that allows you to buy back the share of the business once the loan is paid back. This is one of the more creative ways to finance your business without collateral.
