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By: Tanner Cupello
Last updated: 8/8/2024
An unsecured business loan is a financing option that does not necessitate collateral, allowing you to secure funding without risking personal assets. Lenders may still require a personal guarantee or file a blanket lien on business assets. Here’s a quick comparison of some of the best unsecured business loans available:
12+ years of serving small businesses.
75+ lenders in our network.
400,000+ businesses matched with business financing.
Lendio’s recommendations and reviews are selected by our team of lending experts who have worked directly with each funder in our network. While the lenders featured are all partners we work with, reviews are based on our team’s experience and a methodology with multiple criteria.
Interest rate
Starting at 3.3% monthly
Funding amount
$5,000-$100,000
Term
12, 18, 24 months
Minimum credit score
625
Time to funding
As fast as 24 hours after approval
Headway Capital offers a true revolving line of credit. Their monthly payments and ongoing access to capital make it a great product for those who want to be able to access funds at any time. With their fast and easy application and funding process you can have funds in your account within one business day.
Pros:
Cons:
Our take
Pros and cons
Additional fees
APR range
Daily interest rate minimum of 0.0658%
$10,000-$275,000
Up to 18 months
650
Idea Financial provides a line of credit to business owners who have been in business for at least two years and have a monthly revenue of $15,000 or more. They do not lend to sole proprietors or non-profits.
Factor Rate
Varies
$50,000 to $10 million
30 days
None, based on your accounts receivable
As soon as same day
Gillman-Bagley offers invoice factoring up to $10 million. They specialize in working with government contractors, manufacturing and other B2B companies.
Our Take
Pros and Cons
Additional Fees
$5,000-$250,000
18-24 months
As fast as same day after approval
OnDeck offers a business cash advance of up to $250,000. Unlike other cash advance providers, OnDeck charges an interest rate instead of a factor rate and is a publicly traded company. OnDeck also offers a line of credit of up to $100,000.
15.22% to 45%
$25,000 to $500,000
6 months to 7 years
660
As fast as 3 days after approval
For a term loan, consider applying with Funding Circle. The lender offers large loan amounts up to $500,000. However, their required 660 minimum credit score makes it more difficult to qualify for than some other online lenders.
Rates starting at 12.49%
$20k – $500K
3-12 years
700
Approval in as little as 24 hours, funding in as little as 3 days
BHG Financial specializes in providing tailored financial solutions to professionals across various industries with a focus on healthcare practitioners. If you’re looking for a much longer-term loan, BHG Financial can offer businesses loans with up to 12-year terms. Licensed professionals can get a loan to start their practice if they have a personal annual income of $100K+.
3% origination fee
Different types of unsecured business loans cater to various needs:
This program offers small unsecured loans of up to $50,000, making it an excellent choice for startups seeking initial funding.
Loan Amount
Up to $50K
Speed of Funds
2-4 Weeks
Best For
Startups
The SBA doesn’t require collateral for an SBA 7(a) loan under $50K.
3-4 Weeks
Small asset purchases
A flexible funding solution akin to a credit card, allowing businesses to draw on funds as needed without collateral.
$1K-$250K
1-2 Days
Working Capital
This option provides a fixed amount of capital that is repaid over a predetermined period, ideal for businesses seeking a structured repayment plan.
$5k-$2M
As soon as 24hrs
Business expansion
A method to obtain immediate cash by selling unpaid invoices, offering a quick solution to improve cash flow.
Up to $10M
As soon as 24 hrs
Best for
Account receivable gaps
This financing option allows businesses to receive an advance on future sales, which is repaid through daily revenue.
$5K – $2M
Short-term needs
To successfully navigate the funding process, follow these essential steps:
When it comes to securing a loan, there are several options that lenders may require:
While unsecured loans do not require collateral, lenders may still take out a blanket lien on business assets or require a personal guarantee to mitigate their risk. It is essential to carefully consider these terms and evaluate the potential impact they could have on your business before accepting an unsecured loan offer.
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Wondering how we chose the best? We used the following criteria to evaluate the lenders in our network.
*The information contained in this page is Lendio’s opinion based on Lendio’s research, methodology, evaluation, and other factors. The information provided is accurate at the time of the initial publishing of the page (August 14, 2024). While Lendio strives to maintain this information to ensure that it is up to date, this information may be different than what you see in other contexts, including when visiting the financial information, a different service provider, or a specific product’s site. All information provided in this page is presented to you without warranty. When evaluating offers, please review the financial institution’s terms and conditions, relevant policies, contractual agreements and other applicable information. Please note that the ranges provided here are not pre-qualified offers and may be greater or less than the ranges provided based on information contained in your business financing application. Lendio may receive compensation from the financial institutions evaluated on this page in the event that you receive business financing through that financial institution.