The secret behind competitive rates of secured business loan is that there is a high value collateral attached. The higher your value of collateral the bigger the loan amount you can access. You will also win a repayment period which is flexible and it can be up to thirty years. Longer repayment period for a loan of bigger amount is required. If you need a small loan amount to purchase your machinery you better opt for unsecured loan.
Clear your bad credit debts before you apply for another loan. This puts you in a better position, wherein you are considered a good candidate for loans by the lender. A lender will be delighted to offer loans to borrowers with a clean credit report displaying a positive credit score. If you want a smaller loan, it is possible to access it without a collateral but you will have to repay it in a shorter period of time which is five to ten years.
A bad credit score will not impede you from getting funds with a collateral back up. Borrowers with loan defaults, bankruptcy, arrears, insolvency or foreclosures are not seen as risky candidates any more. Although you will not be qualified for lower loan rate, you will definitely procure loans despite your bad credits. You will no more get discriminated on the basis of your credit scores. Stay relaxed and get instant loans to meet your business needs!
Make use of business funds for the following purpose:
Utilize it for business capital
New machinery and equipments
Sales promotion or campaigns