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Secure Versus Unsecure Funding

by dynamaxbusiness

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Secured or Unsecured, that is the question Our funding suite offers over 30 core funding products. Some of them are secured, and some are unsecured. Due to our vast array of funding products our clients commonly ask which is better for them, secured or unsecured funding. Secured funding is easier to be approved for. Even if you have credit issues, you can still obtain many types of secured funding. This is because secured funding is using something as collateral for the funding you are receiving. When you own a business there are many business assets you can use as collateral to obtain funding. Equipment financing for example leverages your equipment as collateral for the debt. Purchase order financing uses your purchase orders as collateral, while account receivable factoring uses your receivables as collateral. You can also use real estate, revenue, and other business assets to qualify for specialized funding vehicles to help you get money fast. And since these financing options are using an element of your business as security, your personal or business credit doesn’t have to be great to qualify. If you do have good credit with a score of 650 or higher, then you should qualify for unsecured funding options also. Unsecured funding is where the bank will lend you money or approve you for a credit line with no security required. This means you will not need to leverage any aspect of your business as collateral. The lender will base the lending decision on the quality of your personal or business credit profile. Either your personal or business credit profiles can be used to get you approved. With even a 650 personal credit score or higher you can qualify for these kinds of unsecured funding options. And with a good business credit profile built you can also qualify for large amounts of business funding. Through our business funding suite you have access to credit lines up to $150,000 that are unsecured and require NO financials to qualify. You also have access to credit lines up to $250,000 if you do want to supply financials. These are unsecured credit lines using no business assets as collateral to qualify. Interest rates on unsecured debts are obviously higher than secured debts as the lender’s risk is higher. Still, you can obtain good working capital loans and credit lines at very reasonable interest rates and payments. Whether you are interested in secured, or unsecured funding we have the answer for you. Give me a call today to learn more about all the funding you qualify for now.



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