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Business loans may be either secured or unsecured. With a secured loan, the borrower pledges an asset (such as plant, equipment, stock or vehicles) against the debt. If the debt is not repaid, the lender may claim the secured asset. Unsecured loans do not have collateral, though the lender will have a general claim on the borrower’s assets if ...
Both secured and unsecured small business loans can help business owners who need working capital or long-term financing. But choosing the right type depends on several important factors ...
The application process for both secured and unsecured loans requires similar information, including a company’s financial documents, personal and business credit scores and personal details.
Secured business loans. A secured business loan requires you to provide personal or business collateral, which is one or more assets you own that help secure the loan. Types of collateral include ...
In this sense, a mortgage is an example of an asset-based loan. More commonly however, the phrase is used to describe lending to business and large corporations using assets not normally used in other loans. Typically, the different types of asset-based loans include accounts receivable financing, inventory financing, equipment financing, or ...
The creditor's rights against the debtor and the lessor's rights against the lessee are based on the credit documents and the lease, respectively, and not the financing statement. Pursuant to the standards set forth in the UCC, at 9-503 and 9–504, the financing statement need only contain three pieces of information: the debtor's name and address
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