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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.
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 ...
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 ...
If you choose a secured business line of credit, you agree to offer up assets to repay the loan if you default. Common types of business collateral include vehicles, real estate, inventory, or ...
A secured creditor takes a security interest to enforce its rights against collateral in case the debtor defaults on the obligation. If the debtor goes bankrupt, a secured creditor takes precedence over unsecured creditors in the distribution. There are other reasons that people sometimes take security over assets.
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 ...
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