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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 ...
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 ...
There are many small business lenders for secured and unsecured business loans, and the application process differs for each lender and loan type. However, some parts of the application process ...
An unsecured business loan works similarly to other types of business loans. You submit an application, wait for the lender to decide, and if you’re approved, you get the cash and pay it back ...
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 ...
A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. The debt is thus secured against the collateral, and if the borrower defaults , the creditor takes possession of the asset used as collateral and may ...
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.
Small business financing (also referred to as startup financing - especially when referring to an investment in a startup company - or franchise financing) refers to the means by which an aspiring or current business owner obtains money to start a new small business, purchase an existing small business or bring money into an existing small business to finance current or future business activity.
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