How to Get an Unsecured Line of Credit
For every small business owner, there are times of doubt and feelings that your company is unsecured, hanging by a tether. It is during these moments that you need to know how to get an unsecured line of credit.
One of the best things you can do for your business is to use your fears and insecurities as leverage to propel you forward. The next thing you must do is get an unsecured line of credit to help your business grow and thrive.
The Differences between a Loan and an Unsecured Line of Credit
When your business needs cash now, you do have options, but some are better than others. You may believe a business bank loan is the only way to go. However, you might be better served by an unsecured line of credit.
With a small business loan, you must specify exactly how the money will be used. In addition, the bank will put a lien against your collateral. This means that if you default on the loan, the bank can seize your assets.
If you obtain an unsecured line of credit, there is no collateral required. Most importantly, the funding can be used for any business purpose. Therefore, if you are in danger of missing payroll, need to pay business taxes or experience an emergency, you are covered.
Best of all, you pay nothing until you actually remove the money. Every small business owner should have a line of credit, just in case.
Where is the Best Place to go for an Unsecured Line of Credit?
Banks will always require you to have assets to back up their line of credit. Financing Solutions (www.financingsolutionsnow.com) is an unsecured line of credit lender that does not obligate you to provide collateral.
At Financing Solutions, they make the process fast and simple. You can get started with a 15 minute phone call. Once all the paperwork has been submitted, you can have your line in place in less than 48 hours.
Also, since they don’t require personal guarantees, getting quick business financing will not affect your credit. They specialize in working with small businesses that have less than perfect credit but a good business model.
How to Maintain Financial Security in Your Business
As an entrepreneur, you get to be your own boss, make your own decisions and chart your own course. Everything, including the very future of your business, is on your shoulders. Consequently, it’s up to you to maintain the financial security and longevity of your business.
One important step is to keep personal and business finances separate. This will help to ensure that even if the business goes under, you will not go with it. Many small business owners don’t like to think of having a failed business, but the truth is more than half of the businesses that start today won’t make it to its fifth anniversary.
You should also develop a habit of creating back-up plans. Prepare for the possibility of an initiative or project not working out. This way, you won’t be devastated if the unthinkable happens.
Of course, the smartest way to certify your success is with instant business funding from Financing Solutions. They will help you keep a solid footing on your growth.