No Cost or Obligation
Qualifications are less than banks.
Soft credit pull. Checking eligibility will not affect your credit score.
Fast and easy one-page application. It takes less than 5 minutes to complete.
Get approved and funded the same day.
Flexible financing and tailored funding solutions to your unique goals and needs.
Time in Business
1 Year Minimum
$10,000 to $2M
500+ FICO Score
+3 MONTHS BANK STATEMENTS
If you’re beginning a new company or growing an existing one, you could be looking for unsecured business capital to help you expand without using personal funds.
An unsecured business loan from an online lender like Sunwise Capital can help you get your small business off the ground. Begin and expand your business with the money you need to get started.
Unsecured borrowing does not need you to put up any security or business assets, but secured financing does. Using assets like real estate, inventory, and equipment is not uncommon to acquire loans.
Rather than any security, you can use the owner’s creditworthiness to issue and support an unsecured business loan or line of credit. To be qualified for this sort of funding, a small business owner must have decent personal credit.
At Sunwise Capital, we’ll work with you as long as your score is 500 or better.
The obvious benefit for prospective borrowers is that a business owner does not have to risk putting significant assets on the line to obtain money. On the other hand, a lender may compensate for their increased risk by imposing a higher interest rate.
A business line of credit (LOC) and a business loan are two sorts of unsecured business funding options, and each one has a distinct benefit.
Although assets do not secure an unsecured company loan, many lenders still need a personal guarantee. A personal guarantee is an agreement given by an individual to assume responsibility for a company’s debt if it defaults.
At Sunwise Capital, we have a non-traditional personal guarantee.
If your company requires immediate cash, an unsecured business line of credit is a fantastic alternative. Business owners want to be able to get money when they need it, at a reasonable rate, and with a variety of payment alternatives.
You’ll need a good credit rating for the line, a decent personal credit history, and a relatively low total credit utilization ratio to qualify for an unsecured business line of credit. You also don’t want too many recent hard queries from the last six months.
24 Hour Approvals
With no security required, you can get a lump sum of working capital to increase your company’s cash flow. Our unsecured business loans come with low-interest rates and flexible repayment options. With no need for collateral, you can get a one-time infusion of working capital to assist you in enhancing your company’s cash flow and growth opportunities.
One year in business under existing ownership or six months in business with $15,000 a month in revenue.
Annual Revenue Requirements – $150,000 in yearly revenue.
Amounts of Capital Up to $500,000 with Unsecured Business Loans
The advertised rate is subject to change, and the interest rate may vary based on your creditworthiness, overall business credit, industry, time in business, and line amount.
Additional financing up to $2M is available. This funding option is a form of commercial financing for companies doing more than $5M a year in revenue.
Unsecured business loans give fast funding without collateral, reducing risk and stress. To check if you qualify, fill out an application today!
Cash When You Need it – 24-hour approval and same day funding
No Assets, No Problem
How to Apply – One-page business loan application
Most traditional financial institutions and business lenders demand owners put up collateral as security for their loans. If your company has few assets, you may be requested to use personal assets as collateral with these traditional business loans.
The prospect of losing your home if you can’t make your business loan payments is terrifying. Online lenders or alternative lenders, like Sunwise Capital, offer unsecured loans. This financing option offers loans with no collateral making obtaining the funding your company requires much less hazardous.
Unsecured financing from Sunwise Capital allows you to concentrate on the most crucial areas of your organization without worrying about losing valuable assets. You reduce the risk of losing business or personal assets with unsecured business loans because they do not require collateral.
Our no-collateral business loan can give you the financial stability and flexibility you need to satisfy your company’s needs. Rather than relying on collateral, we assess your company’s potential and ambitions to see if it qualifies for an unsecured business loan.
Fill out an application today to explore if an unsecured business loan is perfect for your company.
How much do you need? How much are you looking for?
We’ll start with a quick questionnaire to learn more about your company’s specific requirements.
Our underwriters will speak with you on the next steps once we approve your loan request
These are some of our bare-bones lending criteria for an uncollateralized loan, and meeting them does not guarantee a business loan.
Additional lending factors will determine if you qualify for a small business loan if you apply.
Minimum credit score requirement – Personal Credit Score 500 or better (bad credit score okay). Decent business credit score.
Time in Business Requirements
One year or more
Annual Revenue & Monthly Revenue Requirement
$150,000 or more annual – $15,000 monthly bank deposits (less than one year)
Sole Proprietorship, LLC, Sub-s, C-Corp
Anywhere in the US
Up to $10,000 to $2M
Loan terms are six months to 18 months
Repayment schedule daily and weekly payments. Monthly loan approvals on unsecured financing options for well-qualified companies and borrowers.
In most cases, traditional banks will not offer access to funds to businesses unless there is some form of collateral attached to it. Loans for startups are also challenging, and approval odds decrease in the startup phase unless there is a strong business relationship and substantial collateral assets. Banks prefer loans based on the value of specific assets, and they take a lien on those particular assets rather than loans on the value of all assets. The bank’s lending risk can be significantly reduced in this manner.
Businesses that lack valuable assets or have assets that are difficult to evaluate or sell, but would otherwise make excellent borrowers, may be disqualified.
It’s important to know where to seek and what to look for when looking for a small business loan. Even though you don’t have to be an expert in business financing or be a business credit expert to start a successful company, you should evaluate all of your possibilities for obtaining a business loan before settling on one. Access to capital can be challenging. However, there are additional business financing opportunities if you look for them.
The primary benefit of getting unsecured funding, the company doesn’t have to put up any security or valuable collateral. In many cases, small businesses lack the substantial assets or physical collateral necessary to provide security for a loan.
Unsecured business loans are easier to get because they don’t have collateral requirements. It may also be easier to have these more flexible loans approved.
Risks connected with small business loans that aren’t guaranteed:
Why we like it – the PROs
Drawbacks – the CONs
Compare Loan Requirements for Different Business Financing Options:
Borrowers with limited time in business, personal credit score challenges, and short deadlines might consider short-term business loans.
Short-term unsecured loans are what most people think of when they think of typical business loans. This type of business financing is the most straightforward form of borrowing. Get a lump sum of money with a fixed interest rate and pay it back over time. The loan period might last up to two years, and no security is required.
Thanks to our shortened online application process, entrepreneurs can now get approved in just a few minutes.
Complete the one-page application and provide the last three months of business bank statements. Borrowers with credit ratings of at least 550 might expect interest rates as low as 7%, and a poor credit score is okay.
Unsecured short-term loans have the following advantages:
Term loan approval is possible for every form of business.
There are no collateral conditions.
Competitive rates are available.
The most significant number of approvals.
Incentives for early repayment
Consider Getting a Short Term Loan
This option is the most incredible lending option for borrowers looking for a long-term credit line with no collateral.
Instead of charging high interest rates, corporate credit lines offer reduced monthly payments and revolving credit. You can use your credit line to pay for unexpected bills like a credit card. You only pay interest on the money you use. You can satisfy your working capital needs with a revolving business line of credit.
Among the advantages of unsecured lines of credit are:
There aren’t any fees for paying ahead of time here!
Credit cards charge higher interest rates (starting at 6 percent)
Enhances your credit rating with the use of this credit card.
Access to cash s is accessible when you need it.
Apply for a Line of Credit for Your Business
Borrowers who need to collect on past-due accounts receivable will benefit most from this type of financing.
Invoice financing, commonly referred to as invoice factoring, is a way for businesses to get paid for unpaid bills. To avoid risking any assets, the invoices themselves act as collateral. In most cases, you receive 85 to 98 percent of the invoice amount upfront, with the rest coming from the customer’s final payment.
Invoice factoring is a good option because your credit score isn’t a component in the application process. Owners with bad credit can use this option.
Unsecured invoice financing has several advantages:
Personal credit and financial history are not a consideration.
Get immediate business cash flow without putting your firm at risk with new loans using outstanding invoices.
Your unpaid debts are the sole source of security required.
Obtain Financing for Your Invoices
If you require a significant sum of money in exchange for a proportion of future sales, a loan is an ideal option for you.
As the name suggests, a merchant cash advance (MCA), or lump sum loan, is reimbursed by a portion of your future sales. Use the business cash advance when you have short-term cash shortages or unanticipated needs.
The MCA will help smooth out your daily accounts payable. You only pay the lender back when your company generates revenue, making it a flexible repayment vehicle. Seasonal industries like retail and restaurants are suitable candidates for merchant cash advances.
A merchant cash advance has several advantages and minimum requirements:
A person’s personal credit rating is not a consideration in determining their eligibility for a loan.
Approval rates are higher than unsecured loans, and these business loans are fast and straightforward.
You can borrow against your upcoming credit card purchases.
There isn’t any need for a backup.
Faster funding, flexible terms, and flexible payment options reflect cash flow, not creditworthiness.
Fill out an Application for a Merchant Cash Advance
Lines of credit differ from term loans in a few ways. It’s an excellent option for business owners that need money quickly, and funding can be on the same day.
This viable choice is for those who can pay back the money quickly. Rates begin at 4.80%, which is a perfect starting point. Your credit limit will reflect a healthy business, monthly revenues, business history, and business bank accounts. Because a FICO score of 640 is required, it’s a good option if your credit is fair to high.
You can use specific collateral to refinance your debt or fund your company’s growth and expansion. You can take an asset to get a working capital loan.
Secured loans are a type of business loan for those with some security as a guarantee. An asset, like equipment purchases, used as “security” for the repayment of a loan is known as collateral and can approve your chance of approval.
The lender will place a lien on business assets. If you cannot repay the loan, the security may be forfeited. A secured loan means that the loans are structurally more risky than those without collateral because you have a tangible asset to lose.
It is possible to use the object you intend to buy as collateral for a secured loan, such as your home or business equipment. As with a home loan or personal loan, the bank (or financing business) will hold onto your deed until you have fully repaid the loan, interest, and any costs.
If you cannot make your monthly payments, the bank has the option of taking your house. A lot of the time, this increases the amount of money you can borrow. Although your bank might only lend you $10,000, you may still be able to get a $200,000 mortgage (or more). Personal property, even stocks, and bonds, can be used as collateral to secure a loan.
Foreclosure is possible if you take out a loan to buy business-related assets and fail to make your payments. In the event of non-payment, the banks can physically confiscate the collateral. This scenario is another example of the difference between secured and unsecured loans.
Lenders will take legal action to recoup the difference between the sale of the assets and the outstanding loan amount.
Secured business loans are available through the small business administration. An SBA loan requires both personal guarantees and any collateral, personal asset, or business asset of value that you own.
Another business finance option is business credit cards. The best credit cards for business will be in the business name using just the EIN. However, you can use your personal credit to secure the money you need.
Sunwise Capital is a trusted source of financing for small and medium-sized businesses. We offer unsecured business financing for various industries with a loan term of 6 to 10 months.
Working cash is typically critical to the survival and growth of a corporation. We have developed a two-minute application process online to streamline the customer experience. At Sunwise Capital, we take care of all the details of the borrowing process, so you can concentrate on working your business and growing your profits in as little as 24 hours.
Give Sunwise Capital a call or apply online to get the unsecured small business loan you deserve.