If you’re ready to take your New Jersey based marketing business to the next level, obtaining an unsecured business loan may be the best way to fund its growth. An unsecured business loan is different from a traditional small business loan in that interest are higher (since it’s unsecured) and you won’t be required to pledge collateral to secure the financing. This can be very important if you don’t want to potentially lose your assets. If you do default on the unsecured business loan, you won’t lose your assets.
That’s why this is such an attractive option for funding your New Jersey based marketing business. Essentially, you won’t have much to lose since it’s an unsecured business loan. However, not everyone qualifies for an unsecured business loan. They can be difficult to obtain (for some people). Mainly because lenders will require you to have an exceptional credit history to get approved. Here are a few things lender will look at to determine if you qualify:
- Your personal credit history – Obtaining an unsecured business loan requires having a good personal credit history to be approved. Financing such as unsecured business loans (and unsecured business lines of credit), can be fairly simple to obtain. The challenge is meeting the credit requirements to fund your New Jersey based marketing business.
- Your payment history – If you have an exceptional, well established personal credit history with no derogatory or delinquent accounts and a track record of paying on time (all of the time), you may have a good chance of getting approved for an unsecured business loan for your New Jersey based marketing business. One or two recent late payments might not be that bad (you still may have a chance for approval). However if you’ve got more than that, you’ll need to apply for an unsecured business loan at a later date (preferably after the late payments are at least 2 years old).