Hey everybody this is Tom from LenCred.
Thanks again for checking us out. The next question, we been getting a lot of these actually, and over the years we have also.
The next question is what is an unsecured business line of credit? Comes in from Marcus.
So thanks for asking. So I wanted to define what an unsecured business line of credit is. It is really pretty simple guys, unsecured means borrowing money without pleading collateral.
You will probably normally still personally guarantee the money. But you will not have to pledge any collateral.
If you are talking about an unsecured business line of credit; you are talking about a line of credit, with your business name attached to it, and does not require you to pledge any collateral.
So if you are someone who doesn’t have collateral or doesn’t want to pledge your personal collateral then an unsecured business line of credit, if you can qualify for it, is probably a great way for you to either start, build, or grow your business.
Thanks checking us out today! Best of luck with your business.