Maria Sol Bruemmer :
Lending Consultant and Partner of Entrepreneur Funding Experts
Passionate About Bringing Knowledge ,
Financial Solutions and the Best Lending Options to Business Owners , Real Estate
Professionals and Entrepreneurs
By Maria Bruemmer
What Is an Unsecured Small Business Loan ?
You have to search thoroughly for the most favorable terms and conditions in order to find the best unsecured loan . The most vital variable is the interest rate on the loan , it determines the monthly payment and the overall cost of the loan .
An unsecured loan is usually issued on the basis of the applicant ’ s creditworthiness . Therefore , an applicant ’ s payment history and credit score plays a significant role in obtaining this loan .
A collateral is usually not required to obtain an unsecured loan . In most cases , applicants use their primary residence as loan collateral in order to acquire a secured loan . If they default on the loan , the lender can seize their properties . You can use other assets besides your residence as a collateral .
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