Unsecured Business Loans

For a business owner who does not have assets of its own, how do you convince a lender to give you a loan without any security?

It may sound ambitious to approach financial institutions, knowing how insane it sounds, to give you a business loan without any collateral, especially when you are a small business with bad credit.

Would someone really give you an ‘unsecured business loan’?

Yes!

The good news, in fact, great news is that – We would.

Evergreen Funding Solutions offers unsecured business loans to not only businesses with good credit (to whom everyone does) but small businesses with bad credit as well.

We know it sounds too good to be true, but we are an alternative lending institution, specializing in lending to the underdogs.

And by underdogs we mean businesses who are not yet there, who not only have no security, but also bad credit score, who may seem like a risky borrower to traditional lending institutions.

Well! A bad credit score means nothing to us, as it could be a bad circumstance or a bad decision. We just don’t care, as bad credit score is easy to come by.

A bad credit score doesn’t mean your business is a failure. Well, a business is more than its credit score.

At Evergreen Funding Solutions; we care about your background, your financials, your history, your business model, your team, your online presence, your marketing efforts, your brand, and much more; basically, everything you care about.

We care about your business.

Hence, we let you execute your business, while we execute our loans.

WHAT ARE UNSECURED BUSINESS LOANS?

Unsecured Business Loans are collateral free loans for small business owners who don’t own a property or an asset that can be used as a collateral (or even if they own, they are not willing to take a loan on it).

They are a structured business loan involving much more risk than secured loans, hence more expensive compared to secured loans.

At Evergreen Funding Solutions, unsecured business loans are given for a set period of time at an agreed cost. We have a quick turnaround compared to other lenders.

Our unsecured business loans can be used to fulfil any of your business needs, be it for purchasing inventory, hiring new employees, investing in new marketing campaigns or anything else.

The cost of Evergreen Financing Unsecured Loan is based upon your factor rate and term of your loan. And the payback schedule is either daily or weekly, depending upon your particular case.

The better your candidacy, the better are the loan terms.

ELIGIBILITY REQUIREMENT FOR EVERGREEN FUNDING SOLUTIONS UNSECURED BUSINESS LOAN

The eligibility requirement varies from case to case. However, there are three most basic requirements which need to be fulfilled by every business to get Evergreen loan approval. Having fulfilled these requirements, most businesses may find it easy to get our unsecured business loan approval.

The three requirements being-

• Your business should have been in business for a minimum of 2 months to be considered credible. The more the number of months or years, the better the chances of approval.
• Even though we have stated again and again that we don’t care about your credit score, a bare minimum of 500 is our threshold when it comes to FICO score. Well, you can’t complain, for it’s a comparatively low score, easily manageable by most businesses.
• And last but not the least, a monthly revenue of at least USD 10,000. Again, it goes without saying- the higher your business revenues, the better your candidature.

An application for our unsecured business loan can be made in person or online (as per your convenience) by answering a few basic questions about your business.

The list of documents required to apply is as follows-

• An identity proof, mostly a copy of your driver’s license.
• Your bank statements, Profit and Loss statements, Balance sheet and other important financial documents.
• Proof of ownership of business.
• A copy of business Licenses.
• A property lease agreement
• Tax returns (both personal and business)
• A voided cheque
• Business debt schedule, if possible.
• And a business plan

The documents may vary depending on the loan amount you are seeking, as usually up to USD 1,00,000 you need only the essentials, whereas above USD 1,00,000 you may need to submit additional documents. However, the above-mentioned list covers most of the required documents in each case.

ADVANTAGES OF EVERGREEN FUNDING UNSECURED BUSINESS LOANS

• No Collateral Required- The fact that an unsecured loan comes without any strings attached (no security involved), it makes you a free bird. A collateral free loan is almost a stress fee loan as there’s not much to lose for the borrower, the assumption of risk is the more on the part of the lender. Let’s just say it’s a win-win situation for your business.

 

• Only 2 months in business required- To be eligible for our unsecured business loan, you only need to have been in business for 2 months, which is nothing compared to what traditional financial institutions require. It’s highly achievable, as even for a new business surviving 2 months before being eligible for a funding is cakewalk.

 

• Fairly less documentation- At Evergreen Funding Solutions, we don’t require you to sign thousands of documents. We’d like to say we believe in ‘save trees, save paper’ ? Well, we do but more importantly we value your time and energy and want to make it as hassle free as possible for you.

 

• Low Credit Requirements- We couldn’t emphasize enough on how we don’t judge you based on your credit score alone. All we need is a bare minimum of 500 FICO score to process your case. But, other than that we consider you a whole package, more than your credit score. After all, credit score is just another number.

 

• Quick Funding Turnaround- At Evergreen Funding Solutions, we have an efficient team of people working for us around the clock, willing to go an extra mile for you. We process applications as early as 24 hours, saving you both time and misery of waiting.

 

• Daily or Weekly Payback options- Our unsecured loan payback schedule is mostly daily or weekly, which comes down to a small amount evenly distributed over the days, not creating any unnecessary load on you and your bank balance.

 

• Increase in borrowing power- Well, when you borrow from us, you automatically increase your borrowing power by giving others a message that you are a worthy borrower whom lenders are willing to lend. And when you repay our loan successfully, you automatically increase your credit score, increasing your borrowing power.

 

• Helps you meet uncertainties- An unsecured business loan can be a savior for a business in dire need of cash, as even a little shortage of cash when running a business, can tie down your efforts bringing you to a point of closure.

 

• Helps you grow business- Well, when you have enough money to do business, there’s no stopping you from imagining and planning. Having money in hand, lets you expand and grow business, for a possibility of multiplying the money in hand.

DISADVANTAGES OF UNSECURED BUSINESS LOANS

• Higher Rate of Interest- Unsecured loans always come at a higher cost compared to secured business loans, taking into account the risk involved in such loans. These loans are expensive, for all good things come at a price.

 

• Personal Guarantee Required- In the absence of a collateral in the unsecured business loan, a personal guarantee on the part of the business owner is required. He is personally liable for his business and its successes and failures for he has nothing but himself to offer as security.

 

• No Monthly Payments Options- Even though daily and weekly payback options may seem like no burden for it is divided into small amounts compared to one big installment at the end of the month, it may not be a relief to someone who does not expect payments from his clients daily or weekly. As many businesses get their dues collected at the end of each month.

 

• Higher Revenues Requirement- A minimum requirement of USD 10,000 in revenues for eligibility may be a bit much for businesses just starting out, as most businesses don’t even start getting regular revenues until the end of their first year.

USES OF UNSECURED BUSINESS LOANS

A business has a full discretion to use our unsecured business loan for any of its business needs, depending on their judgement. However, here are the most common uses (pressing needs) of unsecured business loans by most businesses.

• Seasonal Business expansion- Most businesses see ups and downs during the course of their business depending on the seasons, as affected due to the nature of their business. Like retail does well during sale seasons, hotels do better in holiday season, ice creams are generally consumed during summers and heaters are bought only in winters. Despite knowing the changes in business opportunities based on seasons, a business may not be able to take advantage of it in absence of abundant resources. Hence, with a loan, you can fulfil your full potential operating and expanding your business when an opportunity arises.

 

• Additional Leverage- A collateral free loan allows the borrower additional leverage simply because there is no security involved. Hence, a business can borrow an unsecured loan and then invest it in assets that may help it secure more loans in the future, increasing it’s borrowing power. Just like a bird in hand is equal to two in bush, a loan in hand is equal to two prospective loans in the future.

 

• Upgrade Technology- In this everchanging world of technologies, it is no more a choice rather a need to keep your business updated with the emerging technologies. A new technology could save you money through automation and increase prospects of new business, hence, its unavoidable. An unsecured business loan can help you indulge in technological advancements, making your business better and stronger.

 

• Legal Expenses- Most businesses might have to incur legal expenses at some point, as failure to do so may hurt the business to the extent of closure. Most of the legal expenses don’t bear any fruit, however, if not taken care of they can prove lethal. Thus, any such unexpected legal expenses can be taken care of with our unsecured business loans, allowing you to do your business stress free.

WHY CHOOSE EVERGREEN FUNDING SOLUTIONS

Simply because we are there for you.

Most of our clients are businesses which have been denied funding by traditional, more conventional lending institutions, mostly because they didn’t seem very credit worthy to lenders, with their bad credit score.

But not to us. For we believe a business is more than its credit score.

Our USP–

• At Evergreen Funding Solutions, we believe in simplicity, efficiency and a no non-sense approach to business financing.
• We have a quick turnaround rate, which may be as quick as 24 hours for instant loans.
• Our team of professionals consistently ensure quality and effectiveness. We offer high-level service to any type of business.
• We give 24X7 customer support, answering your queries as and when.
• We offer one point of contact, assigning the one suitable financial consultant to you, who is responsible for understanding and handling your case, offering you the best possible solution.

All in all, Evergreen Funding Solutions is a reputed alternative financing institution offering ‘choices’ to business which seem to have lost all hope.

We offer not only loans but hope to such businesses, helping them achieve their potential.

Reach us to know more about our unsecured business loans. We’ll be happy to help.