More assets you have, the bigger the loan you can get
247 Business Finance several of the top lenders who believe in your business and want to help your business grow. You can apply for a secured business loan within minutes and receive your loan within the next 48 hours.
If you are looking for a loan as a source of capital, apply now for a secured business loan with a low-interest rate. To get a secured loan, you have to secure a personal guarantee or the pledge of assets/property as security. You need to use collateral to ensure our lenders that you will repay the loan within the timeframe stated in the loan agreement. It also implies that if you are unable to repay the loan, the lender has the authority to take the collateral into custody.
How it Works!
Small enterprises and startups benefit from secured loans since they can secure the loan by pledging personal or professional assets. 24/7 Business Finance gives working money to a company, which it must repay over a certain period of time or the lender will be able to seize the company’s assets. An unsecured business loan normally has a lower interest rate, and a fee for obtaining the loan may be charged, which can be added to the loan. So, to obtain a secured loan, simply complete the three Steps here and you will receive your loan within the next 24 to 48 hours.
Apply for the Business Finance now and get a quote in less than 2 minutes.
Get an instant financial plan and sign the credit application.
Receive the money within next 24 – 48 hours.
Is my Business eligible for Secured Business Loans?
Getting a secured business loan is never hard whether for small business enterprises or medium-sized enterprises. 24/7 business finance fastens the process of getting a loan within no time which helps you to avoid any hurdle of the long paperwork and tiring appointments. Read below the eligibility criteria and apply for a secured business loan now to grow your business.
- You must be an owner or partner of the company.
- Your business must be based in the UK.
- Your asset or property must worth at least same as of loan amount you required.
Why should you choose 24/7 Business Finance?
247 Business Finance does not imply rigid overdrafts and lengthy procedures. Our process for applying a secured business loan is very simple and convenient. We believe in providing ease to our customers and help them grow their business. There are following reason due to which you should choose 247 Business Finance:
- There are no limitations on how the money can be used.
- A larger lending range, starting at £25,000 to £500,000.
- Opposed to unsecured loans, secured loans have lower interest rates.
- Loan payback terms of up to 15 years are possible.
- For companies that couldn’t acquire unsecured loans, collateral makes it easier to get a loan.
You Should Know the Answers to these questions!
Before applying for secured business loans, you should ask yourself the following questions to know the need for finance your business requires along with the maximum profitability you can gain from secured business loans.
- What kind of repayment terms are you looking for?
- Which assets do you feel comfortable leveraging?
- What is the value of your collateral?
- What are you going to use the money for?
- How much do you need to borrow?
If you are clear with your answers, email us at [email protected] to get the personalized financial plan for your business and apply for a secured business loan here.
Secured Business Loans VS Unsecured Business Loans
Because there is always a chance that a business will fail and become unable to make payments, any commercial lender that extends a loan assumes a sizable degree of risk. The manner a lender manages that risk is the key distinction between a secured and an unsecured loan.
A secured business loan calls for a particular asset as collateral, such as a company car or real estate, that the lender can seize if you default on the loan. Because the lender has a guaranteed method of getting their money back, these loans are frequently simpler to get and may have cheaper interest rates. In the event of a default, they can sell your collateral to recuperate their losses.
Conversely, unsecured loans are not backed by any kind of security. Common instances of unsecured loans are credit cards, personal loans, and school loans. To ensure that the lender is paid back, these loans frequently have high-interest rest rates and strict approval standards.
Key Difference: Key Difference: A secured loan requires collateral, while an unsecured loan doesn’t require collateral.
Pros of Secured Business Loans
You should constantly be cautious to avoid being trapped in debt because borrowing money always carries hazards. Make sure you can repay the loan or, at the absolute least, the interest on the money you borrow by assessing your business before obtaining a loan. Here are some benefits of getting secured business loans:
|Secured Business Loans have certain important advantages over loans that are unsecured. The benefits and drawbacks of secured business loans are as follows:
If you want to buy inventory or don’t have the finest credit, a secured loan might be the best option. If you don’t already own any other property, you can use the piece of real estate you are buying as collateral. Additionally, even if you have bad credit, you may still get this loan, and it might even be more advantageous with lower interest rates.
- How do I know if the collateral is sufficient?
The current market value of the property/asset, as determined by the lender, must be equivalent to or greater than the business loan you request.
- Is it mandatory to provide property as a collateral?
Collateral usually includes land and property but can also include equipment, machinery, stock, raw material, and other things as well. Different lenders may have varied preferences in preference for collateral depending on the type of business you are running.
- What is the secured business loan interest rate?
Secured business loan rate is comparatively lower than other business loan types. The rate is primarily negotiated between you and your lender and it can go from 4% up to 13% depending upon the loan amount you choose.
- Is secured business loan applicable for startups?
Yes, secured business loans are applicable for startups. As far as startups are up for pegging their property or any other asset, they can apply for the startup business loan here.
- If repayments are not made on time, does the lender take over all the proceedings from the sale of the collateral?
If you borrow money to buy an inventory or to solve your business’s cashflow problems and couldn’t pay it back on time, then the lender will only keep the money you owe toward the loan repayment.