We will help you get setup with freely spendable business credit lines that can be spent on anything your business requires to operate & grow – not just gas or store branded credit. Get the working capital you need today & ask us about getting your funding WITHOUT pledging collateral.
If you have an established business with a book of receivables out there you should be considering a factoring facility. They can be less expensive than accepting credit cards & with the right lender you’ll have amazing flexibility as well as highly competitive pricing.
We all know how tough these are to obtain and we know they don’t happen quickly but did you know that the SBA has approved over 50,000 of these loans in each of the last two years? Approximately 25-30% of them went to startups so ask us if these are an option for you.
Looking for a small business loan for some equipment? Don’t use your working capital line of credit for a long-term form of debt like this! Bad credit is fine if you have collateral or a down payment – let us know and we’ll help you finance your equipment the right way!
Unsecured Business Loans, Unsecured Business Funding, and Unsecured Business Lines of Credit from LenCred.
Do you or someone you know need a business loan or business line of credit to start, build, or grow your business? Well, as they say, join the club. Things have dramatically changed since the summer of 2008 when The Great Recession was in its infancy. How entrepreneurs and small business owners obtain their financing has dramatically changed and will likely never be the same.
Thousands of businesses have failed and there are thousands more that didn’t start because people couldn’t find the seed capital they needed to open their doors or get their dreams off the ground. At LenCred we are passionate about helping small business owners solve their credit and lending problems and we’re completely committed to giving you honest, accurate, and dependable answers to your questions about how to obtain your business financing and how to get the right business loan or business line of credit based on your qualifications. We have an A+ rating with the Better Business Bureau and you can get the answers you are looking for and find out the loan options you qualify for without paying us any fees or committing to anything. Ask us about our No-obligation pre-qualification.
Over the years we’ve worked with thousands of small business owners. Each year we do tens of millions of dollars of business financing and we’ve developed an expertise in helping people borrow money without needing collateral. We’ve found that everyone has 4 common questions when they are looking for seed capital, working capital, or they need funding for any reason for their business. They all have the same 4 questions. They want to know:
1 – Can you help me?
2 – How much money can I get?
3 – How long will it take?
4 – What’s it going to cost?
It makes sense that they want to know these answers because the credit and lending terrain is daunting. If you want to get a business loan or a business line of credit would you prefer to NOT pledge any collateral if you don’t have to and if the terms of your small business loan or business line of credit were good? Probably but do you know which banks in your area will approve you for all or part of the funding you need and how to get them to do it without collateral? Most banks simply don’t offer any loans at all without collateral. Plus, averages tell us that most banks approve less than 10% of the applications they receive from small business owners. So the deck is stacked against you already. If you’re reading this I’m probably preaching to the choir but are you familiar with the Bank of America statistics about their SBA loans for the highly popular 7(a) program? B of A was the top SBA 7(a) lender in number of loans from 2002 – 2007 and from 2004 to 2007 they did over 10,000 SBA 7(a) loans in each of those years. Things obviously slowed in 2008 and 2009 for reasons we’re all familiar with. Want to guess how many SBA 7(a) loans Bank of America closed in 2010? The answer is 185. Not a typo. 185. But that doesn’t mean nobody was lending. We more than doubled our revenue from 2009 to 2010 so we knew where to find the funding but it certainly wasn’t from B of A.
Finding the “right” bank is part of it and do you know where you should have gone for your funding in 2010? How about today? Do you know which banks like your industry type, their credit criteria, how they are with their CRA requirements and how that impacts their approvals? If that’s not enough what about the thousands of non-bank lenders who offer loans and lines of credit to small business owners. Do you know who they are? If you’re not sure of all these things then ask about our no-obligation pre-qualification so you can get the answers you’re looking for.
Additionally, we’ve found over the years that most small business owners borrow money the wrong way as they build their business and then that makes it either more difficult or impossible for them to obtain additional business financing in the future when they need the funding to continue their growth. Don’t let that happen to you. When you borrow right you get 6 benefits and when you borrow wrong you’ll get either none of these 6 benefits or maybe partially take advantage of a couple of these but certainly not all of them. If you haven’t already got our free eBook then that’s a good place to start…and ask us about the 6 Benefits or get our free whitepaper to learn more.
We would love to be a resource for you. We are the country’s number 1 expert at unsecured business loans and unsecured business lines of credit. We do offer the other types of small business loans and small business lines of credit that will require collateral but it’s wise to understand what’s best for you and not try to push a square peg into a round hole. Unsecured business funding is out there and it is available and since we’ve been doing this all day, every day since the economy dramatically changed in 2008 then we should know and understand this better than others.
Credit is a very important aspect of borrowing money as an individual or as a small business owner. All our consultants are FICO® Pro Certified. We know credit inside and out – and that’s important whether your credit is great or it’s not great because if it’s great then you probably don’t know your best options and you don’t want to be like most small business owners and borrow the wrong way and then hurt your credit profile. It’s also important if your credit isn’t good. This means you’ll need “non-bank” financing and since we don’t do credit repair we may need to refer you to a reputable company who can help you with the credit issues so maybe you can become “bankable” and get lower-cost financing next time. Do you have great credit? That’s good and it will help but you may not have quite as many options as you think unless you’ve also got a well-established business in an industry that’s not “high-risk” and you have lots of revenue and are very profitable. If you have bad credit then the options may be fewer and the cost of the money you borrow will be higher but we can help you too. We can show you what your options are for borrowing money today and we can show you the path forward so that you’ll have more options in the future and better options with lower costs as well.
Lastly, I want to leave you with something even if we never talk to you or if you find other ways to solve your financing needs and we never get to work with you. At LenCred, we live and breathe unsecured business funding which includes both unsecured business loans and unsecured business lines of credit. We see a lot of companies and websites where they claim to offer “unsecured business lines of credit” and “unsecured business loans” and then when they reel you in you will find that they really do not…but they will call their lending product “unsecured.” Here’s what I mean. If you were to buy a home and get a mortgage to finance that home then the lender puts a lien against your home (a mortgage is a lien) so that you can never sell or refinance that home without their approval or them getting paid back. If you have a lien against your home then would you say that you own it “free and clear” without any liens? Of course not. That would be ridiculous because the lender has a lien against the home. So if you talk to a lender who says they offer “unsecured business loans” or “unsecured business lines of credit” make sure you ask these two questions of them:
1 – Do you only offer “loans” or do you also have “lines of credit” that I can repeatedly use without re-applying for additional financing?
2 – If I am approved will there be a UCC placed against me or my business? This is an important question and you may be asking what a UCC is? UCC stands for Uniform Commercial Code and a UCC is a lien against your business. It could be a blanket lien against your whole business or it could be a partial lien against something like your receivables. If your unsecured business funding comes with a UCC lien then do you think there’s anything unsecured about that?
Companies have got carried away with marketing efforts and this kind of false representation is prevalent in the online marketplace. Another indication that this is where they are going with you is if they specifically and quickly request your credit card statements and/or your bank statements. If they do that then ask these questions and make sure you do your due diligence because chances are they will not truly be offering you unsecured financing no matter what they want to call it. It’s not wrong or bad to take one of these loans with a UCC as collateral if that’s what you qualify for – but it’s not honest to call these loans “unsecured” and it’s doing you a dis-service if they don’t work on finding you better financing first. I’m sure you can guess which of these makes the brokers the most money (so that’s what they sell you even if it’s not what’s best for you).
There are only 3 types of Unsecured Business Lines of Credit. If you really want to test the person you’re talking to then ask him/her what the 3 types of unsecured business lines of credit are and see if you’re dealing with a trusted advisor who knows their business. You can read more about the 3 types of unsecured business lines of credit here.
No matter what you decide I wish you the best in your business. In closing, one of my favorite quotes is from Theodore Roosevelt, ” In any situation, the best thing you can do is the right thing; the next best thing you can do is the wrong thing; the worst thing you can do is nothing.”