Hey everybody this is Tom from LenCred. Thanks again for checking out some of our videos here. We are filming a series of them and the next question today comes from Greg.
Greg asked who are some Unsecured Business Line of Credit Lenders?
Greg that is another good question. It kind of begins with knowing the different kinds of unsecured business line of credit options that are out there.
So you have places like Staples, Office Depot, Dell, and Home Depot.
They offer business lines of credit that do not require collateral, but of course you can only use them at their stores and locations. So there are limitations there.
In addition to that, you have certain banks, who can offer a line of credit for your business where they do not require an collateral.
It is pretty small group of banks that do that now a days. Most lenders are going to require you to pledge collateral as part of getting a business line of credit.
But there are some regional banks and some of the smaller banks, that are maybe not community banks but tend to be in a few states that offer those kinds of lines of credit, that do not require collateral. Normally you will need a full financial package and tax returns, good credit, and you can not really be in a high risk industry.So probably not a restaurant, or a real estate flipper, things like that.
Then you also have your Business Credit Cards, which are your most popular forms of business lines of credit that do not require any collateral.
Of course, most of the time they have 0 percent offers so they are really attractive. Most commonly used form of financing probably in the small business arena.
So those are your three main types of unsecured business lines of credit. There are numerous lenders in each of those spaces.
Thanks again for writing in that question. Appreciate it Greg. You guys all have a great day and good luck with your businesses.