Misconceptions About Unsecured Business Loans

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• Misconceptions About Unsecured Business Loans

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• Unsecured Business Loan- What is it?
• It is available without any collateral
• The applicant's profile determines the loan
  amount and interest rate

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• Misconceptions Associated With Unsecured Business
  Loans

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• Myth - No liability towards the lender
• Fact- The lender may ask for a guarantee
• Payment default may result in seizing of personal
  assets

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• Myth - Only for MSMEs that need small amounts
• Fact- You can borrow a large sum

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• Myth - Only offered by banks
• Fact- Offered by both banks and NBFCs

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• Myth - It is a business cash advance
• Fact- A business cash advance is a small sum
  available against credit card sales.
• Unsecured business loan helps you with both small
  and large loan amounts.

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• Myth - Only consider interest before applying
• Fact- Apart from low-interest rates, adequate
  funding is also important

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• Myth - Small amount, low chances of approval
• Fact- You can apply for a small loan amount

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• Myth - Start-ups won't avail this loan
• Fact- Business credit cards and small business
  loans can help start-ups

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• Myth - Time-consuming process
• Fact- Quick disbursal if you meet eligibility
  criteria

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• Myth Just like pay-day loans
• Fact- Unlike payday loans, unsecured business
  loans have predefined criteria

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• Myth - Strong creditworthiness mandatory
• Fact- Applicant with weak credit history may get
  a small amount

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• Conclusion
• If you want to expand your business, avoid
  believing the myths that surround unsecured
  business loans.

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  Business Loans