WHICH BUSINESS LOAN IS THE BEST FOR YOU? SECURED VS UNSECURED
You could start your business with your savings, but to run and grow your business, you need money from time to time for inventory purchases, expansion, cash flow and others. That’s where the requirement for Business loans steps in! There are various kinds of loans from multiple banks, and it can get overwhelming to make a decision that is best for you. The Financial Company at rupeeboss.com, with their experience and expertise, can guide you with the best options and easy approval of your loan. Get started here!
When we talk about business loans, you need to choose between unsecured and secured! Have you heard these terms for the first time? No worries, read on to discover the key differences and then decide what suits your business the best. The rest of the process, from application to processing to easy approval to the business loan disbursement, is taken care of by your chosen fintech platform. If you are looking for any business or personal loan, Rupeeboss Financial Services Pvt Ltd is your go-to place!
About Secured Business Loan?
As the name suggests, the secured business loan requires an asset as collateral or security against the loan you take from the financial institution for your business. The security asset could be your property, gold, stocks, bonds, or inventory, and its value needs to be corresponding to the loan amount. So, your deposited asset’s ownership deed is kept with the bank or any other financial institution until you pay off the debt.
To get access to a secured loan from a reliable financial institution, you need dependable and experienced Financial Services like rupeeboss.com.
About Unsecured Business Loan?
As a part of the unsecured business loan, you are not liable to submit any collateral to the bank or NBFC. The business loan is disbursed to you based on your credit score, previous financial records, income, etc. The risk factor of the financial institution giving you the required business loan stays high in this case.
The Differences: Secured v/s unsecured business loans
1.Loan Amount:
If you need a higher business loan amount, then opt for a secured business loan. A good credit score and financial history can fetch you a decent unsecured business loan amount, too.
2.Repayment Schedule:
You get a longer repayment tenure with the secured business loan as compared to an unsecured loan
3.Interest rates:
You could expect a lower interest rate in a secured loan because the lender has your collateral as a security against the loan amount.
4.Disbursal time:
An unsecured loan approval and disbursal process of an amount is generally faster than a secured business loan owing to the paperwork involved in the latter.
Final Words:
Approaching a reliable financial service at Rupeeboss Financial Services Pvt Ltd is essential while making these decisions as they assess your portfolio and requirements and then process a business loan that best suits you. The most recommended is an unsecured business loan for an easier, smoother and faster disbursement of the loan amount.