Does it matter how long have you been carrying on your business? As far as the capital requirement is concerned, this is the most important need for any business to flourish. You may require augmentation of capital for a variety of reasons. It could be for the expansion of your business. It could be the procurement of working capital. It could be for anything. The need is for the arrangement of extra funds quickly. Time is a very important factor in business. Is there a way out? Fortunately, the answer is “YES.” You can apply for sanction of the unsecured business credit cards that could allow you to tide over any crisis.
The main features of the facility:
The main feature of this facility is the absence of furnishing of collateral security. You would be able to use the collateral security for another purpose altogether. Availing this finance is any day better than approaching the open market. The rates in the open market are obnoxiously high for a businessperson to afford them. On the contrary, the unsecured credit cards carry an interest rate in the range of 7% to 24%. It depends on you to use the facility wisely. In case you do so, you can remain at the lower end of the spectrum.
The best part of this facility is that the requirements are minimal making practically everyone eligible for quick finance. The main criterion is that you should have a short credit history with a score of 689 and over. People with adverse credit histories will have to correct them before applying for the facility. There are agencies dealing with such requests too. Approaching them would help them solve the issue.
The advantage of this facility:
We shall see some of the benefits of availing the unsecured business lines of credit.
• Lack of collateral: This is the main advantage. You need not mortgage your property and lock it up for years to come. There is no need for a guarantor. You need not have to make any deposit any amount as an upfront payment. You get the limit without any strings attached. This is as simple as that.
• Easy repayment options: Prudence says that a person who has availed a loan should repay it as soon as possible. The repayment options, in this case, are very simple. The bank would raise the bill for the amount on a monthly basis. You have the option either of clearing the loan in one go or in instalments. However, you should note that your instalment amount should be higher than the minimum amount due for that month. The balance amount will now entail repayment at a higher rate of interest.
• Revolving facility: The loan is a revolving kind of a loan where you can rotate your funds to save interest as well as use them in an emergency.
• Good ceiling: In the initial stages, the upper ceiling for such unsecured business credit cards is $ 50000.00.
Use this facility wisely, for this could serve your needs in the best way possible.