WHAT IS A SECURED BUSINESS LOAN?
A secured business loan is a traditional form of business financing that utilizes personal and business assets as collateral for funding. By leveraging assets of value, the borrower is promising the lender repayment of the loan plus interest. In the case of default, the lender will take possession of the pledged assets as a means to recoup funds.
IS A SECURED BUSINESS LOAN RIGHT FOR YOUR BUSINESS?
The value of collateral you have available to secure the loan is an important factor in determining if this type of financing is the best fit for your business. Although the interest rates for a secured loan will be lower, the lender will need an assortment of forms and paperwork before processing any form of funding. Acceptable forms of collateral include release estate, inventory, equipment, or standing accounts.
ALTERNATIVE LENDING OPTIONS TO A SECURED BUSINESS LOAN.
Understanding the risk associated with a secured loan and potential loss of assets can be a difficult decision to make. An unsecured loan offered by SnapCap is an alternative to a secured loan that offers less hassle to receive financing. Apply with SnapCap to grow your business today.
Step 1: Basics
for up to $600k
“I started my electrical business in 2012 and quickly grew my customer base mostly from word-of-mouth. Once the project load outgrew my capabilities, I knew I needed to hire a few more employees. Once I was approved for a short-term loan with SnapCap, I could finally build my team and fulfill more work obligations.”
Qualifying for a Business Loan
1 Year Time in Business
All we require is 1 year in business. Typical owners have been in business 5 years.
$100K in Annual Revenue
Typical gross revenue exceeds $300,000, although we just require $100,000.
500 Personal Credit Score
Most applicants have credit score over 650. The minimum required is 500.
Meeting minimum requirements does not guarantee funding, but we'll work hard to get you the funding that you need.
A streamlined paperless application with quick processing allows you to focus on running your business.
SAME DAY APPROVAL, NEXT DAY FUNDING
The best technology in alternative lending. Funds deposited in as little as 24 hours following approval.
A RELATIONSHIP YOU CAN TRUST
SnapCap has worked with thousands of businesses since 2012. We strive to build relationships that last.
EXPERT FUNDING ADVISORS
From initial application to future funding needs, your dedicated account manager is here to help you.
HIGH APPROVAL RATES
Funding decisions based on actual business performance. SnapCap can find a solution for you.
Tailored terms to meet your needs. SnapCap is only interested in positioning your business for success.