7 Reasons Why Getting an Unsecured Business Loan Will Help Your Business Grow Faster

As a business owner, understanding your finances and the sources of your income and expenses is crucial. Once you have this understanding, you can explore different avenues of financial support available to you.??

A few years ago, getting an SME loan was cumbersome and lengthy, not due to a lack of collateral or strong business models, but because of the risk and uncertainty attached to lending to small businesses. So, many entrepreneurs had to turn to informal funding, like borrowing from friends, family, or local moneylenders.?

With more Indian SMEs going digital and more lenders now relying on technology to make lending decisions, business loans for SMEs have become more accessible. Technology has also led to the creation of new business loan products customised for small businesses. One such type of products are a collateral-free or unsecured business loans. ?

What is an Unsecured Business Loan??

An unsecured business loan is a collateral-free loan with a short repayment period. You can use this loan for various business expenses, including working capital, purchasing new stock, or hiring more employees. Since no collateral is required, you only need to pay your monthly EMI on time. Due to the short-term repayment period and relatively quick application process, an unsecured business loan is ideal for young businesses looking to grow their credit history.?

Check Your Eligibility for an Unsecured Business Loan?

CreditEnable partners with over 30 lenders, so one application checks your eligibility against all our lender partners’ requirements. This way, you’re not spending weeks applying to lenders individually and our award-winning algorithm is able to perfectly match you with the lenders most likely to lend to you and who meet your funding requirements. We speed up the eligibility, loan application and disbursal process for you.??

Why an Unsecured Business Loan via CreditEnable is Perfect for Your Business:?

1. Easy Application Process?

At CreditEnable, our mission is to make affordable finance accessible to all SMEs. We’ve simplified the business loan application process and made it 100% digital. Using our technology platform, you can get your business loan needs in front of our 30+ lender partners with just one short and simple application.?

2. No Collateral Required?

These loans are unsecured and do not require any collateral. No collateral means no time spent verifying and validating the ownership and valuation of your collateral, allowing for faster loan assessment, approval, and disbursal. Borrow between Rs.1 lakh to 75 lakhs with a loan tenor of 12-36 months.?

3. Lesser Documentation Needed?

Without the need for security, the documentation required is minimal. Lenders will still need documents for KYC verification and to assess your business finances, but if your business is registered, you’ll already have most of these documents handy. Share digital versions with us, and we’ll handle the rest.?

4. Quicker Loan Sanction and Disbursal?

?The application process for an unsecured business loan is shorter, and with CreditEnable’s online application process, the loan assessment and underwriting process becomes much faster. Complete the three-step business loan process – application, approval, and disbursal – within days if you provide all required documents upfront.?

5. Flexible Usage?

Unlike other SME loan products designed for specific purposes, unsecured business loans do not have a fixed use. You can use your loan for any business expense without reporting on the expenditure. As long as you repay your EMIs on time, the choice is yours.?

6. Improve Your Credit History Fast?

Unsecured business loans help you grow and improve your credit history. Paying EMIs on time positively impacts your credit score, making you eligible for higher loan amounts in the future. Since the tenor is short and the loan amounts are relatively low, you can repay it quickly and enhance your credit profile.?

7. Free Financial Help and Business Advice?

Applying for a business loan can be daunting, especially for first-time borrowers. At CreditEnable, we support you throughout the loan process, ensuring you make informed financial decisions for your small business. We do a soft pull of your Experian credit report to check eligibility, ask for necessary documents, match you with the right loan product and lender, and support you through the underwriting process to secure the best loan terms possible. If needed, our credit experts will even help you negotiate with the lender once your loan is approved!?

Start your journey with CreditEnable today and take control of your business's financial future!?

Visit now: https://www.creditenable.com/in/sme-business-loan/unsecured-business-loans ?