Understand Unsecured

Term Loans & Lines of Credit

Discover the benefits, risks, and when to choose each option

What Are Unsecured Loans?

Unsecured loans are lending products that do not require collateral. This means borrowers do not need to pledge assets like property or equipment. Because lenders take on more risk, unsecured loans often have higher interest rates and stricter eligibility criteria than secured loans.

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Unsecured Term Loans

An unsecured term loan is a lump sum loan that is repaid in fixed installments over a predetermined period, usually from 1 to 7 years.

  • Loan Amounts: Typically range from $1,000 to $100,000+ for individuals; can go higher for businesses

  • Interest Rates: Average between 6% to 28%, depending on creditworthiness.

  • Repayment: Fixed monthly payments.

  • Approval Time: Often within a few days, depending on the lender.

  • Debt consolidation

  • Medical expenses

  • Home improvement

  • Business expansion

Lines of Credit

A line of credit works more like a credit card. Borrowers get access to a revolving credit limit and can draw funds as needed.

Credit Limits

Usually between $10,000 to $250,000, depending on credit profile & industry.

Interest Rates

Typically 8% to 25%.

Renewable

Can be used, repaid, and reused during the draw period

Repayment

Flexible – pay interest only on the amount used.

Who Should Consider These Options?

Minimum Qualification Requirements:

  • 2+ Years in business

  • Anyone with a 680+ personal credit score

  • Anyone with an EIN needing working capital

  • Anyone looking to avoid risking business assets

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Application Process

  • (Soft) Check credit score

  • Compare lenders

  • Provide (ID, voided check, bank statements)

  • We submit the application

    Receive funds or access credit