Key Qualifications
The eligibility for ‘business funding unsecured’ is based on the director’s credit score, account conduct (such as having no or not many direct debit dishonours) and the cash flow through their business bank account to service a loan. Lenders typically assess factors such as credit scores, business revenue, profitability, and time in business. A strong credit score is often a critical determinant for unsecured lending at banks and access terms of up to 5 years from other lenders.
Getting Approved
Optimal lender selection is often an overlooked component of getting approved for unsecured funding. Businesses should focus on choosing a lender whose policy allows for the loan size they’re seeking and welcomes applications from their industry, as not all lenders are interested in providing loans to all industries. Other important policy features can be how your chosen lender treats businesses with outstanding tax debt and other loans you might already have.