Unsecured financing includes applying for multiple business credit cards. This is a great low-interest option that often is cheaper than a conventional line of credit.
- Personal Guarantor
- Business owner with at least a 685 personal credit score
- Business owner without bankruptcy, liens, judgments, or late payments
- Less than 5 inquiries in the past 6 months
- Lender prefers established business credit
- Less than 45% balance on all business and personal credit cards
- Established personal credit report
- Approval amount is typically 5 X the largest credit card limit on the personal credit report
- Many credit cards offer a promotional 0% interest rate for 6 months – 1 year
- 9.9% success fee
Ted has wonderful personal credit and needed some funds to start his business. His highest reporting personal credit card is $10,000. He received $50,000 in business credit cards and was able to open his business location.