Secured Business Loans
Small enterprises frequently seek secured business loans as a source of capital. A personal guarantee or the pledge of assets/property as security secures this sort of loan. Borrowers use collateral to reassure lenders that they will repay the loan within the timeframe set in the loan agreement. It also implies that if the borrower is unable to repay the loan, the lender has the authority to take the collateral into custody.
Secured business loans, also known as collateral loans, require a firm asset, such as land, property, or equipment, to be pledged as collateral in the event the borrower fails. With a secured loan, you can receive a longer term and a cheaper interest rate. Secured loans are provided by the company to firms with a limited track record and a small asset base that are unable to obtain financing from commercial banks. The borrowers will be able to expand their businesses and construct an unencumbered portfolio that may be allocated later.
Types of Secured Business Loans
- Equipment Finance
- Letter of Credit
- Inventory Financing
- Asset-based financing
- Machinery loan
The Advantages of a Secured Business Loan
- The amount can be financed at a cheaper rate of interest.
- A good credit score and financial history might help you receive a bigger loan.
- Flexible repayment alternatives with longer payback terms and low EMIs are available.
- Secured Business Loans might provide tax advantages.
Who can get Secured Business Loans?
- Type of firms:
o Proprietorship firms
o Limited liability companies
o Partnership firms
- Age criteria: 18 years up to 65 years, can be extended up to 70 years of age
- 600 + credit score
- Necessary security and good cash flow must be shown with document proof
- The firm must be operational for a minimum of 2 years
FundsTiger provides different types of loans for different purposes. FundsTiger is a popular online loan platform. Our consumers come to us for their money requirements, whether they are short-term or long-term, small-ticket or large-ticket, personal, family, or business. FundsTiger team brings a wealth of international financial knowledge to the table and tailors it to your specific needs. Money advice, credit advice, wealth planning, and, of course, credit is all available to our clients.
Faster Funding – We are over 80% faster than most traditional banks and lenders
Total Focus on Your Wins – We leverage our technology and business expertise for your financial success.
Customized Loans – We can structure and customize loans for your unique needs
Customer needs in Forefront – Your needs are our priority. We promise to deliver you services that are best on our capabilities. By handpicking the personal loan offers based on customer profiles, we try to give you the most personalized experience.
Trusted Professionals – IIT, IIM, And Ivy League
Support you can rely upon – Monitor your loans 24/7 and reach out to a super-responsive support service
Relationships, not Borrowers – We believe in building relationships, not just lending to borrowers.
More Value for Money – We offer the best value for money loans when compared to all our competitors
Real-time Customer Support – Our customer support team is fast and efficient to clear all your doubts regarding personal loan eligibility, procedures, offers, documentation, and repayment options. We even contact the respective lender on your behalf for you.
Customized Tailor Options – Depending on your demands, we may provide quick financing of varying quantities at affordable interest rates.