No collateral business loans are a preferred method of borrowing for many small business owners. A no collateral loan means you don’t have to put your business’ assets on the line or even your own personal possessions, should your business run into problems and not be able to repay amounts borrowed. Whilst no collateral loans are undoubtedly a good way for small business owners to borrow, the main problem with them is that banks are extremely selective with who they will and won’t dish them out to. Since the credit crisis banks have tightened up their lending controls considerably – getting approved for a no collateral loan nowadays can be nigh on impossible for a large proportion of business owners.
Although you might feel a little disappointed because your chances of securing a no collateral loan are extremely low, you should understand that we offer a viable alternative. Here at Rivis Capital we offer a form of business financing known as a business cash advance. Like a no collateral loan, a business cash advance requires no collateral on your part – another great thing is that repayments are flexible, and you won’t be racking up interest on the amount outstanding as you gradually pay it off.
It’s always a good idea to compare and contrast different products – the same is true of a merchant cash advance and a bank loan. It’s important to remember that a merchant cash advance is not a bank loan – it’s an alternative. Whereas with a bank loan you’re given a lump sum of money then made to repay it on a fixed monthly basis, with a cash advance we buy up a portion of future sales in your business – you then make repayments based on a percentage the actual sales of your business. This flexibility is welcomed by many business owners. You’ll also find that we take a lot less time to decide whether or not we can help you – banks take weeks to sift through applications, at Rivis Capital it’ll take us just a day or two at the most.
If you’ve had your application for a no collateral loan knocked back by more than one bank, make sure you get in touch with us today because there’s a good chance that we can help you! Remember banks aren’t the only people out there who offer business financing – merchant cash advances are becoming more and more popular with business owners across the USA.