A borrower can borrow any sum in between £2500- £10000 for 1-10 years. Since, these loans are not secured on borrowers' property; thus the interest rate of these loans is relatively high. But if you shop for a better deal, you can get some relaxation on the interest rate. Besides, having a good credit score empowers borrowers to negotiate with lenders to make the interest rate affordable. Do not think that these loans are obtainable only for good credit scorer. A borrower with a bad credit score also can finance his small enterprise with these loans.
Small unsecured business loans are taken for various purposes. Some of the common purposes are like,
- To start up a new business
- To expand the present business
- To buy new office premises
- To purchase equipments
- For renovating and repairing purposes
- Even more, these loans also can be used as business capital.
Small unsecured business loans are easily available. Various traditional lenders such as, banks, lending companies, financial institutions offer these loans. One also can opt for online option, as these loans are available online as well.