FindItMore | Those who have their own business to run could sometimes be in need of some extra cash. This is because, there are ups and down in business and it is quite possible that there are times when the payments are delayed or simply because one wants to overhaul and upgrade the business and give it a new lease of life. It is always a good idea to look for unsecured business loan in this regard because it would take away a lot of tension and worries away from the borrower, which comes with having an asset stuck with the lender during the tenure of the loan.
- In case of unsecured business loans, what one should basically look for is the option to get the loan with as little unsecured business loan interest rates as possible. It is common knowledge that secured loans offer comparatively low interest rates than unsecured loans but even then it could be a good idea to compare and contrast the interest between the various lenders and to get the lowest interest as possible with your income and your credit score. Some banks and leading NBFCs like Bajaj Finserv have very good options when it comes to interests on unsecured loans. They start from about 16% and go higher, depending on the credit score and the repayment capacity of the individual.
- The next thing that one should be looking towards is the eligibility criteria of the unsecured loan. While there are quite a few creditors offering unsecured loans, some have very stringent eligibility criteria and it might not be possible for everyone to meet them. However, there are creditors like Bajaj Finserv who have eligibility criteria that more or less everyone can comply with. One should also factor in aspects like the approval period of loan because those who suddenly need the money on a short notice for their business, might not be able to wait too long for the approval. With the new age creditors like Bajaj, if all the aspects are in place, then it could take less than two days to get approved for the loan.
- With modern lenders it is also a matter of ease of application. It is now possible to apply for unsecured business lending just with the click of the button and one does not have to run from pillar to post trying to get a loan to salvage one’s business. The energy could be directed towards concentrating on work instead and thanks to the online application process, it is indeed quite simple to apply for a loan from anywhere nowadays. In the same way, one could also track one’s application status online and even after the loan gets approved, one can access one’s loan account and keep a track of the repayment from just about anywhere. Bajaj Finserv has all these advantages and thus it makes opting for an unsecured loan much easier.
- The last thing that one should look for in a loan without security is the ease of paperwork. The more the paperwork, the more time consuming it is to work with the loans. Hence, by reducing the paperwork and by keeping it to the minimum a lot of time and effort can be saved and it is good to look for creditors who think this way. All one has to do is produce the income related documents for the final stages of verification and the loan is approved.
Apart from that, a borrower can also look for other factors that are in keeping with his own business but these factors must be covered.