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Misconceptions About Unsecured Business Loans

Are baseless myths stopping you from applying for an unsecured business loan? It is time to bust them and know the facts!

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Misconceptions About Unsecured Business Loans

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  1. Misconceptions About Unsecured Business Loans

  2. Unsecured Business Loan- What is it? • It is available without any collateral • The applicant's profile determines the loan amount and interest rate

  3. Misconceptions Associated With Unsecured Business Loans

  4. Myth - No liability towards the lender Fact- The lender may ask for a guarantee • Payment default may result in seizing of personal assets

  5. Myth - Only for MSMEs that need small amounts Fact- You can borrow a large sum

  6. Myth - Only offered by banks Fact- Offered by both banks and NBFCs

  7. Myth - It is a business cash advance Fact- A business cash advance is a small sum available against credit card sales. • Unsecured business loan helps you with both small and large loan amounts.

  8. Myth - Only consider interest before applying Fact- Apart from low-interest rates, adequate funding is also important

  9. Myth - Small amount, low chances of approval Fact- You can apply for a small loan amount

  10. Myth - Start-ups won't avail this loan Fact- Business credit cards and small business loans can help start-ups

  11. Myth - Time-consuming process Fact- Quick disbursal if you meet eligibility criteria

  12. Myth – Just like pay-day loans Fact- Unlike payday loans, unsecured business loans have predefined criteria

  13. Myth - Strong creditworthiness mandatory Fact- Applicant with weak credit history may get a small amount

  14. Conclusion If you want to expand your business, avoid believing the myths that surround unsecured business loans.

  15. Thank You !Would Love to Hear From You Hero FinCorp Limited 09, Basant Lok, Vasant Vihar, New Delhi - 110057 Tel. 18001024145 Email Id: Corporate.Care@HeroFinCorp.com Website: https://www.herofincorp.com/ Know more- Misconceptions About Unsecured Business Loans

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