Business Unsecured Loan

Collateral - A borrower's asset that is given up to the lender if the borrower is unable to pay back the principal and interest on the loan; making the lender the new owner of the collateral. Credit Score - A numerical expression based on the analysis of a person's credit files, to represent the perceived likelihood that the person will pay debts in a timely manner. These are two terms that one must be familiar with when contemplating a business loan, simply because banks consider both of these when determining whether or not to approve the loan. Many small business owners may ... Read More »