Dallas Unsecured Small Business Loans

Dallas Unsecured Small Business Loans

Dallas unsecured small business loansDallas unsecured small business loans – can you be approved? Chances are good that you can.

 

There are lending options that will allow you to find a small business loan in Dallas even if you don’t have any colleterial.

 

In fact, it is not uncommon at all to get an unsecured business loan. That is if you know where to look and have everything in order before you apply.

 

What You Need to be Approved for Dallas Unsecured Small Business Loans

1.Business experience – Typically, if you are looking for an unsecured small business loan, you are going to have to show that you have experience in the field your business is in.

 

If your business is a year or two old, that will take care of the requirement. If on the other hand, it is a startup, you will need to show that you have worked in the industry before.

 

2. Revenue requirements – For most Dallas unsecured small business loans, you will need to show that your business is making money. The requirements vary but tend to fall between $50,000 a year to $100,000 per year.

 

For example, Kabbage Working Capital requires that you have made at least $50,000 in revenue over the past year or $4,200 a month for the three months prior to applying for a loan.

 

On the other hand, Lendio requires a credit score of 680, but they do not necessarily require a specific business revenue as they do lend to startups. They will submit your application to 75 lenders to find you the best match.

 

Both of these lending options offer unsecured small business loans.

 

Additional Requirements for Dallas Unsecured Small Business Loans

Beyond revenue and business experience requirements, depending on the lender, you will need to meet certain credit history requirements. These can include the following:

 

 

  • Personal taxes¬†– Plan on having the last two year’s personal tax returns available. This is especially important if you are planning a startup.
  • Personal credit score – Some lenders will want to see how you have handled your personal debt such as car loans, mortgages, and credit cards.

 

If your business has been operating for a couple of years or longer, you may be asked to supply copies of your company’s financial statements. This means your profit and loss statement and balance sheet. If you don’t have these in order, now is the time to get them up to date.

 

While you’re at it, go ahead and print out a copy of your accounts receivable and accounts payable. You may not need them, but it is good to have them handy if you’re asked for them.

 

Where to find Dallas Unsecured Small Business Loans

The truth of the matter is if you want an unsecured small business loan, then there is no reason to waste your time talking to your local banker. They are not going to give you a loan without some type of collateral. That means you will need to look online.

 

That’s really not an issue. There are actually a lot of great online lenders that will loan you money for your business at a reasonable rate.

 

You should always do your due diligence when borrowing money but you might want to check out the lenders mentioned here as a starting point. You’ll find they have good ratings and are easy to work with.

 

When it comes to Dallas unsecured small business loans, you have options, so go out there and find the right financing for you and your business.

 

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