What is the catch with unsecured business loans?
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Since unsecured small business loans are not secured with collateral, defaulters do not risk losing their property or homes like it happens in the case of secured loans. So why doesn’t every one take an unsecured business loan and avoid risking his or her property? The first reason for this is that most banks have a limited capital that they can disburse as unsecured loans. As a result, the selection criteria for those who qualify for unsecured small business loans is quite stringent. On the other hand, borrowers tend to avoid taking unsecured loans because the rates of interest are considerably higher than that of secured business loans. Since banks and lenders carry a higher risk with unsecured loans, they give them out with high interest rates and very strict terms of repayment. So if you apply for an unsecured small business loan, you will not only need a great credit history, you will also have to be prepared to pay up huge amounts of interest. Most lenders providing unsecured loa
