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Secured Loans
A secured business loan is a type of financing where a business borrows money by offering an asset as collateral. These are suitable for businesses that own assets such as vehicles, machinery, land or commercial property. Using existing assets as security reduces the risk to the lender which can help with a higher offer amount and lower interest rates. You may be eligible to borrow up to 100% of the asset value. There is generally increased eligibility with less focus on credit due to the asset acting as the guarantee.
What is the difference between secured and unsecured business loans?
A secured business loan offers better rates and higher funding but requires collateral. An
unsecured business loan provides quick access to funds without risking assets, but usually
at a higher cost and with stricter eligibility criteria. Both can be used for any purpose.
Is a secured business loan right for me?
A secured business loan can be a cost-effective solution for businesses that have assets and want more favourable terms. However, it’s important to weigh the risk, especially if you're unsure about your ability to repay the loan.
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