We Specialize in Unsecured Business Lines of Credit

small business lines of credit qualification

If you have an impressive credit history, a strong credit profile, and the need for a flexible unsecured business line of credit or a small business credit card solution, Aspen Commercial Lending has the ideal financial solution for you. Our expertise lies in providing tailored unsecured business lines of credit, and we are here to assist you in securing the necessary funds to drive your organization’s growth. Our unsecured lines of credit offer the advantage of zero collateral requirements, minimizing risk while maximizing financial flexibility.

Startups and Small Business Lines of Credit

Whether you’re launching a startup or managing a small business generating less than $1 million in revenue, talk to our financing team. Aspen Commercial Lending has tailored small business lines of credit to suit your needs. When partnering with us, you can access a dynamic unsecured business line of credit ranging from $25,000 to $150,000, even if your company has limited established revenue. Our approval process is streamlined, requiring a qualifying credit record from you or a partner.

Credit for Established Organization

For well-established businesses seeking a small to medium-sized loan, our unsecured lines of credit offer an enticing proposition. If your revenue falls within the range of $1 million to $10 million, you could secure an unsecured business line of credit between $100,000 and $500,000. The merits of opting for this form of financing extend beyond the absence of collateral requirements, including:

  • Collateral not required upon the presentation of sound financials and credit
  • Good rates or no qualification – no subprime loans
  • Outstanding rates that include 1% to 5% over prime and 0% introductory offers on business card solutions

What Is The Difference Between Unsecured Business Lines of Credit and a Stated Income Loan?

Stated income loans and unsecured business lines of credit are two distinct financial products designed for different purposes and applicants, each with its unique features and requirements.

Stated Income Loans:

  1. Definition and Target Audience: Stated income loans are primarily used by individuals or businesses that may not have traditional, consistent income documentation. These loans are particularly appealing to self-employed individuals, small business owners, or those with irregular income streams.
  2. Income Verification: Unlike traditional loans, stated income loans don’t require extensive income documentation like tax returns or pay stubs. Instead, the borrower states their income, and the lender takes their word for it, though some form of verification like bank statements might still be needed.
  3. Credit and Collateral Considerations: These loans often require a higher credit score and may come with higher interest rates due to the increased risk to the lender. Additionally, they are usually secured by collateral, meaning the lender can recoup losses if the borrower defaults.

Unsecured Business Lines of Credit:

  1. Definition and Usage: An unsecured business line of credit offers a flexible funding option for businesses. It allows a business to draw funds up to a certain limit as needed, making it ideal for managing cash flow, financing short-term needs, or as emergency funds.
  2. Creditworthiness and No Collateral: These lines of credit are unsecured, meaning they do not require collateral. However, lenders typically scrutinize the borrower’s credit history and financial health more rigorously. A strong business track record and good credit score are often necessary.
  3. Repayment and Interest Rates: They usually have variable interest rates and the interest is only paid on the amount drawn. This flexibility can be beneficial for businesses that experience seasonal fluctuations in cash flow.

Key Differences:

  • Purpose and Flexibility: Stated income loans are more rigid and suited for specific large purchases or investments, whereas unsecured business lines of credit offer ongoing flexible access to funds.
  • Security and Risk: Stated income loans often require collateral and are seen as higher risk, leading to potentially higher interest rates. Unsecured lines of credit, while potentially having stringent credit requirements, do not typically require collateral.
  • Documentation and Approval Process: The documentation and approval process for stated income loans is usually less demanding regarding income verification but more focused on collateral and credit score. In contrast, unsecured business lines of credit require thorough financial and credit checks but no collateral.

In summary, stated income loans are better suited for borrowers with non-traditional income sources needing a specific loan amount, willing to provide collateral. Unsecured business lines of credit, on the other hand, are ideal for businesses seeking flexible access to funds without the need for collateral but requiring strong creditworthiness.

Contact Us Today

Embarking on the journey to securing an unsecured line of credit involves no risk. Reach out to our dedicated lending team today for further insights and to initiate the process. Let Aspen Commercial Lending empower your business with the versatile financial tool of an unsecured business line of credit.