You’ve been planning to hire more people, get new equipment, develop a new product, or perhaps expand your business to a new location? All of the plans have one thing in common. You need cash to turn them into reality, and most business owners turn to the idea of getting a loan when they wind up needing that cash. Whatever your reason for thinking of a bedriftslån, that is, a business loan, you’ll want to know if you can get one without collateral, what the requirements would be and how to actually go through the procedure.
What Would A Bedriftslån Uten Sikkerhet Be?
When planning to get a loan for your business, you can go for one that requires you to put your assets on the line, given that you’ll offer them as collateral, providing lender with a sort of a security that you’ll repay the money and not default. This is essentially the same for any type of a loan you’re getting, including one for your business. The secured loan, i.e. the one requiring collateral, has its counterpart, though, and it is called an unsecured loan, or a loan uten sikkerhet. So, a business loan uten sikkerhet would essentially be a debt agreement in which none of your assets are offered to the lender as collateral. While this is an easy option for most personal borrowers, business owner may struggle to figure out if it is actually a possibility for them or not.
Is It Possible To Get A Loan Like That?
It’s not surprising that you’re wondering if a loan like this does exist for business purposes, given that people often borrow more money when borrowing for a business than when borrowing for personal use. Thus, assuming that lenders don’t want to take such high risks on bigger amounts is quite normal. Even so, it appears that getting a bedriftslån uten sikkerhet actually is possible and that you can get a lån til firma without having to offer collateral. In such a case, the loan will be put in your name, while being used for the company, which is why you, as the private person, will be assessed and checked for creditworthiness.
So, essentially, this is pretty much the same as a regular consumer loan, but the one that doesn’t require collateral. The amount limit and the repayment period are both flexible, meaning you’ll get to find a solution that works for you and for your company. Naturally, even though you won’t worry about collateral, or perhaps specifically because of that, you’ll still need to meet certain requirements so as to qualify for this type of a financing opportunity. Meeting the requirements will make you eligible for the loan, and you’ll get approved upon applying.
Apart from the requirements related to your age and your residence, as you need to be at least over 18, and some banks could even have a higher minimum limit on the age, and a citizen or a resident in Norway with a fixed address for at least one year, there are other significant factors to take into account when applying. Your income and your payment history will, unsurprisingly, play an enormous role in the process of qualifying for a bedriftslån uten sikkerhet, since lenders have clear limits as to the minimum income, while active collection cases will also count negatively in your credit assessments, and payment notes will disqualify you immediately. The credit assessment process is crucial not only in qualifying you for a loan like this, but also in the quality of the offer you’ll get.
More precisely, the credit assessment, leading to you getting a specific score upon the inspection of the info obtained from public registers, will also have an impact on the interest rates you’ll get. And, naturally, your application can get rejected if your score is poor, in which case you won’t be able to get the unsecured business loan you were after. So, as you can see, getting an unsecured business loan is certainly possible, but it does require you to take a closer look at your specific financial situation and your credit score, as well as to search for the right lenders that will be willing to extend you an offer under favorable terms.
How To Get It?
You know now that getting a bedriftslån uten sikkerhet is possible, so the next thing to do is figure out how to do it. If you’ve been paying attention to what I’ve been saying above, then you understand what the first step should be. Checking your own credit score and improving it if necessary and if possible. There are quick fixes you can use to boost that score in the short-term, but there are also actions you can take to improve it even more in the long run if you have the time for it, i.e. if you’re not in a hurry to get your loan ASAP. Use all the strategies you can, including combing the reports for any errors that might have occurred and that might be driving your score down, so as to boost the mentioned score before applying for the unsecured loan for your business.
Improving the credit score is crucial, but it’s definitely not the only thing to do when trying to get the perfect unsecured business loan. As you might have imagined, most of it depends on the lenders and on their willingness to extend you the offer and to make a good one. A good one being the one with reasonable interest rates and favorable borrowing terms overall. Thus, browsing the Web for different lenders, talking to other people who’ve previously borrowed money this way and getting their suggestions on the lenders, researching all of them in details and comparing their interest rates and their overall offers – those are all some crucial steps to take when trying to secure the perfect bedriftslån offer for you. Upon doing that, you’ll just have to file the application and wait for a short while to get approved.
