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Benefits of Using Unsecured Credit Card for Small Business

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← EDUCATION CENTER // Benefits of Using Unsecured Credit Card for Small Business

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It doesn’t matter how long you have been in business, having access to the capital you need is a crucial element to surviving and thriving in any competitive industry.  When your company doesn’t have the cash it requires things can get pretty hectic, and some business owners mistakenly take desperate measures trying to raise money.  A business can quickly fail without having access to cash on demand, but applying for unsecured credit cards can quickly turn things around for a struggling company.

For small business owners, applying for unsecured business lines of credit comes with a number of valuable benefits. Even if a business is not in danger, having an insurance policy that doesn’t have to be paid for until it is needed can become a great advantage.

The Seven Main Benefits of Using Unsecured Credit for Small Business Expenses

So what makes unsecured business lines of credit so advantageous when compared to the other options available?  Let’s take a look at some of the benefits.  We will pretend that you just applied for a couple unsecured credit cards for a small business you own and operate.

  1. No Collateral Is Ever Needed

Applying for unsecured credit meant that you do not have to make a personal promise to get the money you needed. You don’t need to mortgage your house or put up your Rolex. There is absolutely no deposit required and you didn’t even need a cosigner.  With an average credit score of 689 and a relatively short credit history you will still able to attain unsecured lines of credit before it is too late.

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  1. There Are Lots of Little Bonuses

Once you apply for a line of unsecured credit you also become aware of some pretty amazing perks to being a card holder. With certain cards you discover that you can get cash back on various purchases, store discounts, travel bonuses, and even interest-free introductory periods.  You also learn that keeping a continually positive credit history will make you privy to better contract terms and more rewards along the way.

  1. You Can Transfer Your Existing Balances

Along the way you will also find out that the balance you are currently carrying on a secured credit card can actually be transferred to a new unsecured account.  Certain issuers let you make a transfer of a secured line of credit to an unsecured one if you meet some basic qualifications.  After crunching the numbers you realize that this transition could save you a ton of money in fees, interest, and other costs.

  1. Your Bookkeeping Just Got Easier

After applying for a few unsecured credit cards you begin discovering just how convenient it will be to pay your dues.  In the past you may have been used to secured cards where you had to make an initial deposit, but with unsecured lines of credit all that is different.  The annual fees are deducted straight from your beginning credit balance, making your business’s bookkeeping and accounting much simpler all of the sudden.

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  1. The Payment Terms Are Conveniently Flexible

Aside from the fact that unsecured business loans allow you to gain access to capital quickly and easily, they also provide you with a little flexibility in terms of how and when you make payments.  There are no more fixed month-to-month statements; you actually have three options every time you pay: you can send in the full amount due, pay the minimum requirement, or go over the minimum to an amount that is within your budget.

  1. Credit Limits Are High

You’ve known this whole time that you need a large sum of cash to make expansions or improvements on your business, or to just fund a backup plan.  Luckily, you have discovered that most unsecured business credit cards have impressively high limits attached.  This serves as terrific news for you, especially considering the cost of some of your intended purchases. And, you don’t pay any interest on the whole limit – only the portions you use.

  1. There Is True Separation

Applying for an unsecured line of credit has taught you that the right business credit cards allow you to separate your personal and business expenses while still getting the benefits of business credit reporting.  This protects your personal credit while you make moves on behalf of your company.  This benefit also makes it possible for you to establish your creditworthiness based on the business itself and not on any outside factors.


More Things to Consider

Before applying for an unsecured loan, be sure to carefully consider what you are getting into.  While there are numerous benefits, one might be tempted to recklessly use the flexible payment plans that unsecured business lines of credit offer.  By holding on to debt and not paying off your balance in a timely manner, the compound interest on your account can add up fast.  This is especially true if you carry a large balance. Regardless of the type of financing you choose for your business, always manage your debts responsibly.  Contact FastUnsecured.com for help applying and see how they can assist in you better managing your credit profile.


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