£120,000 Business Loan for a UK leading Law Firm

The team at Approved recently were able to provide a thriving law firm with unsecured Business Loan worth £120,000. The law firm approached us for the financial assistance to cover tax expenses and general capital expenditure. By leveraging our extensive network of over 125 lenders, we connected them with the ideal financing solution, securing the business loan product.

Benefits of a Business Loan

Our business loan product offers significant advantages to businesses by providing access to capital without the need for collateral. This unsecured loan can help businesses in several ways:

1. Cash Flow Management: Helps manage cash flow during slower periods, ensuring smooth operations.

2. Growth and Expansion: Funds can be used to scale operations, enter new markets, or invest in new products or services.

3. Covering Unexpected Expenses: Provides a financial cushion to cover unexpected costs and maintain business stability.

4. Quick and Efficient Access: Our streamlined application and approval process ensures you get the funds you need quickly and efficiently.

Secured or Unsecured Business Loans?

Understanding the difference between secured and unsecured business loans is crucial for businesses seeking the right type of financing. Here's a detailed comparison of the two:

Secured Business Loans:

Definition: A secured business loan requires the borrower to provide collateral, which is an asset that the lender can claim if the loan is not repaid. Common types of collateral include real estate, equipment, inventory, or other valuable business assets.

Key Features:

1. Collateral Requirement: The borrower must pledge specific assets as security for the loan.

2. Lower Interest Rates: Because the loan is backed by collateral, lenders typically offer lower interest rates.

3. Higher Loan Amounts: Lenders may be willing to lend larger amounts since the loan is secured by valuable assets.

4. Longer Repayment Terms: These loans often come with more extended repayment periods, making monthly payments more manageable.

5. Risk to Borrower: If the borrower defaults, the lender can seize the collateral to recover the loan amount.

Ideal For: Businesses with valuable assets and those needing large sums of money for long-term investments or substantial purchases.

Unsecured Business Loans:

Definition: An unsecured business loan does not require collateral. Instead, approval is based on the creditworthiness and financial history of the business and its owners.

Key Features:

1. No Collateral Required: Borrowers do not need to pledge assets to secure the loan.

2. Higher Interest Rates: Due to the higher risk to the lender, unsecured loans generally come with higher interest rates.

3. Lower Loan Amounts: Lenders may offer smaller loan amounts compared to secured loans.

4. Shorter Repayment Terms: These loans often have shorter repayment periods, which means higher monthly payments.

5. Approval Based on Credit: Lenders focus on the business's credit score, financial statements, and overall creditworthiness for approval.

Ideal For: Businesses that lack significant assets for collateral but have strong credit histories and need quick access to funds for short-term needs.

How to Apply:

If you are a business that believes could benefit a business loan, speak to a member of our credit team today by calling 01908429888 or email us at info@approved-finance.co.uk. Alternatively, click here to check your eligibility today and a member of our specialist finance team will be in contact as soon as possible.