What is an unsecured business loan?
Generally speaking, there are two types of loans, secured and unsecured. An unsecured loan means the loan is not secured against an asset such as property, cash or equipment.
Since the lender doesn't have security over your assets (cannot force you to sell your assets in the event of non payment), unsecured business loans usually come with a higher interest rate.
They're often hassle-free (less paper work and requirements) and fast (can be approved the same day).