So, you have this great idea for a startup. You have done the required research and are confident about the potential of your business plan. The only difficulty you are facing is that you are short of funds. For this, you require to obtain a loan from a bank. You can either apply to a loan with collateral (secured loan) or a loan without collateral (unsecured loan). Well, there are many banks or financial institutions that provide a business loan without collateral for startups that have potential. If you have no credit history or don’t have an asset to provide as collateral, then business loan without collateral is the best option to go for.
Before the banks or financial institutions provide an unsecured loan there are few requirements that you need to provide. For instance, a personal guarantee that you will repay the loan, your business plan, financial forecasts. These can vary from banks to banks.
Advantages of the loan without collateral
There are a ton of advantages if you are applying for a business loan without collateral. For starters, the process of attaining the loan is effortless. You don’t have to put your personal or business assets at risk. There are distinct kinds of alternatives available in the market. One such alternative is crypto lending, which is a digital currency lending process and is booming in the Banking Service: Lending sector.
Crypto lending is the upcoming way of getting loans for funding your startup. The reason being is it has a very low transaction fee, you don’t need a bank account, many companies provide diversified loans and it is approved easily. Crypto users can avail of the service by crypto-to-crypto lending or crypto-to-fiat lending.
E-dome Octaplus provides the service of crypto lending. They have complex banking and trading platform where their customers can manage their wealth and benefit from market liquidity. You need to be a member of Octaplus to avail of the services. There are 3 different membership plans available, one of them particularly for startups. Once you open an Octaplus Bank account, it does provide various services like you can open a multi-currency account, can apply for debit or credit cards, and can apply for leverage trading and loan. It also helps you to schedule recurring payments via standing orders.
In this era of digitization where everything is just one click away, the new way of a lending business loan without collateral is through cryptocurrency. Instead of hard cash, you will have cryptocurrency, which provides the same banking services just like any other traditional banks but in a faster, easier way. Moreover, in just one app you have the options for trading; converting the crypto for cash and you could withdraw it from any ATM.
The future of business loan without collateral is cryptocurrency. It is highly secured and compliant and supports multiple currencies. You could pay your suppliers who could be sitting in a different country within seconds. It is hassle-free and easy to obtain and to use.