What is an unsecured business loan?
An unsecured business loan is a funding solution which requires no personal or business asset as collateral. However, these loans require the borrower to show the lender a good credit rating and financial history. As the lender is not securing the loan against any assets they are taking a higher risk in their lending and this may be reflected in a slighter higher interest rate than say a high street bank.
The benefit of taking an unsecured business loan is that it has no impact on your current banking lines and will therefore not inhibit borrowing or credit lines from your own bank.
Why would a solicitor require a loan?
Solicitors loans are often a necessity, rather than a requirement. Synergy Professions understand the nature of the industry and the occasional need for a little extra capital, which in turn can help assist with the development and continued annual growth when cash flow is tight.
What could a solicitor use an unsecured practice loan for?
- Tax loan
- VAT finance
- Case purchases
- Work in Progress
- Cashflow improvements
- Practice Acquisitions
- Partner buy-in or buy-out
- Professional Indemnity
- Practicing Certificates
How can Synergy Professions help?
Our unsecured loans for Solicitors and Barristers mean that you can finance your business’ next big move without putting your financial assets at risk. Our unsecured loans for legal professionals are designed for all areas of the legal sector from sole practitioners to large multi-partner firms.
Want to find out more? Just click here or call our experts on 0845 124 9624.