A business owner can apply for two categories of business loans, namely unsecured business loans and secured business loans.
Secured business loans are loans awarded to a business upon providing property or business assets as collateral to back up the loan. On the other hand, unsecured business loans do not require any collateral but rely on the history and performance of the business.
Most business owners consider unsecured loans a better option than secured loans because they do not have to provide collateral.
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