Is there a product for business credit similar to NFCU's pledge loan for personal credit?

[creditalchemist]

This thought passed my nind today and I was curious to know if anyone knew if there was a product for business credit similar to NFCU's pledge loan for personal credit? Basically a secured loan.

Thanks!

[jaxstraw]

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@creditalchemist wrote:

This thought passed my nind today and I was curious to know if anyone knew if there was a product for business credit similar to NFCU's pledge loan for personal credit? Basically a secured loan.

Thanks!

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Almost all business lenders will have a collateralized loan of some sort.

It is probably more common for business than personal.

And they all will take cash assets as the collateral since it is the best collateral.

The one thing though about biz loans is many lenders have decent sized minimums.

It is not uncommon for the minimum to be $20k or $25k.

You might have to shop around to find a lender with smaller minimums.

Are you looking at a business collateral loan to build business credit ?

Or is the loan for a specific business need ?

I only ask because on the MF personal forums many use the pledge loan as a way to build personal credit.

[creditalchemist]

Hi,

No I was thinking more so as a way to supplement building business credit.I did the same with my personal credit and it definitely had impact on both my credit mix and score.

Thanks for chiming in.

[creditalchemist]

I actually found a few companies that do what I was inquiring about:

https://bizcreditcentral.com/

https://www.creditstrong.com/

https://www.ecredable.com/

https://www.theredspectrum.com/