In the world of startups finding quick cash solutions to drive your business to the next level can be tricky work. Often bank loans require you to sign your life away and it’s always a tough call hitting up friends and family for capital.
One option which may work is an asset loan. Essentially asset loans are given on the equity you have in an asset. For example if you have a paid off car, an asset loan company would be willing to lend you cash based on the value of the car. Such a company is Car Pawn Loan and you can see more info on their site in regards to their process.
Other types of loans however may be more up your street. For example you may choose to get a loan based on the equity you have in a piece of art or jewelry. You can use just about anything that has value and could be sold in a pawn shop, for example.
It is important to keep in mind that asset loan companies may have vastly different interest rates and loan repayment periods, so do your homework with a quick Google search and compare them before deciding to move forward.
Once you have found a company that meets your needs, take the asset for an assessment and you will typically walk out with cash in under 30 minutes, after signing the repayment agreement of course.
Finally, a nice upside to asset loans versus bank loans is that there are no background or credit checks and should you default you only lose the asset, not your credit rating too.