The main advantages of unsecured business loans include faster approval times, no risk of losing assets, and flexibility in how the funds can be used. They are often easier to obtain for businesses that may not have significant assets to use as collateral.

Eligibility criteria can vary by lender, but typically, businesses need to have a good credit score, a solid business plan, and a history of revenue generation. Lenders may also consider the length of time the business has been operating and its overall financial health.

Interest rates for unsecured business loans can be higher than for secured loans due to the increased risk for lenders. Rates typically range from 7% to 30%, depending on the lender and the borrower’s creditworthiness. Repayment terms can vary widely, often ranging from 1 to 5 years.

To apply for an unsecured business loan, you can start by researching lenders that offer this type of financing. Once you find a suitable lender, you will need to fill out an application, provide financial documents (such as tax returns and bank statements), and possibly undergo a credit check.

Yes, unsecured business loans can typically be used for a variety of purposes, including purchasing inventory, covering operating expenses, investing in marketing, or expanding your business. However, it's always best to check with the lender for any specific restrictions on the use of funds.