An unsecured loan is a loan that doesn't require any type of collateral, instead the lender approves based on credit score (usually a minimum of 680). These loans typically go up to $500,000 for established businesses and $150,000 for a new business. Paperwork is minimal and funding usually happens in 7 to 10 days from full application. Terms loans can go up to 7 years with average APR up to 7%.