If you’re researching funding for your medical practice, you may be wondering whether secured or unsecured funding is the better choice. Here’s teh short answer: If you do not have any collateral to secure a medical practice loan, then you’ll need to apply for unsecured financing.
Unsecured medical practice loans do not require any type of collateral to secure the loan, such as property or equipment. Some traditional lenders offer unsecured funding, but most banks and SBA loan programs will require collateral in order to secure a medical practice loan. Alternative online lenders, on the other hand, primarily offer “unsecured” medical practice loans that do not require collateral.
In our latest post for Physician’s Practice, we take a closer look at 4 unsecured medical practice loan options, including:
- Unsecured lines of credit
- Business credit cards
- Merchant cash advances
- Invoice factoring
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