First of all, business lending is all about risk management. If you are looking for an unsecured loan product, then the interest rate is bound to be higher than a secured loan - that's the way the industry works. The higher the risk for the lender, the higher interest the latter expects to recuperate from the borrower.
Having said this, you may want to consider a business cash advance as a business loan alternative. This is a completely unsecured product. The lender will buy your future credit card sales at a discounted price, and advance to you the money immediately. The way the lender gets repaid is by taking a set percentage of your credit card sales (usually between 12-20%) until the purchased price has been paid off. There is technically no "interest rate" as there is no fixed amount that you have to pay back every month. You end up paying a higher amount if you business does well one month and a lower amount if business is slow in another month - this is because you pay only a non-variable percentage of your credit card sales.
If this product interests you and fits your needs, you may want to give a shot at
GetFastCapital's business cash
advance program - approval is within 24 hours and, one thing which may
be of immediate help to you is that the funding is usually effected
within 5 business days of you submitting all the required documentation.
You need to have
at least $5000 in cedit card processing for your business per month and
you must have been in business for at least 6 months. You can get
funding up to $500,000 per location, and the average funded amount for
a business is about $50k-$100k.
There are no requirements for
collateral or personal guarantors. Also, generally the funding is not
based on your personal credit score. For more information, go to
GetFastCapital's
business loan page.
Source: http://www.getfastcapital.com