Secured business loans require collateral, such as property or equipment, which the lender can claim if you default on the loan. Unsecured business loans, on the other hand, don't require collateral but typically have higher interest rates due to the increased risk for the lender.

The approval time for a business loan can vary widely depending on the lender and the type of loan. Some online lenders may approve loans within 24-48 hours, while traditional banks might take several weeks to process an application and make a decision.

Typically, you'll need to provide business and personal tax returns, bank statements, financial statements (balance sheet and profit & loss statement), a business plan, and legal documents such as business licenses and registrations. The exact requirements can vary by lender and loan type.

Yes, it's possible to get a business loan for a start-up, but it can be more challenging. Lenders often prefer businesses with a proven track record. Start-ups might need to explore options like SBA loans, microloans, or alternative funding sources such as angel investors or crowdfunding.

Interest rates for business loans are determined based on several factors, including the borrower's credit score, the business's financial health, the loan amount and term, market conditions, and the level of risk as perceived by the lender. Secured loans typically offer lower rates than unsecured loans.

Most lenders allow early repayment of business loans. However, some may charge prepayment penalties. It's important to check the terms of your loan agreement. Early repayment can save you money on interest, but make sure it doesn't incur fees that outweigh the benefits.

Missing a loan repayment can have serious consequences. You may incur late payment fees, and it could negatively impact your credit score. Continued missed payments could lead to default, potentially resulting in legal action or seizure of assets if the loan is secured.

The use of business loan funds is typically outlined in the loan agreement. While some loans are for general business purposes, others may be specific, such as equipment loans or real estate loans. Misuse of funds could be considered a breach of contract, so it's important to use the loan as agreed.

A business loan can affect your company's credit rating in several ways. Timely repayments can improve your credit score, demonstrating financial responsibility. However, late payments or defaults will negatively impact your credit. The loan will also affect your debt-to-income ratio, which is a factor in credit assessments.

It is possible to get a business loan with bad credit, but it's more challenging and often comes with less favorable terms. You might need to consider alternative lenders, secured loans, or providing a personal guarantee. Improving your credit score before applying can increase your chances of approval and better terms.