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Unsecured Business Loan

Grow your company or repay debt with no collateral loans from Midland States Bank.

  • Up to 5 Years loan terms
  • Fixed Rates for easy budgeting
  • $250,000+ loan amounts
woman working on her computer at the office

Key Features & Benefits

No Collateral Requirement

Obtain lump-sum working capital without offering a business asset as collateral.

Quick Turnarounds

No collateral appraisal and verification means faster approval decisions and quicker funding.

Expert Advice

Access borrowing advice from financial experts who know your industry.

Looking for a loan that's less than $250,000?

Our team of small business financing specialists is here to help.

Small Business Secured Loans

Business Unsecured Loan vs. Secured Loan

FeatureBusiness Unsecured LoanBusiness Secured Loan
Collateral RequirementNo collateral requiredRequires business asset as collateral
Approval ProcessQuicker due to no collateral evaluationDepending on asset pledged as collateral, may be slower due to collateral appraisal and verification
Interest RatesTypically higher due to increased lender riskGenerally lower as loan is secured by collateral
Loan AmountUsually lower based on creditworthinessHigher loan amounts available, based on collateral value and type
Collateral Requirement
Unsecured Business LoanNo collateral required
Secured Business LoanCollateral Requirement No collateral required Requires business asset as collateral
Approval Process
Unsecured Business LoanQuicker due to no collateral evaluation
Secured Business LoanDepending on asset pledged as collateral, may be slower due to collateral appraisal and verification
Interest Rates
Unsecured Business Loan Secured Business LoanGenerally lower as the loan is secured by collateral
Secured Business LoanTypically higher due to increased lender risk
Loan Amount
Unsecured Business LoanUsually lower based on creditworthiness
Secured Business LoanHigher loan amounts available, based on collateral value and type

Accelerate Your Business Growth

Enjoy flexible financing with no collateral needed.


Contact Us

Let's get started! Begin by filling out our contact form.

Connect with an Expert We’ll connect you with an expert who can help explain the nuances of a secured vs. unsecured loan and customize the right financing for your business.

Frequently Asked Questions

What do I need to qualify?

We'll ask for information about you and your business when considering an unsecured business loan:

  • Business and personal credit scores
  • Years of operation
  • Annual revenue
  • Debt-to-income ratio

What is the interest rate?

Your fixed interest rate will depend on factors like you and your business's credit histories and the market. After considering the wider market, we'll set your interest rate according to a risk scale from one to 10, where one is low risk and 10 is high risk.

How do I pay?

You can submit manual or automatic payments through our online and mobile banking services. You may also pay toward your principal and interest by visiting or mailing a check to a local Midland branch.

Do you offer other unsecured options?

We offer unsecured business lines of credit in addition to our unsecured loans.

How long does an approval take?

We offer fast approval for unsecured loans. Loans up to $500,000 only require a single-page application. Many borrowers receive feedback within 24 hours.

Prefer Personal Assistance?

Our team of dedicated professionals are here to support you.