Finding a bad credit business loan can be very difficult. Sometimes, small business owners will go to extremes to secure financing for their businesses, offering homes, and valuable property as collateral to compensate for a less-than-perfect credit score.
But what many of these small business owners do not know is there is another way to get a bad credit business loan; a method that requires no collateral, no fixed monthly payments, and can make it possible for small business owners to have the cash they need within days of applying.
This type of bad credit business loan is called a business cash advance. A business cash advance is referred to as a bad credit business loan because small business owners do not need to have an excellent credit score to receive one.
When searching for a business cash advance, there are a few simple questions that a small business owner must ask him/herself, and a few simple steps that he/she must take.
Does My Business Process At Least $ 2,500 per Month in Credit Card Sales?
Qualified businesses are those that process a minimum of $ 2,500 in monthly credit card sales. The amount that a business owner can receive depends on the amount that his/her business processes in monthly credit card sales, and the business cash advance repayment also comes out of the business’s credit card transactions, as a small percentage deducted from daily credit card sales.
Have I Owned My Business for at Least Four Months?
Business cash advance lenders will want to review at least the last four months of a business’s credit statements before approving an advance, to ensure that the business can support the bad credit business loan repayments.
If the answers to these questions are yes, a business owner must first complete an application, and submit his/her business’s credit card statements. A funding specialist from the business cash advance lender they choose to work with will review this information, and can usually approve a bad credit business loan in as little as 48 hours. After approval, a borrower can have up to $ 500,000 wired into the account of his/her choice in as little as 10 business days.
The process of getting a bad credit business loan is really very simple. Follow these instructions and you can have the money you need to finance your small business almost immediately, with credit score that is less than perfect.
