Bad credit business loan. The name itself sounds too good to be true doesn’t it, especially in today’s economy where banks are wary of lending to each other let alone a small business owner with a measly 740 credit score.
This may sound extreme, but it is the truth. It’s almost a catch-22, because in order to get a business loan through a bank today, you basically have to not need a business loan. In other words, to secure business financing through a bank, an applicant must have a near perfect credit score, a successful business, years of business experience, a blemish-free personal financial history, and lots of collateral. And with the average U.S. credit score being 692, who can possibly meet these requirements? Almost no one.
That is why business cash advance lenders have coined their product with the name “bad credit business loan,” because although a business owner with the most horrific credit score on earth may not be able to qualify, one does not need to have an excellent credit score to be approved for receipt of up to $ 500,000 to be used to improve his/her business.
One may think “Okay, so through a business cash advance lender, I can get cash for my business even though my credit score isn’t so hot. But does that mean I’ll have to use my soul as collateral?” No. There is no collateral required to receive a business cash advance. Business owners get the best of both worlds with a business cash advance because the requirements are minimal, making these funds easy to attain.
After approval, the funds can be wired into the account of a business owner’s choice in ten business days, making the business cash advance extremely convenient and an excellent way to get fast funds when needed.
When applying for a business cash advance, business owners will be required to submit at least the last four months of the business’s credit card statements, this will prove that he/she has indeed owned that business for at least four months and it will allow the funding specialist from the business cash advance provider to see how much in credit card sales that business processes. Then the funding specialist will have all of the necessary information to determine how much the business can be funded, and approval can occur in 48 hours after application.
If you are a small business owner with a less-than perfect credit score, this bad credit business loan may be the right choice for you. Discover the possibilities of a business cash advance.
