Bad Credit Is OK! – No Startups!
Our 2-minute application saves you a lot of time, as does our 24-hour approval process. We collect only the information we need, and get you approved and funded quickly. If you need a business loan fast, simply simply fill out the pre-approval form above now!
Can I Get a Business Loan If I Have Bad Credit?
First Choice Business Capital can help you receive the bad credit business loans you require to keep your business in Huntington Beach, CA, afloat, regardless of your credit rating. Traditional banks often turn down funds to businesses that do not have good credit, which causes much frustration to the owners. We understand your pain. Regardless of a bad credit history, we have many business funding options available, such as cash advances, short-term loans and much more.
Business Loans with Bad Credit, Truth or Myth?
Recent research studies show that a whopping 70% of businesses don’t qualify for a bank loan.We pride ourselves in helping companies get the funds they need, regardless of credit history, and we have many options that we can offer. Banks deny loans to companies with bad credit, citing a wide array of reasons, but one of the main reasons that denials occur is just simply bad credit. Once a bank turns down a loan, the business often gives up the search for funds.
Without proper access to cash most businesses couldn’t keep their doors open for very long.Still, there are other options. Since the financial debacle of 2008, it has become tremendously difficult for profitable businesses to get a bank loan.New regulations implemented after the economic crash have made acquiring capital nearly impossible.To complicate matters, these regulations apply to “Mom and Pop” type operations that have fewer than 50 employees.
This is quite the dilemma, yet it has opened the market up for different lending options.At First Choice Capital, we focus on high-risk funding for those businesses that are affected by these regulations. Loan options for businesses with bad credit is not just a pipe dream, so, despite of what you may have heard, it is absolutely correct and not just a misconception that businesses with bad credit can readily get the finances they need by leveraging the various alternative-lending opportunities available to them.
Bad Credit Business Loan Options in Huntington Beach
It is a shame that many individuals do not know their options. Uncollateralized loans are accessible to small, medium and large size businesses with bad credit. Even with bad credit and no collateral, such businesses can receive loans. In fact, business loans for bad credit are available for all types of businesses.It’s true! Many different types of companies can get business loans for bad credit with the options we offer, in just 24 hours in many cases. Looking for small business loans bad credit? When a business needs working capital, it need that capital now. First Choice recognizes this need and offers simple approvals.
Business Cash Advances, Unsecured Loans and Short-Term Loans
This kind of alternate lending is often known as a merchant cash advance, also known as MCA. Poor credit business loans are a true lifesaver for those companies that have been turned down by banking organizations because of their credit score. No collateral is needed to qualify for a business cash advance, which makes it perhaps even easier to qualify for a loan if you’re a business with bad credit. We offer unique business financing in all types of industries. If you have deposited between 8-10 thousand each dollars every month for the last three months and have been in service for at least that amount of time, we can assist you!
What Are the Benefits of Merchant Cash Advances?
There are quite a several advantages to MCAs. A top example of one of these advantages is how quickly a merchant cash advance is funded. Where traditional banks can take a long time, an MCA can be approved and paid in only a fraction of the time. Many times, a business can have its approval in only one business day. The approval rate of these loans is massive compared to typical bank loans, as well. Believe it or not, over 90 percent of them are approved! The best part? Immediately after approved, you will have the cash you need within 48-96 hours.
You do not have to go through a time-consuming loan process, either. You only need submit a one-page application form and provide bank statements from the last six months. This is everything that is needed to get you approved quickly. When a business needs a bad credit loan fast, a merchant cash advance is the ideal type of business loan it should try to find. Merchant cash advances are short-term business loans. They typically run from 4-18 months and these loans have a fixed cost of capital. Daily payments are made five days per week, not counting Saturday or Sunday. For a merchant cash advance, there are usually between 20 and 22 payments every month.
Some Businesses with Which We Work
Short-term business loans bad credit are attainable to a wide range of businesses. Small, medium and large companies qualify for unsecured short-term loans. The list below is a variety of the types of businesses from whom we like to hear:: Automotive/Mechanic Repair Shops, Wrecking and Demolition, Automobile Body Repair and Painting, Water Well Drilling, Clubs and Restaurants, Trucking, Beauty Shops, Tire Shops, Carpentry, Rigging and Scaffolding, Construction, Pest Control, Driveway and Parking Pavement, Masonry and Stone, Gasoline Service Stations, Interior Decorators, General Building Contractors and Home Health Service providers. There are many more company sectors that can be serviced with business loans with bad credit. As we said before, the application process is easy and the criteria minimal. If you have credit troubles affecting your ability to obtain a loan, First Capital can help.
States We Can Really help!
Merchant cash advances are also obtainable in the following states: Wisconsin, Wyoming, West Virginia, Washington, Virginia, Vermont, Utah, Texas, Tennessee, South Dakota, South Carolina, Rhode Island, Pennsylvania, Oregon, Oklahoma, Ohio, North Dakota, North Carolina, New York, New Mexico, New Jersey, New Hampshire, Nebraska, Nevada, Montana, Missouri, Mississippi, Minnesota, Michigan, Massachusetts, Maryland, Maine, Louisiana, Kentucky, Kansas, Iowa, Indiana, Idaho, Illinois, Hawaii, Georgia, Florida, Delaware, Connecticut, Colorado, California, Arkansas, Arizona, Alabama and Alaska.
Credible Bad Credit Business Loans Companies
There are dishonest companies in this industry, preying on those looking for bad credit small business loans. Because of this, it is essential that you only deal with reputable brokers. You should be careful, as browsing through all the different lending institutions can be a little bit tricky. Borrowers have inadvertently been declined in the past due to erroneous information being given by intermediaries to their lender of choice.
Really good brokers know loans and the underwriting process well, because they recognize what it requires to get business loans. The amount of the credit could also be raised if the brokerage house knows how to syndicate the transaction. You will also want to ensure the brokerage firm is not presenting your deal to a wide variety of lending institutions. A borrower’s credit score can be negatively affected when the application is shopped around to multiple lenders. Shopping deals to a number of lenders can essentially hurt the borrower’s credit score, which is why it is critical that you work with an alternative lending company like First Choice Business Capital for your business loans when you’re credit rating is below stellar.
If You Need a Bad Credit Business Loan, Call Us as Soon as Possible
There is no need to wait for your credit score to build up to apply for a business loan. Do not let it pass you by. And don’t worry about collateral; you don’t need it to obtain the loan. Fill out the short online application or call us right now!