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!
Getting a Business Loan with Bad Credit is Not Impossible!
If you are trying to get a bad credit business loan in Placentia, CA, First Choice Business Capital can help.Traditional banks often say no to lending 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.
The Facts about Receiving a Business Loan with Bad Credit
Studies have shown that approximately 70 percent of companies will not qualify for traditional bank loans. So if you have been denied, you find yourself in the majority.Banks deny loans for many reasons. A company could have tax liens or judgments against it. Businesses with bad credit almost always give up after they are declined for a bank loan.
When a company does not have easy access to cash, it is not going to be able to stay in business long at all. In 2008, the economy crumbled, and since then, even those companies that are profitable have had a hard time securing bank loans.From that time on, gaining access to capital has become a hardship because of new regulations. The entities affected by these new rules are not large corporations, but those with under 50 employees.
Alternate finance companies have stepped in to help solve this dilemma.High-risk lenders like First Choice Business Capital can easily provide quick approvals and no-nonsense funding solutions. So despite of what you may have heard, it is clearly true that businesses with bad credit can quickly get the financing they need by leveraging the various alternative lending possibilities available to them
Bad Credit Business Loan Options in Placentia
Most companies are not aware of the options easily available to them. Even unsecured short-term business loans bad credit are possible. That’s right, you can get business loans with bad credit. What’s even better is that you can get bad credit business loans fast! Some alternate financial institutions such as First Choice Business Capital can typically fund you within just 24 hours. Small business loans bad credit – really? Yes, you’re really not dreaming! You don’t need the money next week. You need it now.Yup! When a business needs working capital, it needs it now. First Choice recognizes this need and offers swift approvals.
Business Cash Advances, Short-Term Loans and Unsecured Loans
These short-term cash loans are also referred to as merchant cash advances or MCAs. For companies that have been turned down for a business loan by a bank, these particular poor credit business loans offer an amazing opportunity to get funding. Since collateral is not mandated for a business cash advance, it is easier than ever to qualify. There are funding options for all sorts of companies; so no matter what industry you are in, we can help. The only qualifying criteria we need is for your business to be older than three months and that you routinely deposit at least eight thousand dollars every month.
Advantages of Merchant Cash Advances
There are many benefits in applying for a merchant cash advance. One of the biggest perks about these types of loans is that, as mentioned already, it delivers really fast capital, compared to that of a traditional bank. Roughly 90 percent of these loans are approved. And finally, these loans are generally funded in 48-96 hours after approval. You will not have to wait long for your money.The application is only one page, and the last six months of banking statements will need to be supplied.
When a business needs a bad credit loan fast, a merchant cash advance is the most suitable type of business loan it should find. A short-term business loan in the form of a merchant cash advance is most likely just what you need. These loans, which usually run from four to 18 months, have a fixed cost of capital and can be paid by the day or week. Payouts can be made either daily or weekly. Loan payments are Monday through Friday. Merchant cash advances normally have somewhere between 20 and 22 payments each month.
Some Businesses with Which We Collaborate
A myriad of company niches can get short-term business loans bad credit. At First Choice, we have worked with almost every kind of company. The list below is a small number of the types of businesses from whom we want 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 Professionals. These business sectors and more are suitable for business loans with bad credit. First Choice can help any business that meets the qualifying criteria and has credit woes.
States with Whom We Partner
Merchant cash advances are available to business entities in the following states: Alaska, Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nevada, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wyoming and Wisconsin
Working with a Respectable Finance Broker of Bad Credit Business Loans
There are dishonest companies in this industry, preying on those looking for bad credit small business loans. Because of this, it is necessary to ensure that you only deal with reputable brokers. Not all them will have your best interest at heart. Sometimes borrowers are accidentally declined, based on the wrong information being provided to the lenders. First-rate brokers know lending and the underwriting process well. They recognize what it requires to get business funding. 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 showing your deal to a wide variety of lending institutions. A borrower’s credit score can be detrimentally impacted when the application is shopped around to multiple lenders. Deals that are sent in tandem like this can make your credit score take a plunge even further. You do not want this to happen, especially when a low credit score is why you are shopping for alternative lending in the first place. Choosing a highly regarded lending house like First Choice Business Capital will save you this heartache.
Got Bad Credit Business Loan Needs? Call Us!
It is not necessary for you to hold back until your score improves to apply for a loan. Do you seriously want to let this opportunity pass you by? The straightforward application can be filled out online right now, and agents are expecting for your call. Change the direction of your business by contacting us now!