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?
If you are trying to get a bad credit business loan in South San Francisco, First Choice Business Capital can help. We know it can be so frustrating trying to get a traditional loan from a bank, when your credit score is below average.
Why Do Businesses Try to Get a Loan with Bad Credit?
If you believe you are alone in this predicament, you may be surprised to know that you are not. Recent studies have even shown that less than a third of businesses could be approved for a loan from a traditional banking institution.We pride ourselves in helping companies get the funds they need, regardless of what their credit histories look like, and we have many solutions that we can offer.Bad credit can be the main reason for many denials. There may also be other variables at play, such as a tax lien against the company or a court judgment.
However, a business must have capital in order to stay adrift. When a company does not have access to cash, it is not going to be able to stay in business long at all. In 2008, the economic climate caved in, and ever since, even those companies that are successful have had a hard time securing bank loans. New regulations put into effect after the economic crash have made getting capital nearly impossible. They apply to small and medium-sized entities. This means that those companies with fewer than 50 employees are the ones affected.
This is quite the dilemma, yet it has opened the market up for alternative lending options. At First Choice Capital, we focus on high-risk funding for those businesses that are affected by these regulations. Lending options for businesses with bad credit are not just pipe dreams. No matter what you may have heard, it is certain that there are other paths readily available for businesses, besides traditional banks, when credit is an issue.
Business Loan Options Bad Credit in South San Francisco
What nearly all businesses don’t know is that unsecured short-term loans are quite easily obtainable to them! No-collateral short-term financing options do exist for companies in your predicament! Loans are available, even with no collateral and negative credit. These business loans for bad credit are not just for certain types of companies, either. We service many different types in South San Francisco.First Choice Business Capital often funds loans within 24 hours. Yes, just 1 day! First Choice knows that businesses in need require capital now, so we pride ourselves on a high approval percentage that occurs quite quickly.
Business Cash Advances, Short-Term Loans and Unsecured Loans
These kinds of alternate lending are often referred to as a merchant cash advances, also known as MCAs. These poor credit business loans are amazing for the majority of businesses that just can’t get traditional financing due to their bad credit histories. You do not even really need collateral in order to qualify for an MCA. This makes the approval process even easier! The only requirements we have is for your business to be older than three months and that you routinely deposit at least eight thousand dollars every month.
What Are the Perks of Merchant Cash Advances?
There are many advantages to applying for a merchant cash advance. A big advantage of this type of loan is that it can be funded in a fraction of the time of a traditional banking loan. 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! Do you know the best part? 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. A one-page application and bank statements from the last six months are the only things needed to get you approved quickly. That is all we need to begin the approval process on your loan.
These loans are ideal for those that need a bad credit loan fast. A short-term business loan in the form of a merchant cash advance is probably just what you need. These loans, which usually range from four to 18 months, have a fixed cost of capital.An MCA can be paid either by the day or week. There is also a fixed cost of capital. You can make your payments by the day or by the week. Daily payment loans are each business day. With an MCA, there are usually 20-22 payments each month.
We Team up with Many Businesses
Short-term business loans bad credit can be obtained by many types of businesses. A merchant cash advance company like First Choice will not discriminate based on business type. Here are just a few we have worked with: Automotive/Mechanic Repair Shops, Wrecking and Demolition, Automobile Body Repair and Painting, Water Well Drilling, Nightclubs and Restaurants, Trucking, Beauty Shops, Tire Shops, Carpentry, Rigging and Scaffolding, Construction, Pest Control, Driveway and Parking Pavement, Masonry and Stonework, Gasoline Service Stations, Interior Decorators, General Building Contractors and Home Health Companies. There are many more company areas that can be serviced with business loans with bad credit. First Choice deals with any company that is suffering due to bad credit and meets the minimum criteria set forth earlier.
What States Do We Work with?
Merchant cash advances are easily 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.
Work Only with Highly Regarded Bad Credit Business Lenders!
For companies with poor credit, looking to receive bad credit small business loans, always check the reputation of the agent. Not all them will have your best interest at heart. Borrowers have unintentionally been declined in the past due to erroneous information being given by intermediaries to their lender of choice.
A good brokerage house can get businesses funded by thoroughly understanding the underwriting process of the different lenders available to them. You will also want to ensure the brokerage firm is not introducing your deal to a wide variety of lending institutions. A borrower’s credit score can be negatively influenced when the application is shopped around to multiple lenders. When an application is shopped around, it can damage your credit score even more. Choosing a trustworthy alternative lending establishment like First Choice Business Capital will protect you from this.
Call Us Immediately for Your Bad Credit Business Loan Needs
There is no need to wait for your credit score to improve to apply for a business loan. You don’t have to let any business opening pass you by, and don’t have to relinquish your personal belongings or property to use as collateral for a loan. Call us today or complete the short online application to get the process started right now!
First Choice Business Capital
South San Francisco, CA, United States
Communities we serve:
San Francisco, Alameda, Berkeley, Daly City, Fremont, Hayward, Novato, Oakland, Pleasanton, Richmond, San Leandro, San Mateo, San Rafael, San Ramon, South San Francisco, Union City, Walnut Creek, Antioch, Brentwood, Concord, Livermore, Milpitas, Palo Alto, Pittsburg, Vallejo