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 secure the subpar credit business loans you want to keep your business in Miami, FL, making money, despite the fact that you have bad credit. Traditional banks often reject 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.
Getting a Business Loan With Bad Credit – Here’s The Reality?
Recent reports show, a massive 70% of businesses don’t qualify for a bank loan. Unfortunately, there are plenty of reasons why lots of businesses with bad credit get declined for a bank loan. For instance, poor credit alone is one of the leading reasons that banks deny business loans. Being turned down by a bank is often disheartening, and many businesses simply give up after hearing “no.”
We all know that without capital, a business will falter. Keeping the doors to a business open requires money. As soon as the economy collapsed in 2008, it has become particularly difficult for companies to secure loans. From that time on, gaining access to capital has become a challenge because of the new regulations. Sadly, the companies affected by these rules are not large corporations, but those with under 50 employees.
While this is a step in the wrong direction, it has opened up a new market for those specializing in alternative funding options. At First Choice Capital, we are skilled in high-risk funding for those businesses that are affected by these regulations. Therefore, no matter what you may have heard, it is certain that there are other options out there for businesses beyond traditional banks when credit is an issue.
Bad Credit Business Loan Options Miami, FL
It is a shame that many individuals do not know their options. It’s important to realize that uncollateralized loans are offered to small, medium and large size businesses with bad credit. Yes, you can get business loans with unsatisfactory credit, because business loans for lousy credit are our area of expertise! What’s even better is that you can get inadequate credit business loans fast! For example, some alternate finance companies such as First Choice Business Capital can typically fund you within just 24 hours. Are you looking for small business loans, but struggling with bad credit? Yup! When a business needs working capital, they need it now. First Choice recognizes this need and offers fast approvals.
Business Cash Advances, Unsecured Loans and Short-Term Loans
These types of offerings are known as a merchant cash advance (MCA). Furthermore, these awful credit business loans are sometimes the only factor standing between a company staying open or closing for good. Also, these insufficient credit business loans are great for the majority of businesses that just can’t get conventional financing due to their bad credit history. Moreover, borrowers don’t need collateral to qualify for a business cash advance, which makes it actually easier to qualify for a loan if you’re a business with horrible credit. Continually, there are funding options for all sorts of companies; so no matter what sector you are in, we can help. Generally, the only qualifications we need is for your business to be older than three months and that you regularly deposit at least eight thousand dollars every month.
Positive Aspects of Merchant Cash Advances
As a matter of fact, there are quite a few advantages to MCAs. A key example of one of these benefits is how quickly a merchant cash advance is funded. Where traditional banks can take a long time, you will get an approval and funds for an MCA in only a fraction of the time. We can proudly claim an approval rate of over 90 percent, which shows you have much better chances of being approved than at a bank! In addition, you will not have to wait long for your cash once approved. For this reason, these loans are normally paid out in less than four business days, which is much faster than a bank.
Luckily, the process to get an approval is easy, too. Also, the application form is only one page, and have your company’s last six months of bank statements ready, too. We can work to approve your loan application when this info is provided. Another key point is that a merchant cash advance can be simply what you need if your bank has refused you for a business loan as a result of bad credit. In fact, these loans are considered short-term business loans and have a fixed cost of capital. They are usually paid back within four months to a year and a half. Payment options are flexible for these loans, and they can be paid either daily or weekly. It’s vital to know that borrowers can make payment loans daily with the exception of Saturday and Sunday. Each month, there are customarily 20 to 22 payments for a merchant cash advance.
We Consult with All Types of Companies
Many types of businesses can obtain short-term business loans when they have credit issues. A merchant cash advance company like First Choice will not discriminate based on business type. The following specific niches are just some of the businesses we work with: Beauty Shops, Tire Shops, Carpentry, Construction, Masonry and Stonework, Driveway and Parking Pavement, HVAC System, Gasoline Service Stations, General Building Contractors, Automotive/Mechanic Repair Shops, Wrecking and Demolition companies, Car or truck Body Repair and Painting, Home Health Services, Interior Decorators, Pest Control, Taverns and Restaurants, Rigging and Scaffolding, Water Well Drilling and Trucking. There are more company areas that can take advantage of business loans with unsatisfactory credit. As you discovered before, the application process is easy and the criteria minimal. If you have credit problems affecting your ability to obtain a loan, First Capital can help.
States We Do Business In
Most business entities in the following states can take advantage of merchant cash advances : 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.
Working With a Reliable Agent of Subpar Credit Business Loans
When a business with bad credit is looking for a merchant cash advance loan or subpar credit small business loans, it is better to deal with a trusted broker. Furthermore, you should be careful, as browsing through all the different lending institutions can be a bit tricky. Also, there are times when borrowers don’t obtain their business loan because the brokers gave the wrong information to prospective lenders. Therefore, it is extremely important that the brokerage firm has an in-depth understanding of the underwriting process.
Furthermore, they must know their lenders well and have the ability to guide the borrower through the process. Additionally, you should know that some broker houses could even syndicate deals, which can amplify the total approval amounts. To say nothing of, a great broker should stop your deal getting submitted to multiple lenders. When a broker shops an application around to many lenders, it can damage your credit score even more. Choosing a trustworthy alternative lending institution like First Choice Business Capital will protect you from this.
If You Need a Bad Credit Business Loan, Call Us Today!
Ultimately, you do not have to wait until after your credit score is better to get a loan. Again, the simple application can be answered online right now, and operators are anticipating for your call. You can get this process started right now by filling out the simple form. It is available online, or if you prefer to discuss your options, you can call us today!
First Choice Business Capital
Miami, FL, United States
Communities we serve:
33125, 33135, 33142, 33126, 33133, 33145, 33127, 33130, 33137, 33138, 33131, 33129, 33136, 33134, 33144, 33132, 33150, 33128, 33147, 33139, 33109, 33122, 33143, 33146, 33149, 33155, 33156, 33157, 33158, 33161, 33162, 33165, 33166, 33167, 33168, 33169, 33170, 33172, 33173, 33174, 33175, 33176, 33177, 33178, 33179, 33180, 33181, 33182, 33183, 33184, 33185, 33186, 33187, 33189, 33190, 33191, 33192, 33193, 33194, 33196, 33198, 33106, 33107, 33110, 33112, 33121, 33148, 33188, 33195, 33199, 33206, 33101, 33102, 33111, 33116, 33124, 33151, 33152, 33153, 33159, 33163, 33164, 33197, 33222, 33231, 33233, 33234, 33238, 33242, 33243, 33245, 33247, 33255, 33256, 33257, 33261, 33265, 33266, 33269, 33280, 33283, 33296, 33299