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?
At First Choice Business Capital, we can help you get the business loans for low credit you need in Cedar Rapids, IA. At First Choice, we realize how aggravating and infuriating it can be if you have a bad credit score and you’ve been getting declined from old-school banks for capital. That’s precisely why we have committed ourselves to making business-funding opportunities available to all businesses regardless of a bad credit history.
How To Get a Business Loan With Awful Credit?
Studies have shown that approximately 70 percent of companies will not qualify for traditional bank loans. So, if you have been denied, you are in the majority.There are lots of factors why many businesses with bad credit get declined for a bank loan.Bad credit can be the main reason for many denials, but there could very well also be tax liens against the company, and court judgments can affect the outcome as well.
Getting denied is discouraging, and many companies give up their hopes for a loan once the bank denies them. The core of every business is its working capital.When a company does not have access to cash, they are not going to be able to stay in business for long at all. In 2008, the economic climate collapsed, and since then even those companies that are successful have had a hard time securing bank loans. New regulations put into effect after the economic crash has made securing capital near impossible.
The entities affected by these are not large corporations, but those with under 50 employees.Luckily, alternate lenders have stepped in to help solve this dilemma.High-risk lenders like First Choice Business Capital could provide quick approvals and no-nonsense funding solutions.
Bad Credit Business Loan Options Cedar Rapids, IA
Yes, you can get business loans with subpar credit. In fact, business loans for unsatisfactory credit are our specialty! Furthermore, you can get bad credit business loans fast, because First Choice Business Capital commonly funds loans within 24 hours. That’s right, just 1 day! Are you in need in small business loans, but worried about your credit? No problem! First Choice understands that when a business is searching for working capital, they ordinarily need it as quickly as possible, which is why we pride ourselves on getting easy approvals with an extremely high percentage approval rate for businesses that apply for a business loan.
Short-Term Loans and Business Cash Advances
You may have heard of these types of alternate loaning options, which are also known as merchant cash advances or MCAs. When a conventional bank turns down a loan, these can produce the money required to stay running. You do not even need collateral in order to qualify for an MCA. This makes the approval procedure even easier! If you have deposited somewhere between 8-10 thousand dollars each month for the last three months, and have been operational for at least that amount of time, we can really help you !
Benefits of Merchant Cash Advances
MCAs offer many advantages to all kinds of companies like yours. Applying for a merchant cash advance certainly has its perks. A top example of one of these benefits is how quickly a merchant cash advance is funded. Where traditional banks can take a long time, an MCA can possibly be approved and paid in only a fraction of the time. Approximately 90 percent of these loans are approved, and are generally funded in 48-96 hours after approval.
The loan procedure is simple and easy, too. All that is involved to be submitted is one simple page and the last six months of banking statements will need to be provided. When a business needs a poor credit loan fast, a merchant cash advance is the perfect type of business loan they should search for. A short-term business loan in the form of a merchant cash advance is very likely just what you need. These loans, which usually range from 4 to 18 months, have a fixed cost of capital. An MCA can be paid both by the day or week and there is also a fixed cost of capital. Lastly, with an MCA, there are usually 20-22 payments each month.
Some Businesses We Collaborate with
A large range of businesses qualify for short-term business loans bad credit. Merchant cash advance companies like to work with all sorts. Here is a sampling of the types of companies we coordinate with: Beauty Shops, Tire Shops, Carpentry, Construction, Masonry and Stonework, Driveway and Parking Pavement, Cooling and Heating, Gasoline Service Stations, General Building Contractors, Automotive/Mechanic Repair Shops, Wrecking and Demolition companies, Vehicle Body Repair and Painting, Home Health Services, Interior Decorators, Pest Control, Pubs and Restaurants, Rigging and Scaffolding, Water Well Drilling and Trucking. There are various other niche markets that can be serviced with business loans with horrible credit. As you saw before, the application process is easy and the criteria minimal. If you have credit difficulties affecting your ability to obtain a loan, First Capital can help.
States We Do Business In
Merchant cash advances are provided to business entities 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.
Reliable Low Credit Business Loans Company
When seeking to get bad credit small business loans, be positive that you are working with a reliable broker. Not all them will have your best interest at heart. Many times borrowers are inadvertently declined based on providing the wrong information to the lenders. It is extremely important that the brokerage firm has an in-depth understanding of the underwriting process.
They need to know their lenders well and have the capacity to guide the borrower through the process. Those lenders that can syndicate the deals may even boost loan amounts. You do not want your broker submitting your application to a bunch of 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.
Contact Us Now for Your Unsatisfactory Credit Business Loan
Why wait for your score to get better? There are no fears about collateral and this is a tremendous opportunity for your business to get the funds you need, now instead of later. You don’t need to let any business opportunity pass you by, and you don’t have to turn over your personal belongings or property to use as collateral for a loan. Change the direction of your business by getting in touch with us now!
First Choice Business Capital
Cedar Rapids, IA, United States
Communities we serve:
52402, 52404, 52405, 52403, 52411, 52401, 52227, 52228, 52233, 52302, 52324, 52328, 52338, 52497, 52498, 52499, 52406, 52407, 52408, 52409, 52410