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 in Davenport, IA, is Possible!
First Choice Business Capital specializes in providing fast and problem-free business loans Davenport, IA, for all kinds of businesses with bad credit. At First Choice, we understand how hard and infuriating it can be if you have a low credit score and you’ve been getting declined from conventional banks for financing. That’s why we have dedicated ourselves to making business-funding opportunities available to all enterprises regardless of a bad credit history.
The Bottom Line About Getting Business Loans With a Bad Credit Score
Studies have shown that approximately 70 percent of companies will not qualify for traditional bank loans. So if you have been denied, you may find yourself in the majority. There are a lot of factors why many businesses with bad credit get declined for a bank loan. Getting denied is frustrating, and many companies give up their hopes for a loan once the bank denies them. Needless to say, the core of every business is its working capital.
When the economy tanked in 2008, businesses suffered. Since then, getting a bank loan has become much more tough. New regulations implemented after the economic crash has made getting hold of capital nearly impossible.These new rules apply to small and medium-sized entities. Therefore, it means that those companies with under 50 employees are the ones affected.This dilemma has opened the doors for new type of loan options from alternative lenders.
If you are interested in a financing solution that does not take the traditional route, a high-risk lender like First Choice Business Capital can provide the funding you need, faster than you ever thought possible.
Business Loan Options Bad Credit Davenport, IA
It is a shame that many individuals do not know their options, because unsecured short-term loan options do exist for companies in your position! Yes, you can get business loans with subpar credit, because it’s our area of expertise! These business loans are not just for certain types of companies, either. What’s even better is that you can get low credit business loans fast– some alternate lending institutions such as First Choice Business Capital can typically fund you within just 24 hours. Do you really need small business loans, but can’t get one because you have bad credit? No problem! First Choice knows that businesses in need require loans now, so we pride ourselves on a high approval percentage that occurs quite quickly.
Business Cash Advances, Short-Term Loans and Unsecured Loans
Merchant cash advances like this are also called an MCA. These business loans are great for the majority of companies that just can’t get conventional financing due to their bad credit history. Since collateral is not needed 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 trade you are in, we can help. We do not deliver start-up loans, so you will need to have a business that has been operating for a minimum of three months. Apart from that, we would need to see that you deposit a minimum of eight thousand dollars each of the past three consecutive months.
Merchant Cash Advances Benefits
Merchant cash advances offer many conveniences to all kinds of companies. One of the most significant advantages of a loan of this sort is how quickly it is funded; it is really fast in comparison to a loan from a bank. Many times, a business can have their approval in only one business day. The approval rate of these loans is astronomical compared to typical bank loans as well. Believe it or not, over 90 percent of them are approved!
You will not need to wait long for your money, either; most loans are financed less than four days just after approval. The application is only one page and the last six months of banking statements will need to be supplied. That is all we need to begin the approval process on your loan. These loans are right for those that need a bad credit loan fast. These loans are considered short-term business loans and have a fixed cost of capital. They usually are paid within four months to a year and a half. Loan payments are Monday to Friday and MCA loans have between 20-22 daily payments a month.
What Kind of Businesses Can We Work With?
Short-term business loans can be obtained by many types of businesses. A merchant cash advance company like First Choice will not discriminate based on business type. The following is a few of the types of businesses we like to hear from: Home Health Professionals, HVAC, Interior Decorators, Masonry and Stonework, Pest Control, Rigging and Scaffolding, Tire Shops, Trucking, Water Well Drilling, Wrecking and Demolition companies, Automotive/Mechanic Repair Shops, Auto Body Repair and Painting, Cafes and Restaurants, Beauty Shops, Carpentry, Construction, Driveway and Parking Pavement, Gasoline Service Stations and General Building Contractors. These niches and more are suited for business loans with horrible credit. First Choice can help any business that meets the qualifying criteria and has credit woes.
Are You in One of These States? We Can Help!
If your business is in one of the following states, we may be able to help you with a cash advance: 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.
Highly Regarded Inadequate Credit Business Loans Company
When a business with bad credit is looking for a merchant cash advance loan or bad credit small business loans, it is recommended to work with a respectable broker. There are plenty of different lending institutions, so you have to navigate carefully. Borrowers are sometimes declined because the wrong information is provided to lenders by the brokerage firm. A respectable brokerage house should have extensive knowledge of the industry.
Furthermore, they should know the best ways to get businesses funded by the lenders available to them, and they should have a detailed knowledge of the process. 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 adversely impacted when the application is shopped around to multiple lenders. Deals that are shopped to many different lenders can certainly hurt the borrower’s credit score, which is why it is vital that you work with an alternate lending company like First Choice Business Capital for your business loans when you’re credit rating is below stellar.
Contact Us Today for Your Bad Credit Business Loan
It takes a long time for your credit score to improve. Why delay your fiances any longer? You don’t have to let any business potential pass you by, and you don’t have to forfeit your personal belongings or property to use as collateral for a loan. 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!