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!
A Business Loan With Bad Credit – Is it Really Realistic?
Business loans when your credit score is suffering are legit. At First Choice Business Capital, we can help you get the extra money you require in Dubuque, IA. We know it can be so frustrating trying to get a traditional loan from a bank when your credit score is subpar.
The Facts About Getting a Business Loan With Below Average Credit
If you believe that you are alone in this circumstance, you may be surprised to know that you are not. Recent studies have even shown that under 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 your credit history looks like, and we have many options that we can offer.Banks deny loans to companies with bad credit for a wide range of reasons. It is true that one of the main reasons that denials occur is simply when a business has bad credit.
Being turned down by a bank is often disheartening, and many businesses simply give up after hearing “no.” 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 capital and a business certainly cannot keep its doors open without a cash flow. The economy collapsed almost a decade ago, and ever since then, it has become very hard for companies to secure loans. Regulations enacted after that time have cut access to capital for a significant amount of institutions. The fact is, it is not the large corporations suffering the brunt of these new laws.They apply to small and medium-sized entities, so this means that those companies with less than 50 employees are the ones affected.
However, this situation has opened the doors for new types of loan options from alternative lenders. Business cash advance and high-risk lenders such as First Choice Business Capital are immediately accessible to provide you with a quick no-nonsense financing approach and getting you quick approvals for your business loan.
Bad Credit Business Loan Options Dubuque, IA
Most companies are not acutely aware of the solutions readily available to them. Even unsecured short-term business loans for inadequate credit are attainable.Perhaps you are worried because you have no collateral and poor credit, but there are still loans on call for your needs. What’s even better is that you can get unsatisfactory credit business loans fast– some alternate lenders such as First Choice Business Capital can typically fund you within just 24 hours. Do you need small business loans, but have bad credit? Yup! When a business needs working capital, they need it now. First Choice understands this need and offers swift approvals.
Short-Term Loans, Unsecured Loans & Business Cash Advances
These types of offerings are known as a merchant cash advance (MCA). These low credit business loans are sometimes the only factor standing between a company continuing to be open or closing for good. When a conventional bank turns down a loan, an MCA can produce the money required to stay doing business. You do not even really need collateral in order to qualify for an MCA. There are financing options for all sorts of companies; so no matter what industry you are in, we can help. We do not offer start-up loans, so you must have a business that has been operating for a minimum of three months. Besides that, we definitely will need to see that you deposit a minimum of eight thousand dollars each of the past three consecutive months.
Positive Aspects of Merchant Cash Advances
Merchant cash advances offer many conveniences to all kinds of companies. For one, these loans are funded much faster than those from traditional banks. Actually, most of these loans are approved in 24 hours. We can proudly claim an approval rate of over 90 percent, which guarantees you have much better chances of being approved than at a bank!
You will not have to wait long for your cash once approved, because these loans are generally paid out in less than four business days, which is much faster than a bank. Also, the application is only one page and the last six months of banking statements will need to be supplied. A merchant cash advance is a great solution for companies that need cash right away. These loans are considered short-term business loans and have a fixed cost of capital. They are usually paid 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. Each month, there are customarily 20 to 22 payments for a merchant cash advance.
Some Businesses We Partner with
A wide range of businesses qualify for short-term business loans when credit is an issue. Merchant cash advance companies like to work with all sorts. Also, there is a large range of businesses that merchant cash advance companies like to work with. Some of the most common niches include: Beauty Shops, Tire Shops, Carpentry, Construction, Masonry and Stonework, Driveway and Parking Pavement, Air Conditioning, Gasoline Service Stations, General Building Contractors, Automotive/Mechanic Repair Shops, Wrecking and Demolition companies, Auto 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. First Choice can help any business that meets the criteria and has credit woes.
States We Do Business In
If your business is in one of the following states, we may be able to help you with a cash advance: 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.
Picking a Credible Loan Company of Bad Credit Business Loans
For companies with poor credit looking to secure a bad credit small business loans, always check the reputation of the agent. There are lots of different lending institutions, so you have to navigate carefully. Borrowers are sometimes declined because the wrong information is provided to lending institutions by the brokerage firm.
A good brokerage house can get businesses funded by thoroughly understanding the underwriting process of the different lenders available to them. Brokers may also be able to syndicate deals, meaning more funding for your company. That being said, you want to confirm your loan application is not shopped around. When your credit rating is poor, the very last thing you really want is it being lowered even further because of your broker’s actions. You really want to choose a legit company like First Choice Business Capital to make certain this does not happen.
If You Are In Need of a Bad Credit Business Loan, Do Not Delay – Contact Us Today!
Why wait for your score to get better? 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 opening pass you by, and you don’t have to turn over your personal belongings or property to use as collateral for a loan. Call us right now or complete the short online application to get the process started right now!