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!
How To Get a Business Loan With Bad Credit?
If you are seeking to get a business loan in Iowa City, IA, but have a horrible credit score First Choice Business Capital can help. We understand that having a less than stellar credit score can hamper your chances for a business loan from traditional banks.
What’s The Truth About Business Loans With Unsatisfactory Credit?
If you believe that you are alone in this predicament, 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.
Banks deny loans for many reasons, such as bad debt, a tax lien against the company or a court judgment.We all know that without working capital, a business will fail. Keeping the doors to a business open requires capital. When the economic situation tanked in 2008, businesses suffered. Since then, getting a bank loan has become much more tough due to new regulations. To complicate matters, these regulations apply to “Mom and Pop” type operations that have less than 50 employees.
Fortunately, alternate loan providers have stepped in to help solve this dilemma. Business cash advance and high-risk loan providers such as First Choice Business Capital are readily available to provide you with a quick no-nonsense financing approach and getting you quick approvals for your business loan.
Business Loan Options Bad Credit Iowa City, IA
Unsecured short-term loan options do exist for companies in your predicament! Yes, you can get business loans when you have a bad credit score. Business loans for awful credit are our specialty! Some alternative finance companies offer horrible credit business loans fast, like First Choice Business Capital, which is pleased to offer loans in just 24 hours in many cases. Are you looking for small business loans, however have credit issues? First Choice understands that when business are looking for working capital, they ordinarily need it as quickly as possible, which is why we pride ourselves on getting easy approvals with an exceptionally high percentage approval rating for businesses that apply for a business loan.
Short-Term Loans and Business Cash Advances
These types of offerings are known as a merchant cash advance (MCA). These business loans are sometimes the only factor standing between a company staying open or closing for good. When a traditional bank turns down a loan, these can supply the money required to stay doing business. Since collateral is not required for a business cash advance, it is easier than ever to qualify. This makes the approval process even easier! We do not offer start-up loans, so you must definitely have a business that has been operating for a minimum of three months. Besides that, we will definitely need to see that you deposit a minimum of eight thousand dollars for the past three consecutive months.
Perks of Merchant Cash Advances
MCAs offer many advantages to all kinds of companies like yours. A prime example of one of these benefits is how quickly a merchant cash advance is financed. Where traditional banks can take a long time, an MCA could be approved and paid in only a fraction of the time. You can be approved for this type of loan in only one day. You will not need to wait long for your money, either; most loans are financed less than four days after approval.
Also, the procedure to get approved is easy, because the application form is only one page. Have your business’s last six months of bank statements ready, since this helps us to approve your business loan very quickly. These loans are most ideal for those that need a bad credit loan fast. When your business is stalling as a result of a lack of cash flow, this short-term business loan can get you the money you desperately need. These loans have a fixed capital cost and run from 4-18 months. Daily loan payments are every business day. Additionally, with an MCA there are usually 20-22 payments each month.
Some Businesses We Partner with
A large variety of businesses qualify for short-term business loans for unsatisfactory credit. Merchant cash advance companies like to work with all sorts. The following is a handful of the types of businesses we like to hear from: Home Health Service providers, 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, Bars and Restaurants, Beauty Shops, Carpentry, Construction, Driveway and Parking Pavement, Gasoline Service Stations and General Building Contractors. These marketplaces and more are suitable for business loans with awful credit. First Choice can help any business that meets the qualifying criteria and has credit woes.
What States Do We Deal with?
Merchant cash advances are easily available 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.
Work Only With Professional Bad Credit Business Lenders!
When trying to get bad credit small business loans, be positive that you are dealing with a reliable broker. There are a lot of different lending institutions, so you have to navigate carefully. Borrowers are sometimes declined because the wrong information is provided to financial institutions by the brokerage firm.
A highly regarded brokerage understands the underwriting process. They have considerable expertise about the lenders at their disposal. Those lenders that can syndicate the deals may even increase loan amounts. You do not want your broker submitting your application to a lot of lenders. You really want to choose a trustworthy company like First Choice Business Capital to ensure this does not happen.
Got Bad Credit Business Loan Needs? Call Us!
Why wait for your score to get better? There is no stress about collateral and it’s a tremendous opportunity for your business to get the funds you need, now instead of later. You don’t have to let any business opportunity pass you by, and don’t have to surrender your personal belongings or property to use as collateral for a loan. Call us right now or submit the short online application to get the process started right now!