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?
If you are seeking to get a bad credit business loan in Bloomington, MN, First Choice Business Capital can help. At First Choice, we understand how upsetting and irritating it can be if you have a poor credit score and you’ve been getting declined from old-school banks for loans. That’s the reason we have committed ourselves to making business-funding solutions obtainable to all enterprises regardless of a bad credit history.
How To Obtain a Business Loan With Below Average Credit?
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. Banks refuse loans for many reasons and poor credit alone is one of the key reasons that banks deny business loans.There might also be tax liens against the company, and court judgments can affect the outcome too.
Once a business gets denied for a loan, they often give up all hope for funding. Also, we all know that without working capital, a business will falter. Keeping the doors to a business open requires capital. When the overall economy tanked in 2008, businesses suffered, and since then, getting a bank loan has become much more difficult. This is due to new policies that have cut access to capital for many businesses.The companies affected by these regulations are not large corporations, but those with under 50 employees.
However, this issue has opened the doors for new types of loan options from alternative lenders.At First Choice Capital, we specialize in high-risk funding for those businesses that are affected by these regulations. Loaning options for businesses with bad credit are not just a pipe dream. We even offer 24-hour approvals! It really is true that businesses with subprime credit can get the funds they want. When traditional routes fail, alternate lending institutions can supply the assistance needed.
Bloomington, MN, Bad Credit Business Loan Options
It is a shame that many people do not know their options, since unsecured short-term loans are available to businesses like yours! It’s possible you are uneasy because you have no collateral and horrible credit, yet there are still loans readily available for your needs. Many different types of companies can get business loans for horrible credit with the options we offer. It is also true that you can get these business loans very quickly. With First Choice Business Capital, you can normally receive financing within just one day! First Choice not only provides a high approval process but an easy one as well. We understand the dire need to obtain the working capital you need. We also know that you need the money now, and pride ourselves in assisting you get financed as rapidly as possible.
Short-Term Loans, Unsecured Loans & Business Cash Advances
Alternative lending such as these are often referred to as a merchant cash advance, or MCA. These business loans are great for the majority of businesses that just can’t get traditional financing due to their bad credit history. These alternative loan options are even easier to qualify for since no collateral is required. We offer custom loans for businesses in all types of industries. If you have deposited somewhere between 8-10 thousand dollars each and every month for the last three months, and have been in business for at least that amount of time, we can assist you!
What Are the Advantages of Merchant Cash Advances?
MCAs offer many advantages to all kinds of companies like yours. One of the most prevalent advantages of a loan of this sort is how quickly it is funded; it is extremely fast in comparison to a loan from a bank. A staggering 90 percent of these loans are approved and these advances are generally funded in 48-96 hours after approval. Also, the process for a loan approval is very uncomplicated, because a basic one page application is everything that is needed.
In addition you will need to provide bank statements from the last six months. This is what is needed to get you approved quickly. These loans are most ideal 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 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 with the exception of Saturday and Sunday. Each month, there are customarily 20 to 22 payments for a merchant cash advance.
We Team Up with Many Businesses
All sorts of companies can get short-term business loans bad credit. First Choice loves to help all kinds of companies. The following specific niches are just some of the businesses we work with: Development, Electrical contractors, Painting, Carpentry, Roofer, Plumbing related, HVAC, Brickwork & Stone, Driveway & Parking Pavement, Water Well Drilling, Wrecking & Demolitions, General Building Contractors, Transportation, Heavy Construction, Moving Company, Restaurants/Bars, Gasoline service stations, Interior Decorators, Rigging and Scaffold, Automotive/Mechanic Repair Shops, Auto Body repair and Painting, Tire Shops, Beauty Shops, Pest Control and Home Health Professionals. Business loans with low credit can be had by these companies and many more. First Choice coordinates with any company that is suffering due to bad credit and meets the minimal criteria set forth earlier.
States We Can Serve to Help!
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.
Working With a Respectable Finance Broker of Low Credit Business Loans
For companies with subpar credit looking to get business loans, always check the reputation of the agent. Not all of them will have your best interest at heart. Borrowers are sometimes declined because the wrong information is provided to lending institutions by the brokerage firm.
It is extremely important that the brokerage firm has an in-depth understanding of the underwriting process. They ought to know their lenders well and have the ability to guide the borrower through the process. When brokerage houses can syndicate, they may have the ability to secure lots more money on the loan. What you do not want is for the broker to shop your deal around and it should not be submitted to many lenders. Choosing a dependable alternate financing company goes a long way in making sure this does not occur. First Choice Business Capital knows this, and would refrain from doing anything to hurt our client’s credit further.
If You Are In Need of a Bad Credit Business Loan, Do Not Delay – Contact Us Today
You do not have to wait until after your credit score is better to get a loan. More than that, you don’t need to let any business opportunity pass you by, and don’t have to forfeit your personal belongings or property to use as collateral for a loan. It is a simple, one-page application. Fill it out online or call us today!
First Choice Business Capital
Bloomington, MN, United States
Communities we serve:
55420, 55431, 55437, 55438, 55425, 55435, 55439