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 Probable?
First Choice Business Capital concentrates on providing fast and hassle-free business loans Brooklyn Park, MN, for all kinds of businesses with bad credit. Traditional banks often refuse funds to businesses that do not have good credit, which causes much frustration to the owners. We understand your pain. Regardless of a bad credit history, we can have many business funding options available, such as cash advances, short-term loans and much more.
The Facts About Getting Approved For a Business Loan With Bad Credit
Recent reports show, a big 70% of businesses don’t qualify for a bank loan. Businesses with bad credit get denied for loans more often than not and poor credit alone is one of the fundamental reasons that banks deny business loans. Also, there could very well be tax liens against the company, and court judgments can affect the outcome too. Once a bank turns down a loan, the business often gives up the search for funding. Still, there are other options.
It’s important to consider that working capital is the foundation on which a company operates.When the overall economy tanked in 2008, businesses suffered. Since then, getting a bank loan has become much more challenging. From that time on, gaining access to capital has become a problem caused by new regulations.These new rules apply for small and medium size companies with 50 or less employees.This issue has opened the doors for new types of loan options from alternative lenders.
Business cash advance and high-risk finance companies 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. We even offer 24-hour approvals! It really is true that businesses with subprime credit can get the cash they need to have. When traditional routes fail, alternate loan providers can provide the assistance needed.
Bad Credit Business Loan Options Brooklyn Park
What most businesses don’t realize is that unsecured short-term loans are quite easily attainable to them! Yes, you can get business loans with unsatisfactory credit, because business loans for substandard credit are our area of expertise! You can get approved for the business loans with insufficient credit you need, as quickly as tomorrow. First Choice Business Capital cannot only offer you the funding you need but provide low credit business loans fast. Many times, funding occurs in only 24 hours. You will be putting that money to work a lot faster than you ever thought plausible! Some alternative loan companies offer these business loans fast, like First Choice Business Capital, which is honored to offer loans in just 24 hours in many cases. Are you looking for small business loans, but have bad credit? First Choice understands that when businesses are searching for working capital, they ordinarily need it as quickly as possible. This is why we pride ourselves on getting quick approvals with a remarkably high percentage approval record for businesses that apply for a business loan.
Unsecured Loans, Short-Term Loans & Business Cash Advances
Alternate lending such as these are often referred to as a merchant cash advance, or MCA. When a traditional bank turns down a loan, these can give the money required to stay running. These alternative loan solutions are even easier to qualify for since no collateral is required. We offer custom lending for businesses in all types of industries. The only criteria needed is that the business has been operating for at least 3 months and you’re depositing a minimum of 8-10 thousand dollars routinely over the last 3 months.
Perks of Merchant Cash Advances
Merchant cash advances offer many positive aspects to all kinds of companies. A top example of one of these advantages is how quickly a merchant cash advance is funded. Where traditional banks can take a long time, an MCA could be approved and paid in only a fraction of the time. We can proudly claim an approval rate of over 90 percent, which suggests you have much better chances of being approved than at a bank! You will not have to wait long for your cash once approved. These loans are often paid out in less than four business days, which is much faster than a bank.
Furthermore, the application is only one page and the last six months of banking statements will need to be supplied. We can work to approve your loan application when this important information is provided. A merchant cash advance can be simply just what you need if you have been rejected by your bank because of bad credit. A short-term business loan in the form of a merchant cash advance is more than likely just what you need. These loans, which usually run from 4 to 18 months, have a fixed cost of capital. An MCA can be paid both by the day or week and daily payments are made five days per week, not counting Saturday or Sunday. For a merchant cash advance, there are usually between 20 and 22 payments every month.
What Sort of Businesses Can We Consult with?
A variety of businesses qualify for short-term business loans for low credit. Merchant cash advance companies like to work with all sorts. There is a vast array 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, Cooling and Heating, 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 more specific company niches that can be serviced with business loans when credit is bad. First Choice deals with any company that is suffering due to bad credit and meets the minimal criteria set forth earlier.
What States Do We Collaborate 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.
Working With a Reputable Finance Broker of Subpar Credit Business Loans
When trying to get bad credit small business loans, be confident that you are dealing with a highly regarded broker. Not every company in the business of lending subprime loans will have your best interest in mind, so it is best to perform due diligence. Borrowers are sometimes declined because the wrong information is provided to lenders by the brokerage firm. It is important that the brokerage firm has an in-depth understanding of the underwriting process.
They should really know their lenders well and have the capacity to guide the borrower through the process. Those lenders that can syndicate the deals may even escalate loan amounts. You do not want your broker submitting your application to a ton of lenders. Deals that are sent in tandem like this can make your credit score take a nosedive even further. You do not want this to happen, primarily when a low credit score is why you are shopping for alternative lending in the first place. Picking a legitimate lending house like First Choice Business Capital will save you this heartache.
Got Bad Credit Business Loan Needs? Call Us!
It is not necessary for you to stall until your score improves to apply for a loan. Do you really want to let this opportunity pass you by? Keep your personal belongings – you don’t have to worry about not having enough collateral. It is a simple, one-page application. Fill it out online or call us today!
First Choice Business Capital
Brooklyn Park, MN, United States
Communities we serve:
55443, 55444, 55428, 55445, 55429, 55430