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 in Coon Rapids, MN?
Are you searching for low credit business loans in Coon Rapids, MN? If you want an immediate and hassle-free resolution, First Choice Business Capital can lend you a hand today! Here at First Choice, we understand the irritation and disappointment that getting denied for loans from traditional banks can cause. We know it can be so frustrating trying to get a traditional loan from a bank when your credit score is subpar.
What You Need To Know About Getting a Business Loan with Inadequate Credit?
Recent surveys show, a massive 70% of businesses don’t qualify for a bank loan. 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 basically when a business has bad credit.There may also be other things at play, such as a tax lien against the company or a court judgment.
When a company does not have easily access to cash, they are not going to be able to stay in business for very long at all. In 2008, the market dropped, and since then even those companies that are profitable have had a hard time securing bank loans. From that time on, gaining access to capital has become a challenge due to new regulations.The entities affected by these are not large corporations, but those with under 50 employees.
The good news is that alternate lenders have stepped in to help solve this dilemma. High-risk lenders like First Choice Business Capital could provide quick approvals and no-nonsense funding solutions.
Business Loan Options Bad Credit Coon Rapids, MN
Most companies are not aware of the solutions accessible to them, because even unsecured short-term business loans when your company’s credit is insufficient are attainable.These business loans are not just for certain types of companies, either. We service many different types in Coon Rapids, MN. Do you need a small business loan, but are afraid to ask because you have bad credit? First Choice understands that when businesses are looking for working capital they typically need it as quickly as possible, which is why we pride ourselves on getting prompt approvals with an incredibly high percentage approval rate for businesses that apply for a business loan.
Short-Term Loans and Business Cash Advances
You may have heard of these types of alternative lending options, which are also considered as merchant cash advances or MCAs. These business loans are exceptional for the majority of businesses that just can’t get typical financing due to their bad credit history. These different loan options are even easier to qualify for since no collateral is entailed, which makes the approval process even easier! The only qualifications we need is for your business to be older than three months and that you normally deposit at least eight thousand dollars every month.
Merchant Cash Advances Benefits
Applying for a merchant cash advance undoubtedly has its perks. For one, these loans are funded much faster than those from traditional banks. As a matter of fact, most of these loans are approved in 24 hours. You will not have to wait long for your money, either; most loans are financed less than four days immediately after approval.
Also, you will need to provide bank statements from the last six months. This is everything that’s needed to get you approved quickly. A short-term business loan in the form of a merchant cash advance is 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 either by the day or week . Furthermore, loan payments are made every business day, and with an MCA there are usually 20-22 payments each month.
We Team Up with All Types of Companies
These type of short-term business loans are offered to a myriad of company niches. At First Choice, we have worked with almost every kind of company. Here are just a few we have worked with: Automotive/Mechanic Repair Shops, Wrecking and Demolition, Car or truck Body Repair and Painting, Water Well Drilling, Cafes and Restaurants, Trucking, Beauty Shops, Tire Shops, Carpentry, Rigging and Scaffolding, Construction, Pest Control, Driveway and Parking Pavement, Brickwork and Stone, Gasoline Service Stations, Interior Decorators, General Building Contractors and Home Health Services. There are more company industries that can be serviced with business loans with insufficient credit. If you meet the criteria we talked about previously, First Capital can work with you.
States We Do Business In
Merchant cash advances are also accessible 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.
Trying to Find a Credible Lender of Low Credit Business Loans
It is critical to just deal with reputable lenders when trying to attain bad credit small business loans. It might be quite challenging working out which institution to go with, and there are a large number of these lenders out there. You should be careful, as browsing through all the different lending institutions can be a little bit tricky. Borrowers are sometimes declined because the wrong information is provided to financial 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. When brokerage houses can syndicate, they may have the chance to secure a lot more money on the loan. What you do not want is for the broker to shop your deal around, since it should not be submitted to many lenders. Choosing a highly regarded alternate lending 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.
Contact Us Today for Your Bad Credit Business Loan
There is no need to hesitate any longer as you wait for your credit score to improve, so you can apply for a business loan. You do not need to put up your personal things as collateral, and you do not need good credit. This is a business opportunity that is just way too good to pass up. Change the direction of your business by calling us today!
First Choice Business Capital
Coon Rapids, MN, United States
Communities we serve:
55433, 55448, 55304