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?
Are you searching for business loans in Lakeville, MN, but bad credit is putting a damper on your hunt? If you want a quick and hassle-free resolution, First Choice Business Capital can assist you today! Here at First Choice, we understand the irritation and disappointment that getting denied for loans from traditional banks can cause. We have many money options available for companies, regardless of a bad credit history. The approval process is fast as well, 24 hours in many cases!
How to Get a Business Loan With Subpar 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 below a third of businesses could be approved for a loan from a traditional banking institution. 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. Once a bank turns down a loan, the business often gives up the search for funds. Even so, there are other options.
Getting denied is frustrating, and many companies give up their hopes for a loan once the bank denies them. The core of every business is its working capital and without it a company cannot continue nor progress. When the economic climate tanked in 2008, businesses suffered. Since then, getting a bank loan has become much more very difficult. There are new guidelines in place as well that make the task even more challenging than it was before the collapse.
However, this applies for small and medium size companies with 50 or less employees.
While this is a step in the wrong direction, it has opened up a new market for those specializing in alternative funding options.Business cash advance and high-risk loan companies such as First Choice Business Capital are conveniently 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 Lakeville, MN
Most companies are not acutely aware of the options accessible to them. Even unsecured short-term business loans when their credit is bad are attainable. That’s right, you can get business loans with inadequate credit. Many different types of companies can get business loans for insufficient credit with the options we offer. Some alternative loan companies offer low credit business loans fast, like First Choice Business Capital, which is happy to offer loans in just 24 hours in many cases. Are you looking for small business loans, but have bad credit? First Choice understands your frustration. We take pride in helping you solve your financial situation as quickly as possible, and we possess a high approval rate as well.
Short-Term Loans, Unsecured Loans & Business Cash Advances
Merchant cash advances like this are also called an MCA. These business loans are a true lifesaver for those companies that have been turned down by banking organizations because of their credit score. You do not even need collateral in order to qualify for an MCA. We provide loans for a myriad of industries as well, so it is highly possible we would be able to assist you. If you have deposited between 8-10 thousand dollars every month for the last three months, and have been operational for at least that amount of time, we can really help you !
Perks of Merchant Cash Advances
Merchant cash advances offer many perks to all kinds of companies. A big advantage of this type of loan is that it can be funded in a fraction of the time of a traditional banking loan. The majority of the loans of this type are approved within as little as one day. You will not need to wait long for your money, either; most loans are funded less than four days right after approval. The loan approval process is simple and easy as well, because all you need to submit is a simple one-page application form.
Also, you should be prepared to produce the last six months of business bank statements. When a business needs a poor credit loan fast, a merchant cash advance is the most suitable type of business loan they should look for. A merchant cash advance is a short-term business loan that can get you up and running again. These loans are generally paid back in fewer than 18 months, some as little as 4 months. There is also a fixed cost of capital and you can make your payments by the day or by the week. Moreover, with an MCA, there are usually 20-22 payments each month.
What Type of Businesses Can We Partner with?
All sorts of companies can get short-term business loans when their credit is awful. First Choice loves to help all kinds of companies. There is a vast range of businesses that merchant cash advance companies like to work with. Some of the most common niches include: Home Health Services, Heating and Air, 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. Business loans with horrible credit can be had by these companies and many more. If you meet the criteria we touched on previously, First Capital can work with you.
Are You in One of These States? We Can Help!
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.
Working With a Legitimate Agent of Subpar Credit Business Loans
For companies with subpar credit looking to secure a bad credit small business loans, always check the reputation of the agent. Not all of them will have your best interest at heart. A lot of times borrowers are accidentally declined based on providing the wrong information to the lenders. A respectable brokerage house should have extensive knowledge of the industry.
Furthermore, they should know ways to get businesses financed by the lenders available to them, and they should have an extensive knowledge of the process. You will also want to ensure the brokerage firm is not introducing your deal to a wide variety of lending institutions. A borrower’s credit score can be negatively impacted when the application is shopped around to multiple lenders. You really want to choose a trustworthy company like First Choice Business Capital to make sure this does not happen.
If You Are In Need of a Bad Credit Business Loan, Do Not Delay – Contact Us Today
It is not necessary for you to hold everything until your score improves to apply for a loan. Do you actually want to let this opportunity pass you by? Keep your personal belongings – you don’t have to worry about not having enough collateral. You can get this process started right now by filling out the simple form. It is available online, or if you prefer to discuss your options, you can call us today!
First Choice Business Capital
Lakeville, MN, United States
Communities we serve:
55044, 55024, 55068