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 aiming to get a bad credit business loan in Plymouth, MN, First Choice Business Capital can help. We have many funding options available for companies, regardless of a bad credit history. The approval process is fast as well, 24 hours in many cases!
The Facts About Acquiring a Business Loan With Bad Credit
Recent studies show, a big 70% of businesses don’t qualify for a bank loan. Loans are denied all of the time, and this can occur for many reasons. Inadequate credit is often cited in these cases. A company may have a court judgment against them, or there may be tax lien issues.
Getting denied is disheartening, and many companies surrender their hopes for a loan once the bank denies them. This is unfortunate, since the core of every business is its working capital.
New regulations enforced after the economic crash has made getting hold of capital near impossible. Sadly, 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 financial institutions 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.No matter what you may have heard, it is certain that there are other options in the market for businesses besides traditional banks when credit is a problem.
Bad Credit Business Loan Options
It is a pity that many people do not know their options. Loans are available, even with no collateral and bad credit. What’s even better is that you can get low credit business loans fast– some alternative loan providers such as First Choice Business Capital can typically fund you within just 24 hours. First Choice knows that businesses in need require backing now, so we pride ourselves on a high approval percentage that occurs quite quickly.
Business Cash Advances, Unsecured Loans and Short-Term Loans
You may have heard of these types of different financing options, which are also referred to as merchant cash advances or MCAs. For companies that have been turned down for a business loan by a bank, these types of subpar credit business loans offer an amazing opportunity to get funding. If you’re a business that struggles with credit, you don’t need to have collateral. This makes the approval process even easier! The only qualifying criteria needed is that the business has been operating for at least 90 days and you’re depositing at the very least 8-10 thousand dollars regularly over the last 3 months.
Merchant Cash Advances Advantages
There are quite a few advantages to MCAs. One of the biggest perks about these types of loans is that as pointed out already, it offers extremely fast financing compared to that of a traditional bank. We can proudly claim an approval rate of over 90 percent, which shows 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 frequently paid out in less than four business days, which is much faster than a bank.
All we ask from you is the last 6 months of your business bank statements, because with this information an approval can be given very quickly. A merchant cash advance can be just what you need if you have been denied by your bank because of damaging credit. 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. With an MCA, there are usually 20-22 payments each month.
We Work With Many Businesses
A wide variety of businesses qualify for short-term business loans when their credit is bad. Merchant cash advance companies like to work with all sorts. The following is a smattering of the types of businesses we like to hear from: Automotive/Mechanic Repair Shops, Wrecking and Demolition, Auto Body Repair and Painting, Water Well Drilling, Pubs and Restaurants, Trucking, Beauty Shops, Tire Shops, Carpentry, Rigging and Scaffolding, Construction, Pest Control, Driveway and Parking Pavement, Brickwork and Stonework, Gasoline Service Stations, Interior Decorators, General Building Contractors and Home Health Providers. There are many more company sectors that can be serviced with business loans with horrible credit. First Choice partners with any company that is suffering due to bad credit and meets the minimal criteria set forth earlier.
States We Do Business In
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.
Only Consult with Highly Regarded Bad Credit Business Loan Brokers
It is necessary to exclusively work with reputable dealers when trying to secure bad credit small business loans. It may possibly be quite challenging working out which institution to go with, and there are lots of them out there. You should be careful, as maneuvering through all the different lending institutions can be a bit tricky. Sometimes borrowers are inadvertently declined based on providing the wrong information to the lenders.
A respectable brokerage house should have extensive knowledge of the industry. They should know how to get businesses financed by the lenders available to them, and they should have a complete understanding of the process. Also, you will 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 badly influenced when the application is shopped around to multiple lenders. Deals that are submitted in tandem like this can make your credit score take a nosedive even further. You do not want this to happen, particularly when a low credit score is why you are shopping for alternative lending in the first place. Selecting a respectable lending house like First Choice Business Capital will save you this heartache.
If You Need a Bad Credit Business Loan, Call Us Without Delay
It is not necessary for you to hold back until your score improves to apply for a loan. Do you truly want to let this opportunity pass you by? The straightforward application can be filled in online right now, and operators are waiting for your call. Change the direction of your business by contacting us today!
First Choice Business Capital
Plymouth, MN, United States
Communities we serve:
55447, 55446, 55441, 55442