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 Possible?
First Choice Business Capital specializes in providing fast and hassle-free business loans in Woodbury, MN, for all kinds of businesses with bad credit. We understand that having a less than stellar credit score can hamper your chances for a business loan from traditional banks.
How Can I Actually Get a Business Loan with Bad Credit?
Studies have shown that approximately 70 percent of companies will not qualify for traditional bank loans. So if you have been denied, you are in the majority. Banks deny loans to companies with bad credit for a wide variety of reasons. It is true that one of the main reasons that denials occur is simply when a business has bad credit. We pride ourselves in helping companies get the funds they need regardless of what your credit history looks like, and we have many options that we can offer.
A business needless to say cannot keep its doors open without a cash flow. Ever since the economy in 2008 crashed, it has become exceptionally tough for companies to secure loans.
There are new policies in place as well that make the task even more challenging than it was before the collapse. To make matters worse these new rules only apply 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. 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 is not just a pipe dream, it’s a reality.
Bad Credit Business Loan Options Woodbury, MN
What most businesses don’t realize is that unsecured short-term loans are readily available to them! Loans are available in the market, even with no collateral and negative credit. In fact, business loans for horrible credit are available for all types of businesses and that’s nota misstatement, it’s fact. What’s even better is that you can get these business loans fast, because some alternative loan companies such as First Choice Business Capital can typically fund you within just 24 hours. Do you need a small business loan, but have bad credit? First Choice understands that when business are searching for working capital, they ordinarily need funding as quickly as possible, which is why we pride ourselves on getting quick approvals with an extremely high percentage approval history for businesses that apply for a business loan.
Short-Term Loans, Unsecured Loans & Business Cash Advances
These types of alternative lending is often referred to as a merchant cash advance, also known as (MCA). These types of business loans are exceptional for the majority of businesses that just can’t get conventional financing due to their bad credit history. These alternative loan solutions are even easier to qualify for since no collateral is involved. We provide lending for an assortment of industries as well, so it is very likely we would be able to assist you. The only qualifying criteria needed is that the business has been operating for at least 3 months and you’re depositing about 8-10 thousand dollars typically over the last 3 months.
Perks of Merchant Cash Advances
Merchant cash advances offer many benefits 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. Most loans are approved in a day and over 90% of all inquiries get a loan approval. Plus, loans are funded within 48-96 hrs. after a loan approval.
You do not have to go through a time-consuming loan process, either. All we need from you is to provide us with bank statements from the last six months. When we have this information, we can approve your business loan for low credit quickly. A merchant cash advance can be just what you need if you have been denied by your bank because of poor credit. These loans, which usually run from 4 to 18 months, have a fixed cost of capital. An MCA can be paid possibly by the day or week from Monday to Friday. Finally, MCA loans have between 20-22 daily payments a month.
Some Businesses We Work With
Short-term insufficient credit business loans are out there to a large range of businesses. Small, medium and large business qualify for unsecured short-term loans. Here are just a few we have worked with: Automotive/Mechanic Repair Shops, Auto Body Repair and Painting, Bars and Restaurants, Beauty Shops, Carpentry, Development, Driveway and Parking Pavement, Fuel Service Stations, General Building Contractors, Home Health Professionals, HVAC, Interior Decorators, Masonry and Stone, Pest Control, Rigging and Scaffolding, Tire Shops, Truck, Water Well Drilling, Wrecking and Demolition companies and more. These marketplaces and more are qualified for these business loans. We can work with any business that has bad credit and meets our minimum criteria.
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.
Are You Trying to Find a Respectable Loan Provider of Subpar Credit Business Loans?
It is important to only work with reputable dealers when trying to secure small business loans when your credit is horrible. It could be quite challenging deciding which institution to go with, and there are lots of them out there. We have to let you know that not every company in the business of lending subprime loans will have your best interest in mind. Therefore, it would be wise to perform due diligence. More often than not borrowers are accidentally declined based on providing the wrong information to the lenders.
It is very important that the brokerage firm has an in-depth understanding of the underwriting process. They have to know their lenders well and have the capacity to guide the borrower through the process. Those lenders that can syndicate the deals may even increase loan amounts. You do not want your broker submitting your application to a lot of lenders. Deals that are sent in tandem like this can make your credit score take a plunge even further. You do not want this to happen, specifically 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 takes a long time for your credit score to improve. So why hold your business and plans back? Do not let this business opportunity to pass you by and don’t worry about collateral, because you don’t need it to obtain the loan. Fill out the short online application or call us today!