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!
Bad Credit Business Loans Elmhurst, NY
If you’re seeking to get a bad credit business loan Elmhurst, NY, First Choice Business Capital can help you. Traditional banks often reject funds to businesses that don’t have good credit, which causes much frustration to the business owners. We understand your pain and there is no reason for you to suffer. Regardless of a bad credit history, we have many business funding options available to you, such as cash advances, short-term loans and much more.
Getting a Business Loan With Bad Credit is Possible!
Studies have shown that approximately 70 percent of companies will not qualify for traditional bank loans. So if you have been denied, don’t worry, you are in the majority and are not alone. There is good news because we pride ourselves on helping companies get the funds they need regardless of what your credit history looks like now or in the past, and we have many options that we can offer you depending on your situation. Bad credit alone can be the main reason for so many denials. However, a company could also have various tax liens or judgments against them.
The sad thing is that businesses with bad credit frequently give up after they are declined for a bank loan. Giving up is a huge mistake since having capital is at the core of every single business. The reality is without proper access to cash most businesses couldn’t keep their doors open for very long. Since the market crash of 2008, it has become very difficult for even profitable businesses to get a bank loan. The reason is that new requirements have cut access to capital for many businesses.
These new regulations apply to small and medium-sized entities, which means that those companies with less than 50 employees are the ones that are affected. While this is a step in the wrong direction for many businesses, it has actually opened up a new market for those specializing in alternative funding options. High-risk lenders like First Choice Business Capital can now provide quick approvals and no-nonsense funding solutions. By making use of the alternative funding options available, it is true that a business with bad credit can get finances.
Bad Credit Business Loan Options Elmhurst, NY
What most businesses don’t know is that unsecured short-term loans are easily available to them! Uncollateralized loans are available to small, medium and large size businesses with bad credit. That’s right, you can get business loans with poor credit. In fact, business loans for bad credit are available for all types of businesses and that’s not fiction, it’s truth.
What’s even better is that you can get bad credit business loans fast – some alternative lenders such as First Choice Business Capital can typically fund you within just 24 hours. Small business loans bad credit? No problem! First Choice understands that when business are looking to for working capital, they typically need as quickly as possible, which is why we pride ourselves on getting quick approvals with an extremely high percentage approval rating for businesses that apply for a business loan.
Short-Term Loans and Business Cash Advances
You may have heard of other types of alternative loan options, which are also known as merchant cash advances or MCAs. Poor credit business loans can really be a true lifesaver for those companies that have been turned down by banking organizations because of their credit score – and feel as if there is nothing they can do. However, that is not the case because with short-term loans and business cash advances, you can get funded even if you’re a business with bad credit, and you don’t need to have collateral. We offer custom financing options for businesses in all types of industries and we only require that your business has been operable for three months minimum and that you deposit between 8-10 thousand monthly.
Benefits of Merchant Cash Advances
Did you know that applying for a merchant cash advance really has its perks? There are quite a few advantages to MCAs you should know about. One of the biggest advantages about securing one of these types of loans is (as discussed previously), it delivers really fast financing compared to that of a traditional bank. Not only that, about 90 percent of these loans are approved without a hitch. Lastly, these loans are generally funded in 48-96 hours after the approval. The approval rate for these loans is simply extraordinary and the best part is that from the moment you are approved, you’ll have the cash in hand in just 2-4 days.
That means you do not have to go through a painful prolonged loan process, either. The application is literally just one page and the only other thing is the last three to six months of banking statements would need to be provided. But, that’s all we need to begin the approval process on your loan – quite simple! These loans are most suitable for those that are in need a bad credit loan fast.
Typically when your business is stalling due to a lack of cash flow or needed to purchase equipment, this short-term business loan can get you the money you desperately need. These loans have a fixed capital cost and usually run from 4-18 months. 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.
Some Businesses We Collaborate With
Short-term business loans bad credit is accessible to a vast range of businesses and we have years of experience. Small, medium and large business all qualify for unsecured short-term loans. The following is just a small smattering of the types of businesses we have helped:
Automotive/Mechanic Repair Shops, Wrecking and Demolition, Car or truck Body Repair and Painting, Water Well Drilling, Taverns and Restaurants, Trucking, Beauty Shops, Tire Shops, Carpentry, Rigging and Scaffolding, Construction, Pest Control, Driveway and Parking Pavement, Masonry and Stone, Gasoline Service Stations, Interior Decorators, General Building Contractors and Home Health Service providers. There are a lot more company specific niches that can be serviced with business loans with bad credit. First Choice can help any business that meets the minimum requirements and has been experiencing some credit woes.
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 business cash advance: 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.
Deal with Dependable Bad Credit Business Loan Brokers Only
When considering whether or not to get bad credit small business loans, you should be very confident that you are dealing with a credible broker. There are many different lending institutions out there, so you have to navigate carefully to choose the right one.
It’s unfortunate when a borrower is declined caused by a broker providing erroneous relevant information to a lender. It is important that the brokerage firm has an in-depth understanding of the underwriting process. They should know their lenders well and have the opportunity to guide the borrower through the process. Brokers may also be able to syndicate deals, meaning more funding for your company.
That being said, you want to be sure your loan application is not shopped around. When your credit rating is subpar, the last thing you would like is it being lowered even further because of your broker’s activities. You want to choose a trustworthy company like First Choice Business Capital to make certain this does not happen.
If You Need a Bad Credit Business Loan, Call Us Without Delay!
There is no need to stall and wait for your credit score to build up again in order to apply for a business loan. It’s not necessary – so do not let this amazing opportunity pass you by. And don’t worry about collateral or losing your assets – you don’t need it to obtain these types of loans. Make a change for the better for your business by simply contacting us today!