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 in Schenectady, NY – Is it Really Possible?
Bad credit business loans are not a myth. At First Choice Business Capital, we can help you get the funds you require in Schenectady, NY. We understand that having a less than stellar credit score can hamper your chances for a business loan from traditional banks.
Getting 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 find yourself in the majority. We pride ourselves in really helping companies get the funds they need, regardless of what your credit history looks like, and we have many alternatives that we can make available.Poor credit alone is one of the main reasons that banks deny business loans. A company may also have a court judgment against it, or there may be tax lien issues.
Working capital is the foundation on which a company operates. Once a business is denied a loan, it often gives up all hope for funding. When the economic climate tanked in 2008, businesses suffered. Since then, getting a bank loan has become much more difficult. There are new regulations in place that make the task even more challenging than it was before the collapse.The companies affected by these are not large corporations, but those with under 50 employees. This situation is a burden to those needing funding, but it has opened the doors for alternative finance companies to step in to provide much-needed services.
There are solutions for business cash advances from institutions like First Choice Business Capital. We provide no-nonsense loans and offer a quick approval process. No matter what you may have heard, it is certain that there are other options easily available for businesses beyond regular banks when credit is an issue.
Options Are Available in Schenectady, NY, for Subpar Credit Business Loans
It is a shame that many folks do not know their options. Unsecured, short-term loan options do exist for companies in your position! There are still loans on call for your needs. That is completely correct. Subpar credit aside, you can obtain business loans with poor credit. Less than excellent credit does not equal a denial. We provide business loans with poor credit.Many different types of companies can get business loans for bad credit with the options we offer. Small business loans bad credit – really? Yes, you’re really not dreaming! You don’t need the money next week. You need it now. First Choice understands that when businesses are searching for working capital, they ordinarily need as quickly as possible, which is why we pride ourselves on getting speedy approvals with a significantly high percentage approval history for businesses that apply for a business loan.
Business Cash Advances, Short-Term Loans and Unsecured Loans
These kinds of alternate lending are often referred to as a merchant cash advance, also known as an MCA. These poor credit business loans are perfect for the majority of businesses that just can’t get more traditional financing due to their bad credit history. No collateral is needed to qualify for a business cash advance, which makes it maybe even easier to qualify for a loan if you’re a business with horrible credit.There are funding options for all sorts of companies; so no matter what profession you are in, we can help. If you have deposited in between 8 and 10 thousand each and every month for the last three months, and have been in business for at least that amount of time, we can really help you!
What Are the Positive Aspects of Merchant Cash Advances?
MCAs offer many advantages to all kinds of companies like yours. One of the biggest perks about these types of loans is that, as stated before, it delivers incredibly fast loans compared to that of a traditional bank. Most loans of this type are approved within as little as one day. The approval rate for these loans is incredible. In fact, over 90 percent of applications are approved! The best part? Soon after approval, you will have the cash you need within 48 to 96 hours.
You do not have to go through a prolonged loan process, either. The loan approval process is speedy and easy as well. All you need to fill out is a simple one-page application form. You should also be prepared to produce the last six months of business bank statements. That is all we need to begin the approval process on your loan.
These loans are ideal for those that need a bad credit loan fast. Merchant cash advances are short-term business loans. They commonly run from 4 to 18 months and have a fixed cost of capital. You can make your payments by the day or by the week. Daily payment loans are every business day. With an MCA, there are usually 20-22 payments each month.
We Deal with Many Businesses
Short-term business loans bad credit can be received by many types of businesses. A merchant cash advance company like First Choice will not discriminate based on business type. The following particular niches are just some of the businesses we work with: Home Health Companies, HVAC, 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, Clubs and Restaurants, Beauty Shops, Carpentry, Construction, Driveway and Parking Pavement, Gasoline Service Stations and General Building Contractors. Any of these companies and many more can get business loans with bad credit. First Choice coordinates with any company that is suffering due to bad credit and meets the minimal criteria set forth earlier.
States where We Do Business
Merchant cash advances are provided to business entities 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.
Only Work with Professional Bad Credit Business Loan Brokers
It is vital to simply work with reputable suppliers, when trying to obtain bad credit small business loans. It may be quite tricky figuring out which institution to use, and there are many. Not every company in the business of lending subprime loans will have your best interest in mind, so it is best to perform due diligence.There are also times when borrowers are turned down because the brokers provide the wrong information to prospective lenders Respectable brokers know finance and the underwriting process well. They know what it takes to get business capital.
The amount of the credit could also be raised if the brokerage house knows how to syndicate the transaction. You will also want to ensure that the brokerage firm is not introducing your deal to a wide variety of lending institutions. A borrower’s credit score can be negatively influenced when the application is shopped around to multiple lenders. When an application is shopped around, it can damage your credit score even more. Choosing a trustworthy alternative lending organization like First Choice Business Capital will protect you from this.
If You Are In Need of a Bad Credit Business Loan, Do Not Delay — Contact Us Today
There is no need to wait for your credit score to strengthen to apply for a business loan. You don’t have to let any business potential pass you by, and don’t have to turn over your personal belongings or property to use as collateral for a loan. 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!