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?
Are you searching for business loans but lack credit in Broken Arrow, OK? If you want an immediate and hassle-free approach, First Choice Business Capital can help you today! Here at First Choice, we understand the pain and aggravation that getting denied for loans from traditional banks can cause.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!
Can You Really Get a Business Loan When You Lack Credit?
The majority of companies today do not qualify for bank loans. In fact, studies have shown that only 30 percent of businesses would get approved!Bad credit can be the main reason for many denials, such as there might also be tax liens against the company, and court judgments can affect the outcome too.
Without proper availability to cash most businesses couldn’t keep their doors open for very long.
Following the economy collapsed in 2008, it has become extremely difficult for companies to secure loans. This is because new requirements have cut access to capital for many businesses.These requirements 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.High-risk lenders like First Choice Business Capital can absolutely provide quick approvals and no-nonsense funding solutions.By making use of the alternative money options available, it is true that a business with bad credit can get finances.
Bad Credit Business Loan Options
What most businesses don’t know is that unsecured short-term loans are readily attainable to them! But the good news is, they actually are – and the best part is, they are unsecured! Poor credit aside, you can secure business loans with subpar credit.
These business loans for insufficient credit are not just for certain types of companies, either, because we service many different types in Broken Arrow, OK. Do you need a small business loan, but your credit is a problem? First Choice understands this. We take pride in helping you solve your financial dilemma as quickly as possible, and we possess a high approval rate as well.
Unsecured Loans, Short-Term Loans & Business Cash Advances
Merchant cash advances like this are also termed an MCA. When a traditional bank turns down a loan, these can supply the money required to stay functioning. Since collateral is not mandated for a business cash advance, it is easier than ever to qualify.
We provide lending for an assortment of industries as well, so it is very likely we would be able to assist you. We do not deliver start-up loans, so you have to have a business that has been operating for a minimum of three months. In addition to that, we will need to see that you deposit a minimum of eight thousand dollars for the past three successive months.
Merchant Cash Advances Benefits
MCAs offer plenty of perks to all kinds of companies like yours. 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. As much as 90 percent of these loans are approved and you will not need to wait long for your money either; because most loans are funded less than four days soon after approval.
You will also need to provide bank statements from the last six months. That is all we need to begin the approval process on your loan. These loans are right for those that need a bad credit loan fast. A short-term business loan in the form of a merchant cash advance is most likely just what you need. These loans, which usually run from 4 to 18 months, have a fixed cost of capital. The payments are made daily or weekly from Monday to Friday. MCA loans usually have between 20-22 daily payments a month.
We Collaborate with Many Businesses
A vast array of businesses qualify for short-term business loans when they lack credit. Merchant cash advance companies like to work with all sorts. The following specific niches are just some of the businesses we work with: Beauty Shops, Tire Shops, Carpentry, Construction, Masonry and Stonework, Driveway and Parking Pavement, HVAC System, Gasoline Service Stations, General Building Contractors, Automotive/Mechanic Repair Shops, Wrecking and Demolition companies, Automotive Body Repair and Painting, Home Health Services, Interior Decorators, Pest Control, Clubs and Restaurants, Rigging and Scaffolding, Water Well Drilling and Trucking. These markets and more are suitable for businesses which want loans when they have bad credit. As you discovered before, the application process is easy and the criteria minimal. If you have credit concerns affecting your ability to obtain a loan, First Capital can help.
Are You in One of These States? We Can Help!
Merchant cash advances are accessible to business entities in the following states: 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.
Work Only With Legitimate Bad Credit Business Lenders!
For companies with poor credit looking to receive a bad credit small business loans, always check the reputation of the agent. Perform your due diligence while you wade through the loan possibilities that are available. Lot of times borrowers are accidentally declined based on providing the wrong information to the lenders. First rate brokers know loans and the underwriting process well. They understand what it takes to get business financing. 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 the brokerage firm is not introducing your deal to a wide variety of lending institutions. A borrower’s credit score can be adversely impacted when the application is shopped around to multiple lenders. Deals that are submitted in tandem like this can make your credit score take a downtrend 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. Picking a trusted lending house like First Choice Business Capital will save you this heartache.
If You Are In Need of a Bad Credit Business Loan, Do Not Delay – Contact Us Today
It takes a long time for your credit score to improve, so why let your business slow down because of it? Do not let this possibility to boost your business pass you by. And don’t worry about collateral – you don’t need it to obtain the loan. Fill out the short online application or call us now!