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 trying to find business loans in Sioux Falls, SD, but have bad credit? If you want an immediate and hassle-free resolution, First Choice Business Capital can assist you today! Here at First Choice, we understand the pain and frustration that getting denied for loans from traditional banks can cause. We know it can be so frustrating trying to get a traditional loan from a bank when your credit score is subpar.
How to Get a Business Loan With Bad 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! 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.There may also be other contributing factors at play, such as a tax lien against the company or a court judgment.
Working capital is the foundation on which a company operates. Since the market wreck of 2008, it has become very difficult for profitable businesses to get a bank loan. New regulations put into effect after the economic crash has made getting capital nearly impossible. The ones affected are the small and medium-sized entities, those employing less than 50 workers.
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.
Sioux Falls, SD, Bad Credit Business Loan Options
It is a shame that many folks do not know their options. But the good news is, they seriously are – and the best part is, they are unsecured! Even with bad credit and no collateral, businesses can acquire loans. These business loans are not just for certain types of companies, either. Business loans for low credit are provided for all sorts of businesses in Sioux Falls, SD. Some alternative finance companies offer business loans fast even though your business has bad credit, like First Choice Business Capital, which is pleased to offer loans in just 24 hours in many cases. Are you looking for small business loans, but have credit issues? First Choice understands this. We take pride in helping you solve your financial dilemma as quickly as possible, and we boast a high approval rate as well.
Unsecured, Short-Term Loans & Business Cash Advances
You may have heard of these types of different finance options, which are also called merchant cash advances or MCAs. These business loans are a true lifesaver for those companies that have been turned down by banking institutions because of their credit score. You do not even really need collateral in order to qualify for an MCA. We offer custom lending for businesses in all types of industries. The only qualifying criteria needed is that the business has been operating for at least 3 months and you’re depositing a minimum of 8-10 thousand dollars continually over the last 90 days.
What Are the Benefits of Merchant Cash Advances?
There are quite a few advantages to MCAs. One of the biggest perks about these types of loans is that as touched on earlier, it offers extraordinarily fast financing compared to that of a traditional bank. Many loans of this type are approved within as little as one day. You will not have to wait long for your money, either; most loans are financed less than four days shortly after approval.
The application is only one page and only the last six months of banking statements will need to be provided. That is all we need to begin the approval process on your loan. These loans are suitable for those that need a bad credit loan fast. Merchant cash advances are short-term business loans. They commonly run from 4-18 months and these loans have a fixed cost of capital. Payment options are flexible for these loans, and they can be paid either daily or weekly. Loan payments are made daily with the exception of Saturday and Sunday. Each month, there are customarily 20 to 22 payments for a merchant cash advance.
We Partner with Many Businesses
Short-term bad credit business loans are offered to a myriad of company niches. At First Choice, we have helped almost every kind of company. There is a variety of businesses that merchant cash advance companies like to work with. Some of the most common niches include: Automotive/Mechanic Repair Shops, Wrecking and Demolition, Car Body Repair and Painting, Water Well Drilling, Bars and Restaurants, Trucking, Beauty Shops, Tire Shops, Carpentry, Rigging and Scaffolding, Construction, Pest Control, Driveway and Parking Pavement, Brickwork and Stone, Gasoline Service Stations, Interior Decorators, General Building Contractors and Home Health Providers. Getting a business loan when your credit is insufficient can be had by these companies and many more. If you meet the criteria we talked about previously, First Capital can work with you.
Are You in One of These States? We Can Help!
Merchant cash advances are easily available 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 Consult with Respectable Bad Credit Business Loan Brokers
For companies with subpar credit looking to receive a bad credit small business loans, always check the reputation of the agent. 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 potential lenders.
Reputable brokers know finance and the underwriting system well. They know what it requires to get business backing. The amount of the credit could also be raised if the brokerage house knows how to syndicate the transaction. When brokerage houses can syndicate, they may have the chance to secure a lot more money on the loan. What you do not want is for the broker to shop your deal around. It should not be submitted to many lenders. You want to choose a respectable company like First Choice Business Capital to make sure this does not happen.
Got Bad Credit Business Loan Needs? Call Us!
Why wait for your score to get better? There are no concerns about collateral and this is a tremendous opportunity for your business to get the funds you need now, instead of later. All you have to do is fill out a simple, one-page application. Fill it out online or call us today!