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 fill out the online application now!
A Business Loan With Bad Credit in Kent, WA – Is it Really Doable?
Bad credit business loans actually do exist, you just have to know where to go. At First Choice Business Capital, we can help you get the extra money you really need in Kent, WA. Traditional banks often turn down funds to businesses that do not have good credit, which causes much frustration to the owners. We understand your pain. Regardless of a bad credit history, we have many business funding options available, such as cash advances, short-term loans and much more.
Here is Some News About Getting a Business Loan with Bad Credit
If you believe you are alone in this circumstance, you may be surprised to know that you are not. Recent studies have even shown that under a third of businesses could be approved for a loan from a traditional banking institution.Banks deny loans for many reasons and it’s no surprise that bad credit can be the main reason for many denials. Also, companies that have a judgement or lien set against them will have difficulties getting a bank loan. Unfortunately, once a business gets denied for a loan, they often give up all hope for funding.
A business surely can not keep its doors open without a cash flow. The economy collapsed in 2008 and ever since then, it has become terribly challenging for companies to secure loans.New regulations enforced after the economic crash has made getting hold of capital near impossible. These new rules apply to small and medium-sized entities. This means that those companies with under 50 employees are the ones affected.This is quite the dilemma, yet it has opened the market up for different lending options.
If you are interested in a lending solution that does not take the traditional route, a high-risk lender like First Choice Business Capital can provide the money you need, faster than you ever thought possible. By using the different financing options available, it is true that a business with bad credit can get a loan.
Business Loan Options Bad Credit in Kent, WA
It is a pity that many folks do not know their options. Unsecured short-term loans are attainable to businesses a lot like yours! It could be that you are fearful because you have no collateral and poor credit. Even with bad credit and no collateral, businesses can acquire loans. Furthermore, you can get bad credit business loans fast and that’s no misrepresentation.
First Choice Business Capital can not only deliver you the finance you need but provide loans fast. Many times, backing occurs in only 24 hours. You will be putting that money to work much faster than you ever thought achievable! Small business loans bad credit? Not a problem at all! First Choice understands this. We take pride in helping you solve your financial emergency as quickly as possible, and we possess a high approval rate as well.
Short-Term Loans and Business Cash Advances
These types of offerings are known as a merchant cash advance (MCA). These business loans are sometimes the only factor standing between a company continuing to be open or closing for good. Poor credit business loans are a true lifesaver for those companies that have been turned down by banking establishments because of their credit score. You do not even really need collateral in order to qualify for an MCA. We provide lending for an assortment of industries as well, so it is absolutely probable we would be able to assist you. If you have deposited about 8-10 thousand dollars every single month for the last three months, and have been in service for at least that amount of time, we can really help you !
What Are the Strengths of Merchant Cash Advances?
There are quite a few advantages to MCAs. A big perk of this type of loan is that it can be funded in a fraction of the time of a traditional banking loan. The majority of 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? The moment you are approved, you will have the cash you need within 48-96 hours. You do not have to go through a very long loan process, either. The procedure to get approved is easy, too. The application form is only one page.
However, have your business’s last six months of bank statements ready, too; because this information can help us speed up the process. A merchant cash advance is an ideal solution for companies that need cash in a flash and can get you working again. These loans are generally paid back in fewer than 18 months, some as little as four 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.
We Partner with All Types of Companies
Short term business loans bad credit can be secured by many types of businesses. A merchant cash advance company like First Choice will not discriminate based on business type. Here are just a few we have worked with: Automotive/Mechanic Repair service Shops, Auto Body Repair and Painting, Night clubs and Restaurants, Beauty Shops, Carpentry, Building and construction, Driveway and Parking Pavement, Fuel Service Stations, General Building Contractors, Home Health Professionals, HVAC, Interior Decorators, Brickwork and Stone, Pest Control, Rigging and Scaffolding, Tire Shops, Truck, Water Well Drilling, Wrecking and Demolition companies and more. These sectors and more are suited for business loans with bad credit. 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!
If your business is in one of the following states, we may be able to help you with a 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.
Working With a Trustworthy Finance Broker of Business Loans for Bad Credit
It is critical to just work with reputable suppliers when trying to attain bad credit small business loans. It could be quite challenging deciding which institution to go with, and there are lots out there. There are numerous different lending institutions, so you have to navigate carefully. There are also times when borrowers are turned down because the brokers provide the wrong information to potential lenders Decent brokers know financing and the underwriting process well. They know what it requires 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 the brokerage firm is not showing your deal to a wide variety of lending institutions. A borrower’s credit score can be adversely influenced when the application is shopped around to multiple lenders. Choosing a reliable alternate financial company goes a long way in making sure this does not occur. First Choice Business Capital knows this, and would refrain from doing anything to damage our client’s credit further.
Got Bad Credit Business Loan Needs? Call Us!
Why wait for your score to get better? This is a tremendous opportunity for your business to get the business loans with poor credit you need now, instead of later. Do not let it pass you by. And don’t worry about collateral – you don’t need it to obtain the loan. Change the direction of your business by getting in touch with us right now!