Business loans for bad credit – get a small loan for poor credit

 

Getting a loan from conventional banks can be a challenge especially if you have a bad credit history. Lenders are looking for ways to reduce risk, and they do this by denying loans to businesses with bad credit history.

We understand how frustrating this can be. That is why we can connect you with lenders who can grant your business with loans even when you have bad credit. Getting a business loan can help your company handle an emergency credit crunch. Instead of issuing bounced checks, choose a business loan for bad credit and save your credit rating. The request process is simple and straightforward and you should have your money as soon as possible.

How to apply for a business loan with bad credit

According to the FICO, a business with a bad credit score is between 300 and 629. These businesses are considered to be of higher risk and have higher chances of default. With a bad credit score, your chances of getting a loan are significantly reduced. These rules lock out many startups that have not been running for an extended period before acquiring a good credit rating.

We can connect you with lenders who will not look at your credit history but will look at the business potential to repay its loans. This is often based on operating history strength.  Our lenders can provide working capital loans for business with bad credit.

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Your turnover is a gateway to a small business loan with no credit

We understand that your business has not been operation for a very long time. Which means you may not have the collateral to negotiate a loan. That is why we will connect you with reliable lenders who will study your business income and grant you a business loan for bad credit. This will enable your company get the necessary working capital to run their operations efficiently. The lenders look at a healthy turnover as an ability to repay the loan.

Tailored loans

If you have a healthy business turnover, the lenders will overlook your credit history when issuing the loan. If you have some assets, the lender will do a valuation of them to determine how much you will receive. The strength of your assets can drastically reduce the risk to the lender who in turn reduce your interest rate.

Lenders may also advance you a business loan based on business debts on invoices. Invoice financing lets you cater for your working capital needs while you wait for debtors to settle their accounts.

business loan calculator

Why apply for business loans with bad credit

Businesses need money to grow, and your company is no different. Your bank may be reluctant to lend you the funds that you need due to bad credit. We understand the predicament your business is in. That is why we can connect you to many lenders who will study your business cash flows and come up with a favorable solution. Many business owners choose our loans for the following reasons.

Fast cash

When you are operating a business, you need emergency cash fast. With our team of lenders, you can get your cash as soon as possible or by the next business day. This will enable you to meet your short-term capital needs.

Poor credit scores

business loanIf you have low credit scores of below 500, you may realize that it is difficult to acquire a business loan from a conventional bank. This can be frustrating. That is why we give loans to businesses with low credit scores. We do this by studying your financial statements and looking at the business potential.

Simple application process

As a business owner, you do not have the time for a lengthy loan application process. With conventional banks, your loan application may take weeks for it to be approved. And after waiting for that long, your loan application may still be declined. With business loans for bad credit, you have a simple application process that saves time. The lenders will look to check your cash flows before approving your loan.

24/7 online applications

One of the drawbacks of getting a loan from a bank is that the bank is only open during specified business hours.  This may inconvenience you because you need the loan as soon as possible. With online business loans, you can submit your loan application at any time during the day. This gives you the flexibility to handle your emergencies as they occur.

Unsecured loans

With business loans for bad credit, you do not need to provide collateral in order to get a loan. These unsecured loans are ideal for businesses that need working capital to run their businesses. The application is very transparent as we will match you with a lender who understands your needs. You should, however, not replace our loans for long-term financing. The lender, instead of collateral, looks at the cash flows of the business before determining the loan amount. Businesses that have healthy financial statements can get bigger loans.

small business loan

Why should you select business loans for bad credit?

You should note that many new businesses collapse within the first years of starting. Some of the reasons include poor management, lack of customers, poor understanding of the market and low capital. We do not want your company to collapse due to funding issues. That is why we connect you to lenders who offer working capital for business with bad credit. The loan will help keep your company afloat as you seek alternative sources of funding. You should, however, be familiar with the dangers of taking out too much debt in the business.

Business loans for everyone

The business loans that we offer are suitable for everyone irrespective of their credit scores. If you have a company that is making revenue, you may qualify for any of our lender loans. The biggest problem with conventional banks is that you need to have an established long-term relationship with them for you to qualify for a loan. With our lender loans, any business can apply. However, the right to accept and reject the loan is at the discretion of the lender.

Final Thoughts

Businesses need capital for growth. Many of startups have not had the time to boost their credit ratings. This makes it impossible to get loans from conventional banks. This is where we come in. We can connect you to top lenders who will verify your application and give you the much-needed cash as soon as by the next business day. You do all this online in a simple and straightforward process. The business loans offered are available even to people with bad credit.

Customers should note that short-term loans are not permanent solutions to solving capital shortfall challenges. While we connect you with lenders, the discretion to grant a loan or reject it is solely the lender’s prerogative – we do not influence this decision. Say goodbye to tedious loan processes and get yourself a business loan with bad credit.