We provide small businesses with bad credit small business loans and the entire process that we have is quick and hassle free for small business owners. Approving the applications and providing them with the funding that they require is easy and simple process. However, we do require all small business owners to be ‘decided’ about the funding they are taking. The reason for this is because small businesses comprise 99.7% of all businesses in the United States. For this reason alone its crucial for small businesses to be financially stable and profitable for the health of the overall economy.
Banks are not in favor of funding small businesses as they consider these to be high risk investments. As a result of this, the qualification criteria that banks have is extremely stringent, and difficult for small businesses to qualify for. The overall funding criteria that banks have result in over 90% of all small business loan applications being rejected.
We provide small businesses with the funding they require and our qualification criteria are completely different from those of the banks. As a result of that, small businesses are able to qualify for bad credit business loans due to our easy to meet criteria. Mentioned below here are our qualification criteria, and by simply looking at these, any small business owner will be able to tell for themselves whether they qualify for the funding or not.
1. The business needs to be at least 12 months old and it needs to be a running business.
2. The owner of the business should not be in bankruptcy.
3. The gross income of the business must be at least $10 thousand or over that amount.
These criteria that are mentioned above here are the simplest possible criteria that any business owner can imagine, and these are a lot simpler than the criteria that banks have for small businesses. Also mentioned below here are the other features that make the entire process hassle free and simple.
The processing time frames that we have are very quick due to the simple criteria that we have. At the quickest we can provide a small business with the funding within 48 to 72 hours from the time we receive the completed application. At the most we will take not over a week or ten days. Banks on the other hand due to their stringent qualification criteria, and requirements for tons of paper work do require a lot more information and paper work, significantly slowing down the entire process.
Also the credit scores are not very crucial to us for approving a small business for the funding that they require. We often work with businesses whose credit scores are in the low to mid-500s and we do provide them with the instant small business loans. Banks on the other hand will not do this as one of their primary requirements is a very high credit score, preferably in the 700s.
Collateral is another feature where we do not require it, as our loans are unsecured loans or uncollateralized loans. This is a very helpful feature for small businesses as many small business owners do not have the collateral required to show the banks or other financial institutions. Typically the value of the collateral needs to be double the value of the funding.
For additional information related to the business loans for poor credit contact us. Our funding team will provide you with the information you require, and also assist you with the application form. Alternatively, if you wish you can click on the ‘apply now’ tab and fill in the details yourself.