There are numerous small businesses that require bad credit small business loans , and we provide these in a very quick and hassle free manner to small and medium sized businesses. Providing funding to small businesses is not a problem with us at all. However, there are few things that we do ask of small businesses which will be beneficial to them. These are simply to be sure and decided about the funding, and the uses of the funding applied for. The better decisions are thought through and the better the planning behind those decisions, the more successful the planning and implementation of the plan. Small and medium sized businesses make up the majority of the economy, and we definitely want to see small businesses financially stable and successful always.
Banks on the other hand are simply not so keen on funding small businesses and consider them to be ‘risky investments’. Because of this, the qualification criteria that banks have are very stringent for small businesses. Most small businesses fail to meet these stringent criteria, and as a result they also fail to make the cut. As a result over 90% of all small business loan applications are rejected by the banks.
We do however provide small business loans no credit check to small and medium sized businesses. Our criteria are completely different from those of the banks, and as a result most small and medium sized businesses are able to qualify for the funding they require. Mentioned below here are our qualification criteria;
1. The gross income of the business needs to be at least $10 thousand or over that amount.
2. The owner of the business must not be in any form of active bankruptcy at the time of the loan application.
3. The business must be at least 12 months old, and it also needs to be a running business.
These are the criteria that we have, and based on these simple criteria any small business owner can ascertain for himself or herself whether they qualify for the funding or not. Also mentioned below here are the other features that make the entire process quick and hassle free, which are of great benefit to small businesses.
The processing time frames that we have are very quick and at the earliest we are able to provide small and medium sized businesses with the funding that they require within 48 to 72 hours from the time of the application. At the most we would take a week to ten days to provide the bad credit small business loans. Banks on the other hand will not provide the funding that quick, and will take at least a couple of months, this is because they have a lot of paper work associated with the application.
The credit scores is also not a hurdle with us, we often work with credit scores of small and medium sized businesses whose credit scores are in the mid to low-500s, and we do provide them with small business loans for poor credit. The reason we work with any credit scores is because these are not part of our qualification criteria. Banks on the other hand do require high credit scores and these are part of their qualification criteria, banks on the other hand do require very high credit scores. The preferred credit scores that banks require is in the 700s.
We do not require nor ask for collateral and security, the reason is again because these are not a part of our qualification criteria. The funding that we provide is uncollateralized funding and this is very helpful for many small business owners. Many small businesses do not have the collateral available to provide even if they are approved for bank loans.
For more information related to the online business loans contact us. Our customer service team will provide you with the information you require and also provide you with assistance in filling up the application form. Alternatively, if you would rather fill in the application form yourself, simply click on the ‘get started’ tab and fill in your details.