There are numerous small business who require business funding with bad credit, obviously because they have bad credit. We provide small businesses like that with the funding they require, easily and in a hassle free manner. Banks on the other hand do not like to deal with small businesses, even with good credit scores, as they are considered to be a high risk investment for the banks. As a result of this, over 90% of all small business loan applications are rejected by the banks.
We provide small businesses with the funding they require, because our qualification criteria is completely different from those of banks. Typically, we have a list of very easy criteria making it possible for almost every small business to qualify. Mentioned below here are our easy criteria for small businesses, based on these you will be able to know if you qualify for the funding or not.
1. The owner of the business should not be in any form of active bankruptcy at the time of the application for the business funding bad credit.
2. The gross income of the business needs to be at least $10 thousand or over that amount.
3. The business needs to be at least 12 months old and a running business.
These are the very realistic and simple qualification criteria that we have, and as a result of this most small businesses are able to qualify for the funding they require.
The processing time that we can deliver the bad credit small business loans to you at the earliest is 48 to 72 hours. Generally, with normal processing time frames that would be within a weeks-time. On the other hand banks are in no hurry to provide small businesses with the funding that they require. Generally banks take a couple of months at the quickest, and a couple of months over that in case of delays. For small business owners who are looking for the funding quickly, the bank is not the quickest option available.
We do not require collateral either, as our funding is uncollateralized, and this is beneficial for small businesses who are not able to put up the collateral required by banks or other financial institutions. Banks do require collateral that is valued at twice the value of the applied for amount.
Also as a private lender we do not require high credit scores and that is the reason we provide bad credit business loans. We often work with businesses whose credit scores are in the low to mid 500s, and we do fund them. Banks on the other hand are very stringent with the credit score requirements that they have, and require the credit scores to be in excess of 700 or over that amount.
For more information related to the small business loans bad credit options that we provide, contact us. Our customer service team will provide you with the information you require and also assist you with the filling of the application form. Alternatively, if you would rather do it yourself, then simply click on the ‘apply now’ tab and fill in our simple application form.