Small Business Loans with a Bad Credit Score
For small business owners who require a bad credit small business loans, we provide them with that. Providing quick funding is not a problem for us, and neither are most of the other formalities associated with funding. We provide the funding very quickly and in a hassle free manner, so what the business owner really needs to be is ‘decided’. The reason we ask small business owners to be decided is for various reasons. The spine of the economy is dependent on small businesses, the stability and financial success of small business is the stability and success of the overall economy as well, as a rule. Taking all this into consideration, it becomes clear that small businesses are very important to the overall economy.
Banks are not interested in funding small businesses, and as a result they have very stringent qualification criteria for small businesses. Due to the stringent qualification criteria that banks have, most small businesses are unable to meet the requirements, and as a result over 90% of all small business loan applications are rejected by banks.
We do provide funding to small businesses and our qualification criteria are completely different from those of the banks. Our criteria are simple and based on these most small businesses are able to easily qualify for the funding that they require. Mentioned below here are the criteria that we have;
1. The business should be at least 12 months old and it should be a running business.
2. The owner of the business should not be in any form of active bankruptcy at the time of the loan application. If they were previously, they should be discharged from it.
3. The gross income of the business needs to be at least $10 thousand or over that amount.
These are the basic qualification criteria that we have, and based on these any small business owner will be able to ascertain for themselves whether they qualify for the funding or not. Also mentioned here are the other features that we have that are designed to provide you with a quick and convenient experience.
The processing time frames that we have are very quick, and at the quickest we are able to provide small businesses with the funding they require within 48 to 72 hours from the time we receive the completed application. At the most we would take up to a week to ten days business funding with bad credit, not over that. Banks on the other hand do not provide small businesses with the funding they require so quickly. And due to their stringent qualification criteria that they have, they require a fair amount of time to go through the mountain of paper work they request. At the earliest one could assume the banks will take a couple of months.
We also do not require high credit scores as these are also not part of our qualification criteria. As a result we often work with small businesses whose credit scores are in the low to mid-500s and we do still fund them. Banks do require high credit scores as it is one of the basic qualification criteria they have, and they would prefer to work with businesses whose credit scores are in the 700s.
Collateral is something else that we do not require, and this is a very good thing for most small businesses as there are numerous small businesses that do not have the collateral if required. Banks do require collateral and do not provide small businesses with loans sans capital. They prefer real estate as collateral and the value of the real estate should be valued at twice that of funding amount required.
We will provide you with the additional information you require and also assist you with the funding application. Contact us when you’re looking for business funding quickly and well fill up an application for you. Alternatively, you can click on the apply now tab and fill in the details yourself as well.