There are numerous small businesses whose credit scores are not the best, and realistically speaking have poor credit, or damaged credit. However, this does not mean they do not require small business loans bad credit. The facts as they stand is that banks will not lend to small businesses with damaged credit scores.
As a private lender Funding Easily is one of the premium lenders who provide small businesses with the funding they require. The loans that we provide are based on various parameters that are completely different from the banks. Not only are the differences in credit score requirements but also in other features as well which we will cover here.
Our qualification criteria are easy and practical, and are mentioned here below;
- The owner of the business must not be in active bankruptcy of any kind during the application process.
- The business needs to be at least 12 months old and a running business.
- The gross income of the business needs to be at least $10 thousand or over.
Now these qualification criteria that we have mentioned above are completely different from the banks. They are simpler and enable most small business owners to not only apply for quick business loans but also do so without a hassle.
We typically do not require credit scores as a part of the qualification criteria that we have, as you can see our qualification criteria mentioned above has no mention of credit scores. This is because we are able to ascertain the risk factors associated with the small business based on the existing criteria mentioned above.
If you have poor credit scores then you cannot apply with the bank. Typically, the first criteria of banks is a good credit score. As a result of this criteria almost 90% of a small business loan applications are rejected by banks. Banks require an above average credit score to work with and generally prefer it to be around about the 700s or above to consider the application for funding.
We work with businesses whose credit scores are below average, and in the mid-500s and even lower, and we still do fund them. This is because as we have stated our funding is small business loans no credit check.
The time frames that are associated with the business funding with bad credit is also very quick. And we are able to provide the funding to the small business at the quickest within 48 to 72 hours. On an average the time frames required are about a week. Banks on the other hand are in no rush to provide small businesses with the funding on a quick basis.
For more information related to small business loans no credit contact us. Our funding team will provide you with the assistance you require with your application. Additionally, you can click on the ‘apply now’ tab and fill in the application form yourself.