Business cash advance Bad Credit

business cash advance bad credit

For many businesses getting a business cash advance bad credit is next to impossible, because they may have poor credit as a result of some financial error in the past. These errors can’t be fixed in many cases if the business does not have access to business cash advance bad credit. As a result of this many business owners believe that applying for a business loan is useless or next to impossible to qualify for. Not so as you will read here.

While banks may not be the best option for people with damaged credit to obtain funding. There are various forms of business cash advance bad credit that are easily available. These forms of cash advances are simple and easy to qualify for, even with poor credit scores in the mid-500s, and they do not require security, collateral and personal guarantees.

All a business needs to do to qualify for such a private loan from a private lender such as us, is be in business for over 12 months at least, and they should have a minimum gross sale of over $15 thousand. Also the business owner should not be involved in active bankruptcy.

Banks do not give out funding to small businesses easily, even those businesses who have a credit score of over 700. The reasons for this is simple, banks have criteria which need to be met, and these criteria have been developed over decades. These criteria are primarily to protect the banks investments against losses, and banks do not view small businesses as very secure investment options instant small business loans.

Taking this into consideration, the ground reality of the situation is that banks reject over 90% of all business cash advance applications that they receive. The criteria are extremely difficult for small businesses to qualify for and are very well suited to large businesses. Typically, it would be difficult for a small business cash advance to show strong monthly income and deposits month after month, in addition to a high credit score over 700, and excellent profit and loss statement, in addition to strong personal financials of the business owner as well.

To apply for a business cash advance bad credit with a private lender, all a business owner needs to do is contact us. Our funding team will provide them with all the information they require, and assist them with the application process if required. The quickest a cash advance can be processed is 48 to 72 hours from the time of application.

Business Cash Advance Loans

small business cash advance

The primary reasons to apply for a private business cash advance loans are if a small business needs to funds urgently and the bank is not willing to fund them; and if the business requires the money very quickly.

Normally, banks even if they do fund a small business would take their time to do so. A private lender generally accomplishes the same in record time because their requirements are very different from the bank.

Another possible reason for a private small business cash advance loans is if the small business cannot meet the criteria of the banks. Banks have a lot of stringent criteria, and due to this banks end up rejecting over 90% of all business cash advance bad credit applications. Many small business owners don’t stand a chance with the banks are private funders are the only viable option available to them. It’s for reasons such as this that private lenders fund thousands upon thousands of small businesses every year.

What are the advantages or disadvantages of working with a private lending?

Advantages and disadvantages of working with private lenders is based on the perspective of the small business in need of the funds. Typically, small business funders provide business cash advance bad credit loans mostly to those small businesses that are turned down by the bank, which is about 90% of all applications.

The business cash advance bad credit provided by private funders are different from those provided by the banks. Typically, private lenders do not provide term loans under normal circumstances, and prefer to work with short term loans of about 12 months.

Banks on the other hand do provide terms loans with low interest rates, which is ideal for most small business owners. However, the problem small business owner’s face with getting a business cash advance loans from the bank is the criteria that banks have. These criteria are so stringent that most small business would need to carefully plan their finances to be able to qualify for the loan.

Small Business Cash Advance

business cash advance loans

There are no advantages and or disadvantages, private funding is based on need of the small businesses. If they require a small business cash advance loans urgently and for a short duration of time, generally not over a year, then private funding will be a good fit for their requirements.

What are my funding options?

The business cash advance in USA options that a small or medium sized business owner has is either bank funding or private funding. There are advantages with bank funding, typically longer terms and lower interest rates. There are disadvantages also, its almost impossible to get approved and if one is the process of receiving the funding is slow.

With a private lender the possibility of getting approved is far higher for a business cash advance loans, the interest rates are also higher and the processing time is a lot less.

Those who opt for private business cash advance funding do so because they are well aware that the option of the bank is almost closed off to small business. Generally, banks prefer to lend to big businesses or to corporate, and their criteria are designed so.

Why shouldn’t I apply to the bank for a business loan?

Many small business owners who have not applied to the bank feel this way, why not apply to the bank? However, it’s not for us to say don’t apply to the bank, if a small business can qualify for a bank business cash advance loans then it would be a good deal. This is not to say that private lenders offer bad deals, however the packages that private lenders offer are very different from what banks offer.

The reason so many small businesses apply for business cash advance bad credit through private lenders is due to the fact that they require the funds, private lender terms and interest rates are different from banks and those who take the funding are able to work with the terms of private lenders such as us. These are some of the primary reasons, in addition to the fact that most small business who apply for private funding have been rejected by banks and know that that option is no longer on the table for them.

We can help you get cash advance for your business. Check out your options now