Best Small Business Loans
If you’re a small or mid-sized business owner looking for a best small business loans for your businesses, then the best solution is to directly apply for a small business loans. The MCA loans or funding are very suitable for small businesses loan and enable them to qualify for such loans easily.
Qualification for small business Funding
The qualification process is exceptionally easy, with no collateral, no security and no personal guarantees required. In addition to that credit score is not an issue as well when it comes to approval for the small business loans. Even with a credit score in the mid-500s its absolutely possible to qualify, and receive funding.
There are some other features that are also associated with small business loans that make them appealing to small business owners. One of the outstanding features is the fact that these loans are processed exceptionally quickly, generally within 48 to 72 hours of receiving the loan application.
The term of an MCA loan is generally 12 months, and the amount that small businesses are approved for generally is in the range of 1 to 2 months of their gross sales. The reason for this is so that they are able to easily repay it also without defaulting or facing any severe financial pressure. Repayment instalments are kept to a minimum so that the payments are hardly noticeable.
Small Business Funding
If there is one thing about merchant cash advances, it’s that they are easy to get and are available quickly. These are the two biggest advantages of merchant cash advance loans for any small business who requires funding quickly.
Just fill in a simple application form, and submit the last 4 months of your business statements. Our requirements are simple for small business funding, and as follows; we don’t need excellent credit and work with less than average credit scores, we do not require collateral or any form of security either.
There are many other features that are also associated with the process of obtaining the MCA loan, which we will cover here. The criteria for an MCA are simple and these loans are specifically for those who will never qualify for bank loans.
Most people who require small business funding would like it with all the features that are associated with the bank loan however with the quickness and ease of an MCA. It doesn’t work like that, and undoubtedly there are many regions in which an MCA does not compare to a bank loan. However, this is where the business owners decides whether he can manage with or without the loan. Typically, an MCA is suited for those who are looking for instant funding and need it only for a short period of time.
Why small business find it difficult to get loans
Small businesses find it difficult to get small business loans from banks, not from private lenders. The reason for this is simple, banks are not keen on funding small businesses. The reason for this in a nutshell is banks consider lending to small business a high risk loan.
Banks have their own set of parameters and criteria that any applicant of a loan needs to meet to qualify for a apply for small business loan. Over the decades these criteria have been perfected by banks to reduce risk of bad investments. These updated and new parameters are tough for small business owners to meet in most cases.
A private lender such as Funding Easily, has a completely different set of criteria. Our terms are more reasonable for small businesses, and we do not require a lot of things that banks do. For example a bank will not entertain an application where the credit score is less than 700 or near about that. We on the other hand work with credit scores that are less than average also, in the mid-500s.
Small business can and do qualify for small business loans online,in the form of MCA loans easily, and the reason for this is the easy criteria, which are different from the bank. Our only criteria’s are that the business should be 12 months old, the owner of the business should not be in any form of active bankruptcy, and the gross income of the business should be at least $10 thousand.
What are the advantages or disadvantages of a private lender?
There are many who have divided opinions on whether private lending is good or bad. What this really depends on is the requirement of the small business applying for the small business funding. If they have been turned down by the bank and require the funds then this is the only option they have left.
Its not about good or bad, its about if a business owner can manage with what they are being offered or not. While we do agree that there are many excellent features that are associated with bank loans, such as duration of the loan and more, these loans are not available to most small businesses.
Banks small business loan companies have low interest rates generally associated with them, in addition to this there are other features such as the duration that the loans are given for. However, these loans are difficult to obtain for most small businesses. This is due to the fact that banks are very specific about what they require from those they fund. In actuality about 90% of all small business loan applications are rejected by the bank, leaving small business owners with little choice but the option that private funder present.
Definitely, the interest rates that private lenders offer are higher than those of banks, and they are determined by the risk factors that are associated with each individual small business.
What are the advantages or disadvantages of bank loans?
It would be difficult to say there is a disadvantage with a bank loan, the only problem as mentioned above is the fact that banks don’t want to give small business loans.
Getting approved for a business loan is what makes the process of getting a loan very difficult for small business owners. There are thousands of small businesses that find it very difficult to get approved by the bank, and this is due to the stringent requirements they have.
Typically, banks do now work with businesses who have low credit scores, and if the credit scores are not 700 or around that the application will be rejected. Many small businesses are not able to meet such requirements and this is the biggest disadvantage. In addition to high credit scores, banks also require collateral and security and evidence of a profitable small business who has a positive track record etc. These factors make the process of qualification for a small business loans USA through a bank tough for most small businesses.
More information related to an small business funding can be obtained by contacting us, our funding team will assist you with the application. Alternatively you can fill out the easy application form by clicking on the ‘Get Started’ tab.
Small business loans are our specialty. You too can Check out your options now