Where to Get a Business Loan When You Have Bad Credit
For small businesses, the ability to borrow money is often what separates the successful from the unfortunate. Therefore, you may find it crucial to know where you can get a business loan when you have bad credit.
As any entrepreneur knows, the deck is already stacked against you when it comes to securing fast business funding. Getting a business loan when you have bad credit is even more difficult but thankfully, you do have options.
Is it Possible to Get a Business Loan When You Have Bad Credit?
Most small business owners believe that a bank is the only place to go for an instant business loan. However, studies have shown that only about 25 percent of small business owners who apply for a business loan get approved. The percentage is significantly lower for those who have bad credit.
At a bank, they look at your credit history very closely, in addition to your financial statements and amount of collateral. If everything is not in perfect order, you will not be approved.
Perhaps the most you will get from a traditional bank is a home equity line of credit. You can get your money, but you have to put your house up for collateral. This means that if you have difficulty with repayments, you could lose your business and your home.
Are There Alternatives for Getting a Business Loan When You Have Bad Credit?
Instead of going through the hassle and paperwork at banks, choose a cash advance company, like Financing Solutions (www.fundmypayroll.com). They can get you the cash you need now to maintain and grow your business.
Unlike banks, at Financing Solutions, they are accustomed to working with business owners that have bad credit. Owned by two serial entrepreneurs, they know firsthand the trials and hardships experienced by small business owners. As a result, they are willing to look beyond your credit score and consider other factors such as your current payment history and the strength of your business.
Best of all, with Financing Solutions, you can get immediate business funding in less than two days. It takes only 15 minutes to apply and you can receive an answer in a few hours. In fact, more than 90 percent of the businesses that apply are approved.
In addition, you won’t have to worry about making your credit situation worse. This type of funding will not negatively affect your credit score.
How to Fix Your Bad Credit
You already know that your bad credit is causing doors to be slammed in your face and ignoring the problem won’t make it go away. The best thing to do is work on fixing the problem.
First, it is important to keep track of your credit score and quickly resolve any discrepancies. Also, prevent any payments from getting to the collections stage, as this will negatively impact your report.
You can also try to consolidate any fast business loans you have. This will help you obtain a more manageable payment schedule and may get you a break on interest rates.
Another important step is to contact Financing Solutions. They will give you cash now to grow you business, even if you have bad credit.