Poor Credit, You Can Still Get a Business Loan
There are numerous reasons why someone could have poor credit. No matter what the reason, as a business owner, the time will come when you need financial assistance. You may be surprised to learn that even with poor credit you can still get a business loan.
It used to be that if you had bad credit and needed a business loan, you were simply out of luck. Now, there are numerous programs that may help you get the fast cash you need to grow your business.
Options Available for a Business Loan with Poor Credit
For business owners with bad credit, going to a bank for a business loan may be a waste of time. In most cases, if you have a bad credit score, you will be charged hefty fees along with your bank loan. This is due to the fact that banks consider you a high risk for not repaying the loan, based on your history.
If you own your home, you may be able to obtain a home equity line of credit. This requires that you put your home up for collateral to cover the amount of the loan. However, if you have any difficulties with repayment, you could lose not only your business but your residence as well.
A quick online search will show several companies promising to help entrepreneurs with bad credit get a business loan. Nevertheless, you should be aware that they are not all created equal, so while you might be on your way to getting a business loan, your credit score could still be negatively affected.
An Easier Way to Get Fast Business Financing With Bad Credit
These days, it seems like everything is tied to your credit score. Having poor credit makes it almost impossible to rent an apartment, purchase big ticket items or get insurance. To top it off, now it is difficult to even get a job if you have a low credit score, trapping you in an endless cycle of bad credit. It can make you feel like an outsider.
Thankfully, there is at least one company in your corner; Financing Solutions (www.fundmypayroll.com). They are experienced in working with business owners who have bad credit and will work to get you the fast cash you need right now.
If you have been in business at least two years, you can apply for instant business funding from Financing Solutions. Unlike banks or other lenders, they will consider other factors to determine your eligibility, such as whether you have currently been paying your bills on time and if your credit score is improving.
Other Tactics to Try for a Business Loan with Bad Credit
It is important to know that banks are not the only option for a business loan. Some people have other sources they might be able to tap into.
In some instances, you can try to find someone to co-sign a business loan for you. There could also be business associates who might be willing to help. Also, friends and family may be able to provide you with quick business financing.
For those of you who don’t have rich friends and relatives, there is Financing Solutions. Think of them as your understanding, wealthy, distant cousin who can provide you with immediate business financing when you need it.