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Bad Credit Business Loans

Bad Credit Business Loans

If you have a poor personal credit history and need to get a business loan, the experience can be quite frustrating. Most lenders will reject you outright based on your low FICO score. But there are many small businesses with poor credit histories that are able to secure finance for themselves. They borrow money using what are known as bad credit business loans. There are a number of finance providers who provide loans to businesses based on factors other than their credit scores. Online lenders like Prosper, Kabbage and Dealstruck regularly provide bad credit business loans to small businesses that have credit scores in the range of 500. They use a number of other factors to take a credit decision. The cash flow that your business generates is extremely important. If you are able to show a lender that you have regular cash receipts, it is quite likely that your loan application will be approved despite the fact that you have a low credit score. The sales turnover and cash receipts that a small business generates are crucial to a lender that is extending a bad credit business loan. A higher turnover gives the finance provider the assurance that you are capable of repaying. Another option is to use a merchant cash advance facility. Specialized finance providers offer this form of form of bad credit business loan. Your business is given cash to be repaid from your future credit card sales. Obviously, this type of bad credit business loan is targeted at enterprises that have substantial and regular credit card receipts. Repayment of a merchant cash advance may be by a fixed percentage of your credit card sales. This amount will be directly paid to the company providing the loan. Alternately, a fixed amount may be paid from your credit card sales to the lender every month. Bad credit business loans generally entail payment of high rates of interest. This is because lenders need to factor in the greater risk of lending to businesses with low credit scores. While it is a fact that borrowers with poor credit scores will need to pay more for the loan they take, there is a wide variation in interest rates on various types of bad credit business loans. In fact, rates even vary greatly between lenders who cater specifically to businesses with low credit scores. If you have a low credit score and your only option is a bad credit business loan, it is advisable to shop around and compare interest rates and other fees before you decide on a lender. A little homework will go a long way in saving you substantial amounts of interest costs and fees.

With over 500 business lenders, you are sure to find one that can help your small business get the money it needs to succeed. Most of the lenders work with all types of business lending options and are flexible with the amount you may be asking for. Most times you just need to fill out a quick and simple loan application and you could get your money in as little as 24-48 hours. It’s time to see what your business can do!

Accountable Capital Corp.

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All Business Loans

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Better Loan Choice

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BuBu Financing

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Business Cash Advance

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Business Loans for Bad Credit

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Business Loans New York

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C4B Funding

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CapitalPlus Equity, LLC

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Cash Advance It!

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