The mix of business loans and bad credit ratings seems to be a bad one. After all, having a low rating usually means have poor loan terms, making the pressure of repaying the debt even greater. But, in fact, getting business loans with bad credit scores can be a very sound move.
Is your money shrinking and you feel like you need a business loan? Too many people feel the pressure of throwing together a loan package quickly. These are three identifiable and proven ways to improve your chances of getting a business loan.
Apply for a business loan with your business name instead of your given name: For instance, use your business loan, “Sarah’s Block Company” versus your given name – “Sara Smart.” The reason you need to apply for a business loan in your business name is because it is a business loan and not a personal loan.
Business loans for bad credit: Normally, these are two words that you will never see or hear in the same sentence unless, of course, they are followed by the word denied.
Business owners have long worried that their poor credit scores will inhibit them from getting money for their businesses, and this has been increasingly true. This can be avoided with a business cash advance. Interested business owners simply need to complete a short application, and provide their business cash advance lender with at least the four most recent months of their business’s credit card statements. Once the business cash advance has been approved, the account of their choice can be funded in as little as ten business days.
In the business world, business loans and credit both depend on and determine one another. For example, your credit score plays a major factor in whether or not you can get a business loan, and your business loan repayment habits can either increase or decrease your credit score.
The advantage is not always obvious with the act of taking on a new debt despite the pressure of existing ones seeming to be a step backwards. But the extra cash that is secured can play a key role in alleviating the pressure. The only trick is how to get approval with poor credit scores on a loan deal that is affordable.
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But there is a method of increasingly used business financing that ends the enmity between business financing and bad credit: The business cash advance. With a business cash advance, your credit report score is quiet virtually irrelevant. Your business cash loans are lent basing upon your business performance, not based on your personal financial history. Therefore, a business that processes at least $2,500 in credit card sales every month is eligible for a business cash advance if it has been in operation for at least four months, has one year or more remaining on its lease and its owner has no unresolved bankruptcies.
Now, when it comes to getting money for your business, the term “bad credit business loan” is no longer a paradox, because with a business cash advance, your personal credit score does not determine if, and how much money you can get for your business.