Bad Credit Small Business Loans For Small Businesses

There are numerous small businesses who are looking for small business loans, without good credit scores. We provide small businesses small business loans for poor credit without a hitch, our process is simple practical and quick. Banks on the other hand do have some hang-ups when it comes to providing small businesses with funding, and this is because small businesses are considered to be high risk investments. Due to this reason over 90% of all small business loan applications that banks receive are rejected.

We provide small businesses with the loans they require, and our qualification criteria are completely different from those of the banks. Our criteria are simple, practical, and reasonable and as a result of this, almost all small businesses who require the funding also qualify for it. Mentioned below here are the basic criteria that we have, and based on these criteria a small business owner will be able to tell if they qualify for the small business line of credit bad credit or not.

1. The owner of the business should not be in any form of active bankruptcy at the time of the loan application.
2. The business should be at least 12 months old and a running business throughout and also running at the time of the loan application.
3. The gross monthly income of the business needs to be at least $10 thousand or over that amount to qualify for the funding.

These are the simple and easy criteria that we have, and as a result of these criteria most small businesses are able to qualify. However, there are yet more features associated with the funding that we provide that go on to make the entire process a quick and hassle free experience for the customer.

The processing time frames that we have to provide small businesses with small business loans no credit checks is very quick. We can get the funding to you as quickly as 48 to 72 hours from the time of the loan application. At the latest we will provide you with the funding you require within a week to ten days, not over that period of time. Again, here banks are in no hurry to provide small businesses with the funding they require, and as a result the least amount of time that a bank will take is at least a couple of months or over that period of time.

The credit scores of the applicants business do not impact the loan, as a a result we work with many small businesses whose credit scores are in the low to mid 500s, and we do provide them with small business loans no credit. This is not something that any one should expect from the banks also, banks do require high credit scores and would prefer to see credit scores that are above average, and also in the 700s range if possible.

We also do not ask small businesses for collateral and security to provide us with the funding they require. This is a very big advantage for small businesses, as many of them do not have the necessary collateral required. Banks on the other hand do require collateral and security from small businesses, and the value of that needs to be double the value of the funding always.

For more information related to the bad credit small business loans that we provide, contact us. Our funding team will provide you with the information you require, and also assist you with the application for the loan as well. If you would prefer to fill in the application online, simply click on the ‘get started’ tab and fill in the application form yourself.

This article was written by Sophia Williams for Funding Easily, a private business loan provider. The content of this article underlines necessary information for small business owners with accurate and clear material related to merchant cash advance loans. You can visit the Funding Easily website at https://fundingeasily.com/bad-credit-small-business-loans/, and can reach via our website.

How Do Bankruptcy Loan’s Requirements Work?

Bankruptcy Loans have certain requirements that affect all the loan terms in diverse ways. However, certain loan requirements affect particular loan terms significantly more than others. Knowing this will help you understand which type of loan you can request and what loans you have more chances of getting approved for.

Bankruptcy loan’s qualification is not an easy task. You need to overcome serious lender’s wariness about your ability and disposition for repaying the loan you are requesting. At this stage, you need to make no mistakes, your behavior has to be stainless and you need to show the lender that the past problems that led you to bankruptcy exist no more.

Earnings & Loan Installments

Your income will determine the amount of the loan installments you can cope with. The amount of the installments will never exceed 40% of your income. Thus, if your income is limited, you’ll need to reduce the monthly payments either by requesting smaller loan amounts or by extending the repayment period.

While lowering the amount of money you request will save you money on interests (though it may not provide you with all the finance you need), extending the repayment program will increase the amount of money you’ll spend on interests and it is not always feasible on bankruptcy loans due to the higher risk it implies.

Credit Score & Loan Amount

Your credit score will determine approval but it also determines the amount of money you can request. The lower your credit score, the less loan amount you’ll be approved for. This is due to the fact that your credit score is directly associated with the risk involved in the financial transaction and thus, the lender won’t like to endanger large amounts if he is not certain you’ll be able to repay the loan.

Though income is also related to loan amount, it has a more direct inference on the amount of the loan installments. As long as you repay the loan, the lender won’t mind extending the loan repayment program so you can afford the payments with a lower income. But this is only feasible if your credit score is good enough to qualify for the loan amount you seek.

Overall Risk & Loan Length As regards the loan length, it cannot be said that certain requirement has a special inference on it. The overall risk involved in the financial transaction will determine how long is the lender willing to wait to recover the money invested. Thus, getting a longer repayment schedule can easily be achieved by reducing the risk. This means that it can be done by modifying any of the requirements’ variables.

A longer repayment schedule can be obtained by raising your credit score, by offering a larger income, by offering some sort of collateral, by applying with the aid of a co-signer, etc. Loan length is not such an important variable as the other loan terms and is almost always negotiable. So, if you need a longer repayment program, you can always contact the lender and agree to refinance the loan.