So you have bad credit, but are in need of a small business loan? The great news is, there are several options available for you to obtain a bad credit business loan, however it still might not be as clear to you. Continue reading to learn all you need to understand about bad credit business loans in 5 minutes or less.
Q: Is it even possible to obtain a small business loan easily with bad credit?
A: Actually, yes it is! Many business funding solutions for businesses with bad credit are accessible these days.
Rather than a lender accepting an application for approval for the small business loan solely based on your credit history, most alternative lenders usually review your finances from the business first. Then they’ll determine the amount of time in business, and the amount of earnings you’re producing on a monthly basis, and exactly how much you will be needing.
Q: Exactly what sort of information is needed in order to be eligible for a bad credit business loan?
A: To meet the requirements, you’ll need to complete the application, and your company must have been operating for at least 4 months. You will also be required to provide credit card receipts and or recent bank statements. You need to demonstrate that your business is able to generate a minimum of $5,000 in gross revenues monthly and if business cards are being accepted roughly $20,000. So this is just about everything you will need to show.
Q: Just how long will it take to process the application for a bad credit business loan?
A: One of the better reasons for obtaining a bad credit business loan is that the time for application approval is short. All you need to do is complete a quick business capital online form and the application is emailed to you automatically. You’ll need to complete it, sign it then upload it along with the required recent 4 months of statements then your application will be sent for review and approval. The typical approval process can be as little as within 24 to 48 hours!
Q: Just how much funding will I be allowed to receive?
A: There are many solutions available, however through Shield Funding, you can receive an unsecured business loan in the amounts up to $500K+.
Q: Are you required to change your processing company?
A: Basically no! At Shield Funding, you will not be required to change your processing provider.
Q: How do you repay a bad credit business loan?
A: It is simple. In the event that you change your credit card processor, an account will be setup so a small percentage of the revenue will be deducted towards your business loan repayment.
If you don’t change your processor however, we’ll create and setup a lock box through your processor so that a percentage of the sales revenue can be deducted to repaying the loan. But if you do not process credit cards, Shield Funding delivers bad credit unsecured business loans. For these loan repayments are then taken from your account similarly to a direct deposit.
Q: What goes on after the bad credit business loan is repaid?
A: Once your loan is repaid, we won’t need to deduct a percentage of your sales any longer.
So is it 5 minutes yet? You should now understand almost everything there may be to know regarding obtaining a bad credit business loan through Shield Funding. To begin, you can complete an application online now. We are available to assist you.