Find a Small Business Loan Even if You Have Bad Credit
Small businesses are the lifeblood of the U.S. economy. They bring in 54% of U.S. sales and employ 55% of the U.S. workforce. So every business owner should pat himself or herself on the back. You are doing your part to make the country prosperous. But if you need money for your small business and you have bad or poor credit it is easy to get discouraged and give up.
Don’t. You’ve come to the right place to find a small business loan even if your credit is bad. So keep reading and you’ll learn how to locate the money you need.
An Overview of Small Business Loans
• Traditional Bank Loans
• Business Credit Cards
• SBA Loans
• Loans from Relatives or Friends
• Microlenders and Web-based Loans
• Unsecured Business Loans
• Venture Capital
• Government Grants
Now, if you have bad or poor personal or business credit and you don’t have any collateral, you can eliminate traditional bank loans, most business credit cards and SBA or government loans or grants. Some local banks may overlook a few credit dings if you have been doing business with them for a while, but it is rare.
Also, if you do not want to give up a piece of ownership, you can cross off venture capital. And many of you are not comfortable asking friends or family for a loan. So what are your remaining options? Micro lenders, Web-based lenders and lenders who specialize in unsecured business loans may be the right fit for your small business.
Some of these lenders can be hard to find, but we can give you access to both of these groups of lenders if you complete an online application.
Why these lenders make small business loans to owners with bad credit
The bottom line is this. Lenders in these categories are looking for a few keys things and they are going to charge you a little bit higher interest rate. They want to see that you own your business and that you produce consistent monthly revenue. If you can provide reliable documentation of this and you are willing to pay more in interest charges, you should be able to get the deal done.
Normally, these types of lenders will loan from $5000 to $25,000 and give you flexible terms to pay back the loans. Many will report to the credit reporting companies and this can help to rebuild your credit. Remember, as with any loan, it is important to compare lenders because their programs, fees and repayment terms can vary greatly.
So if you are ready to find the small business loan you need. All you have to do is complete this brief, secure loan application to start the process.