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.