We have much small business owner who are seeking a small business loan and not having good credit scores. In this article, we are providing you with the information on how small business owner can get access to a small business loan with poor credit without a problem, the process is simply practical and quick.
Many banks, on the other hand, do have some hang-ups when it comes to providing the small business owner with funding, and this is because small business owners are considered to be high-risk investors. Due to this reason, over 90% of all small business loan applications that banks receive are rejected.
This article will provide small business owners with the information needed to get the loans they require, and the qualification criteria are completely different from those of the bank loans. The criteria are simple, practical, and reasonable and as a result of this, almost all small business owners who require the funding will qualify for it.
Mentioned below are the basic criteria that a small business owner will be able to tell if they qualify for the small business loan with credit bad credit or not
- The owner of the business should not be in any form of active bankruptcy at the time of the loan application.
- The business should be at least 12 months old and a running business throughout and also running at the time of the loan application.
- 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 business owners will be able to qualify. However, there are yet more features associated with the funding that we think are going to make the entire process a quick and hassle-free experience for the customer.
The processing time frames for the small business loans to be provided for a small business owner with no credit checks is very quick. They can get the funding as quickly as 48 to 72 hours from the time of the loan application.
At the latest, you will be provided with the funding you require within a week to ten days, even over that period of time, you can also be offered business loans even if you have bad credit to fund your business.
Again, the banks will never be in hurry to provide small business owners 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 small business owner business will not have any impact on the loan, as a result, the loan company we are representing is working with many small business owners whose credit scores are in the low to mid 500s, and they do provide them with the small business loan without credit.
This is not something that anyone 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. The loan company also do not ask small business owners for collateral and security to provide them with the bad credit loans they require.
This is a very big advantage for a small business owner, as many of them do not have the necessary collateral required. Banks, on the other hand, do require collateral and security from small business owners, and the value of that needs to be double the value of the loan always.
For more information related to the bad credit small business loans, you can contact Funding Easily. The 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.
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