Every business needs capital to grow. If your cash flow can’t cover your needs, you may be thinking about applying for a business loan. But if you have bad credit, you know without even asking what a bank will say to your business loan application. This is one of the many reasons why getting a business loan with bad credit is very frustrating for small business owners.
On the good side, there are many alternatives for business owners with bad credit looking for a business loan. Most of these alternative lending options can fund much faster than a bank can, allowing the business access to capital in days versus months.
Applying for funding from an alternative lending source is quick and easy. Their online funding platforms make a trip to the bank a thing of the past. With three simple pieces of information–the length of time you have been in business, your personal credit score and your business’ average monthly revenue–an alternative lender can pre-approve you for funding. In a matter of minutes, you will know exactly how much funding your business can expect. With a minimum of additional documentation, the funds can be on their way to your bank account in a matter of days.
The alternative lending sites are programmed to consider your business’ monthly sales and the amount of money you are seeking. These two numbers will serve as a starting point for an evaluation and for a referral to the lenders with the highest likelihood of providing you the funding you are seeking.
See how much your business can qualify for even with bad credit: Get Started Now