For many businesses getting a small business cash advance loans is next to impossible, because they may have business cash advance bad credit as a result of some financial error in the past. These errors can’t be fixed in many cases if the business does not have access to business funding. As a result of this many business owners believe that applying for a business loan is useless or next to impossible to qualify for. Not so as you will read here.
While banks may not be the best option for people with damaged credit to obtain funding. There are various forms of small business cash advance loans that are easily available. These forms of business cash advance loans are simple and easy to qualify for, even with poor credit scores in the mid-500s, and they do not require security, collateral and personal guarantees.
All a business needs to do to qualify for such a private small business cash advance loans from a private lender such as us, is be in business for over 12 months at least, and they should have a minimum gross sale of over $15 thousand. Also the business owner should not be involved in active bankruptcy.
Business Cash Advance Loans
Banks do not give out funding to small businesses for business cash advance loans, even those businesses who have a credit score of over 700. The reasons for this is simple, banks have criteria which need to be met, and these criteria have been developed over decades. These criteria are primarily to protect the banks investments against losses, and banks do not view small businesses as very secure investment options.
Taking this into consideration, the ground reality of the situation is that banks reject over 90% of all business cash advance loans applications that they receive. The criteria are extremely difficult for small businesses to qualify for and are very well suited to large businesses. Typically, it would be difficult for a small business to show strong monthly income and deposits month after month, in addition to a high credit score over 700, and excellent profit and loss statement, in addition to strong personal financials of the business owner as well.
To quick business cash advance loans with a private lender, all a business owner needs to do is contact us. Our funding team will provide them with all the information they require, and assist them with the application process if required. The quickest a business cash advance bad credit can be processed is 48 to 72 hours from the time of application.