#business loans for bad credit
Business Loans For Bad Credit
Alternatives For All Businesses Looking To Access Capital
By: Kevin Harrington and Nick Bentley
We’ve helped tons of businesses get the capital they need to grow and now… it’s time to tell you how all this REALLY works.
I’m sure you’ve heard ads on the radio and seen commercials on the television talking about “no-doc,” any credit qualifies type of financing for small business owners.
Some of these claims are true.
Some are not.
Let me tell you the products, the guidelines, the procedures and what you really need to have in place to ensure you are able to qualify if you need financing for growth.
Let’s start with the business loans for bad credit entrepreneurs.
As we go through this I’ll discuss in detail the credit needed to obtain financing and what/if any bearing it has on the underwriting decision and approval.
Let’s get started
Yes, Kevin! I m ready to get started!
Revenue Based Loans
A revenue based loan is a very simple, fast, and easy way to obtain financing. It’s based solely on one thing; how much money your company is depositing into the business bank account on a monthly basis.
There are basically no credit requirements and there’s no collateral needed.
To be more specific, credit doesn’t necessarily have a bearing on the underwriting decision but rather the loan approval amount.
For instance, take the business owner who is depositing $50,000 into the business bank account, clean bank statements (no NSF’s or negative days), who’s been in business for 5 years, and has a 680 FICO credit score may qualify for $42,000-$45,000 over the course of 15 months.
That same business owner with the same bank statements and time in business with a 520 FICO may only qualify for $20,000 to $25,000 over the course of 6 months.