Finance > Credit > Credit CardHow to Get Small Business Loan Despite Bad Credit Ratings Posted by nick_niesen in Finance on October 29th Mitchell Trubisky Hat , 2010
This article is for those who have had the misfortune of falling to bad credit rating. It should surprise and delight many of you, that small business loan for people with bad credit rating is available.
Bad credit financing is usually provided by asset based lenders or cash flow based lenders.
Asset based lenders provide financing against assets such as: real estate or machinery.
Bad credit financing from asset based lenders can be very expensive. They are also very stringent in case of any miss in repayment: they seize the assets pledged as soon as possible as per law to liquidate them.
Success in securing bad credit financing depends on the following factors:
- Your ability to explain; why and how the bad credit happened and how you tried to avoid all that. - Your short term ability to repay. - The type and quality of the assets andor cash flow.
You can also opt for cash advance. Business cash advance is not a loan and the organization offering this cash advance gets their money from the credit card sales that the business does in a specific period, there by reducing the burden of paying back the loan, and the terms and conditions to qualify for such cash advance are also relatively simple.
There are quite a few organizations which provide such cash advances. Organizations like MerchantCashDirect usually provides cash advance for working capital needs. They more often than not, target specific industries. To expand the example of above mentioned organization: They seek to provide funds to people into restaurant Walter Payton Hoodie , retail or service industry processing at least $4000 in credit card receipts per month.
You can not wish away your bad credit history, but you can improve your bad credit financing options by starting to pay your debts on time, thereby reducing as much debt as possible.
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