Small business loans bad credit applications often are turned down. Most traditional banks and financial institutions simply cannot afford to take on the risk to lend, or they are unwilling to do so. This does not mean, however, you cannot get the funds you need to expand and grow your business. When you turn to Advance Funds Network as an alternative funding source, you get the money you need, affordably and you do not have to face the restrictions other lenders place on you. If you are considering applying for this type of loan, there are four things you should know before you do.
#1 – Merchant Cash Advance Loans Work
One of the first things to realize is the flexibility and effectiveness of a merchant cash advance loan. Those who are unable to obtain a traditional loan due to insufficient credit or collateral may be able to obtain this loan. You can use these funds to inject funds into your business or to handle other immediate needs you have. This loan is perhaps the most important tool small business owners can access to keep their business operational.
#2 – It’s Not Expensive
One of the most common misconceptions about small business loans bad credit options is that these loans are expensive. This is not the case. In fact, you will find that these loans offer more flexible repayment than any other loan offer you may have. You will repay the loan based on a percentage of your credit card transactions. In other words, if your credit card receipts drop, you pay less towards this loan. What other lending solution offers you the flexibility of not having to make a payment when your sales drop?
#3 – This Is Not Your Typical Bank Loan
There are many differences between a typical bank loan and a small business loan for bad credit from Advance Funds Network. This loan is easier to manage. There are no checks to write. There are no late fees to pay. In fact, there are no hidden fees at all. You do not have to offer a personal guarantee for the money. You also do not have to have collateral to secure the loan. Even more importantly for some business owners, it does not take weeks to qualify and get the funding you need.
#4 – Qualifying Is Easy
Another thing you need to know about the small business loans bad credit offers from Advance Funds Network is just how easy it can be for you to qualify. Credit is not the sole disqualifying element here. Rather, qualification is based on your business’s credit card transaction numbers and how long it has been in business.
As a small business owner, you need flexible lending solutions that typical banks just do not offer. The small business loans bad credit options from Advance Funds Network prepare you for your success. They give you the flexibility, affordability and effectiveness you cannot get from other lenders.