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Small Business Loans With A Poor Credit Score

Many small business owners struggle with obtaining business finance, and there is certainly nothing unusual about this. For small businesses, such as retailers, restaurants, garages, etc., a business loan for small businesses is not as easy as you might think from the bank.

However, this does not mean that getting a business loan is impossible. It all depends on where one goes to look for a loan. In general, there are two main options that business owners have, which is approaching their local banks and going to a fund or a private lender.

Banks and small business loans

Banks look at small business loan applications from their perspective and their perspective is determined based on their criteria. When we talk about dimensions, there are many dimensions and all of them are soft as well as hard.

Generally, banks require high credit scores, which should be around 700 or more. If a business applying for a loan with a bank has poor credit, their application will be rejected based on that one criterion alone. As a result of banks and credit scores, business financing with bad credit with a bank is not an option.

This does not mean that there are not a number of other criteria, which banks follow carefully and take equally seriously. Bank standards have been established over decades based on common experience, and these standards are consistent across the board.

As is generally accepted, banks are not very eager to finance small business loans. There are many reasons for this and one of the main reasons is that small businesses are considered risky investments from the perspective and experience of banks.

Private lenders and small business loans

With a private lender the situation is completely different from what a business owner would experience with a bank. Private lenders have a list of completely different criteria to provide cash advance for business owners.

As private lenders primarily offer MCA (Commercial Finance Advances), these criteria are simple. An MCA loan is an unsecured loan, and does not require high credit scores. As a result it is easy to qualify for this type of funding.

However, most small business owners don’t look at MCA from a friendly perspective, and for good reason. Interest rates are higher than traditional bank loans, and most business owners want lower interest rates.

However, the point of MCA is not to compete with bank financing, as they are both in different fields. Apart from the fact that they both provide funding for businesses, the entire process, requirements, features and all other details related to funding are completely different.

With an MCA loan, the question of how to qualify for small business loans is virtually insurmountable. Only in very rare cases are small businesses refinanced by private lenders. Usually, most businesses get the financing they need for their business.

MCA Loans V/S bank loans

Merchant cash advances or MCA for short are usually associated with high interest rates. It is much higher than what the bank gives and the reason for this is that these short loans are unsecured.

There are many businesses that never qualify for a traditional bank loan, no matter how much they need or want it. Their applications will be rejected if they have low credit scores, or if they cannot provide collateral to banks. This does not mean that there are not many other grounds on which small business loan applications are not rejected by banks. At the same time, banks are not obligated to pay those they choose not to. This leaves many small businesses with no other option.

For an MCA loan, a business doesn’t need much in the way of credit scores and collateral. The basic criteria for an MCA loan are listed here, as follows. The business must be at least 12 months old and a working business. The business owner must not be in active bankruptcy at the time of the loan application. Finally, the gross income of the business must be at least 10 thousand dollars per month.

The simple criteria make it easy to get an MCA, and the downsides are definitely the interest rates and duration for some business owners. However, those who capitalize on such business funds are entrepreneurs who either have no choice, or those who need quick business loans. Some advantages are processing times, which can be as few as a few days.

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