Business Financing With Bad Credit

It’s no secret that bad credit is a major obstacle to obtaining a business loan. Business financing for bad credit can be extremely hard to find as restrictions grow. Don’t get discouraged, though. Modern research shows that there are more funding opportunities out there, some that are under the radar. Don’t think that the high-interest rate loans offered to many with bad credit are all there is. Let’s take a moment to break down what you can use when you have difficult troubles.

The first option may be a traditional bank loan, but what you may favor may be the hardest to get. It’s likely you’ll need to provide collateral for approval of a bank loan.  In addition, you’re likely to have to deal with high interest on the loan. Banks aren’t preferential to businesses with bad credit, and will charge a higher interest rate to cover the higher risk. For some, this still may be the best option out there.  But don’t let a lack of knowledge put you in a corner. Read on for some alternatives.

Alternatives For Bad Credit

Business Credit Cards

If you can secure a credit card for your business, making repayments on time is a good way of rebuilding bad credit.  Note, though, those lending criteria and interest rates are similar to that of a traditional loan. This makes it difficult for businesses with bad credit to gain approval.

Microloans

A microloan is like a traditional loan but from a smaller lender, such as a credit union. It might be slightly easier to obtain a microloan but you generally receive smaller amounts. Not only will you have to deal with a small loan, you’ll also still experience a high-interest rate due to your bad credit.

Home Equity Line Of Credit

This is a risky financial strategy where the bank uses your home as collateral for a loan. This only applies to homeowners and may exclude some business owners. Providing collateral doesn’t necessarily mean you’ll get a generous APR, it just provides some security to the bank.

There are other options out there for business financing, but the further you go away into the alternatives, the further risk you incur in different ways. Securing potential loans with collateral like equipment, homes, cars, or other similar items leave your personal life at risk should your business fail. Having bad credit may close off some areas to you, but don’t think you’re doomed to a bad situation. Merchant cash advances are one such option.

Another Business Financing Choice

eBusiness Funding helps businesses that may struggle with traditional lenders. We also  help those who may be looking for business financing for bad credit but are wary of some of the risks out there. To do this, we provide merchant cash advances that more businesses can use than bank loans or private lenders. 95% of businesses that meet our simple requirements qualify for funding. All you need is to be in business for at least six months, with over $10,000 in monthly revenue. With us, it’s not about past credit history or collateral, but about your business’s potential.

It’s important to us that you use the funds we offer in the most helpful way possible, so we place no restrictions on how you spend our advances. Payroll, expansion, repairs, spend on what you need! We also get you your funds fast, sometimes as soon as 72 hours after you first apply. Repayment is also very simple. Rather than large monthly payments, we take an established percentage of your future sales. This is set up by our skilled consultants. This percentage stays the same, so if business slows down, you pay less.

Interested? If you’re ready to begin, all you need to do to start is fill out this simple contact form. We’ll be waiting, and are looking forward to helping your business get the funding support it needs.

Where To Get Business Debt Consolidation Loans

When you started your business, did you take on a lot of business and personal debt to get it going? Does it now feel like you will never get out of debt? Having multiple loans with high-interest rates can be the death of a business. If you are always having to pay off one or more of the monthly payments, your cash flow can really start to suffer. Considering business debt consolidation loans can be a huge relief on your business’ cash flow.

Trying to understand how you can pull yourself out of massive amounts of debt can be overwhelming. You are trying to run a business and with so much information out there it can all be confusing. Consolidating your business debt can be done in a few ways.

Refinancing

Refinancing a loan focuses on taking out an additional loan with a lower interest rate. This new loan is used to pay back the loan with the higher interest rate. Essentially you are taking the high-interest rate loan and converting it into a new term loan with a lower interest rate. Sounds great, right? There are risks associated with it even though the monthly payment and interest rate may be lower. Because you have extended the timeframe you are paying the loan back you may actually pay more over time.

Business Debt Consolidation

Business debt consolidation loans focus on taking all of your business loans and combining them into one loan product. This can be an option if you are looking to reduce the number of monthly payments you have.

Business Debt Consolidation through another loan product can be a challenge if you have too many loan products already. Banks are going to be hesitant to give you an additional loan.

The benefits of business debt consolidation loans include:

• Lower interest rates
• Single monthly payments
• Lower monthly payments

The risks with business debt consolidation loans include:

• Debt can still grow
  • With a reduced monthly payment, people who are bad at managing money can have a tendency to spend more. This can still cause debt to grow.
  • You really have to start understanding why you acquired so much debt in the first place.
• Spend more money over time due to the longer term loan
  • Despite having only one loan at a lower interest rate, the interest will still add up. It can actually cost you more money than you would have spent on the multiple loans.

An Alternative Option

Another option for business debt consolidation loans is a merchant cash advance. This is not actually another loan. A merchant cash advance is an advance of funding when a business needs immediate access to cash. With this option, it allows you to pay off your debt up to $500,000 in cash depending on what you qualify for. Similar to consolidating your loans into one big loan, with this option you only have a single payment source. The benefit of a merchant cash advance is that the payment is able to be automatically withdrawn from your daily credit card sales. The percentage withdrawn is pre-determined and fixed like a loan term.

Unlike a loan, the percentage you pay is not a monthly set fee. This way if your business has a slow month, you do not have to worry about how you will pay the large monthly charge. This is a great option for seasonal businesses with multiple loans.

So if you are considering business debt consolidation loans and are not sure what product is right for you, give us a call. We can help you walk through the advantages and disadvantages for your business. We have made the application process simple for you. But we want to make sure you are comfortable with the idea that a merchant cash advance is right for you. At eBusiness Funding, we want to see your business succeed and get out from under your debt!

Get us a call at 305-985-6848 or complete the contact form on this page now.

Is Bad Credit Business Funding Real?

Have you ever wondered if your credit will hurt you in the long run? Sadly, as a business owner, having bad credit can leave you with limited options for getting bank financing. Due to increased regulations, the lending market is tighter than ever. Banks are only loaning to the most qualified lenders. Having bad credit can be a huge red flag for financial institutions. It can also be a way to get turned down immediately. If you have bad credit you may be asking, “Is there an option for bad credit business funding or what can I do?” The answer is yes – there are options out there for business owners with less than ideal credit.

“What options do I have for bad credit business funding?”

Payday Loans

Depending on the payday lender you work with there are several options for you. This option allows you to write a check and give it to your borrower. The borrower will advance you funds and agree not to cash the check until the agreed upon date. This will give you business immediate access to funds.

It is important to keep in mind that when you borrow from a payday lender to only borrow what you need. Typically, the payback schedule is based on when your payroll cycle runs. Lenders will often offer you the option of renewing your loan which is similar to refinancing a bank loan. However, these come with high fees and can really cost you in the long run.

Factoring

Allows small businesses to take advantage of their unpaid invoices. This option gives companies the ability to use their invoices as collateral to get funding quickly. Small businesses take back the timing of when they get paid from their slow clients.

Start-Ups

There are a variety of start-ups that look at things other than your credit score when it comes to financing. Companies like Fundbox and OnDeck are out there. OnDeck offers loans and lines of credit similar to a bank without the emphasis on your credit score. Fundbox focuses on invoice financing. This is similar to factoring in a number of ways.

Merchant Cash Advance

A merchant cash advance is an option that looks at where your business has the potential to go. We would rather look towards the future of your business than focus on your past. We don’t feel that your credit history should dictate if you are approved or denied for funding because it is just that, history. We want to focus on helping you grow your business.

Receiving a merchant cash advance is simple. As long as you meet our minimum qualifications.

• Have been in business for six months or longer
• Generate at least $10,000 a month in revenue

The application process is just as simple as our qualifications. All you need to do is apply online through our simple form. After we review your application, we will let you know how much you are approved for. The approval amount can range from $5,000 and $500,000. Just three days after you apply, we will deposit the cash into your bank account. You can be spending the money that same day.

As you consider the options that are available to you if you have bad credit and are looking for bad credit business financing, consider your business model. All of the options we have discussed have many benefits but are not without their risks. Determining what is right for your business is important. Give us a call today and we can help you determine what option may be right for you.

Ready To Get Started?

Contact eBusiness Funding now at 305-985-6593 or complete the contact form on this page now.

Real Business Financing – How To Get It Fast

Securing business financing for your company in today’s world can be a challenge even if you have been in business for years. Most business owners are aware of the challenges of receiving financing from a traditional lender such as a bank.

Any business owner who was in search of financing and was turned down by a financial institution knows that it doesn’t feel good. Because of this, the alternative lending market has grown drastically over the last few years. As an alternative funding provider, eBusiness is focused on helping you grow your business.

Our Merchant Cash Advance product is a form of business funding that focuses on helping you with the day to day operations of your business as you wait for your clients to pay their bills. Though similar to a loan, our product is different in many key ways. The most important being that we do not have to adhere to the same strict regulatory standards the banks do. This gives eBusiness a lot of flexibility in what companies we fund and how fast we can fund them.

Our business financing product advances you funds in exchange for a percentage of your daily credit card sales.  This percentage is fixed so that even if you have a slow day, even season, you will not have to pay a huge set amount each month.  This is different from traditional business financing which you will have a committed monthly amount you have to pay back regardless of that month’s income. We will continue to take the same daily percentage until the advance is completely paid off.

Why Does A Merchant Cash Advance Meet My Business Financing Needs?

Our product can offer your business many benefits. However, we understand it is not an option for everyone but for those who it is right for, the payoff can be massive and catapult the start of your business’ growth!

• Quick Approval
  We can get you approved for a cash advance in as little as 24 hours.
• Funding in 24 hours
  We can get you cash in hand just three short days after you apply. That means if you apply on a Monday, you can have the cash by Thursday.
• No Collateral Required
  We will not hold any personal assets against the funds.
• Short business history is not a problem!
  We only require you to have been in business for six months to be considered.
  Banks will typically require at least two years of being operational to be considered for their products.
• No business plan required
  When you apply we are not going to ask for a three to five year plan for your business.
  We are not going to ask how you plan to use the funding; we only require that it be used to help you grow you business.

Just like any other business financing option, there are some risks that you need to be aware of. As a client it is important to be aware of what you are signing up for and make sure it is right for you and your business.  Because there is more risk to us as the provider, there is a higher fee associated with a Merchant Cash Advance. As a business, you need to understand that this funding method will reduced your business’ cash flow until you pay it back.  This is due to the fixed percentage of daily credit card sales that is taken out as a payback method. You have to make sure your business can continue to operate with this percentage missing until the funds are paid back.

Getting Started

We believe that a merchant cash advance account is a great option for business financing. If you think our product is the right option for your business financing needs, contact us today over the phone at 305-985-6848 or Find out how much you qualify for here.