Do you have bad credit? Have you been rejected for business financing? In fact, bad credit is the most widespread reason why business loan providers reject applicants. However, this doesn’t mean that poor credit makes it impossible for you to obtain the funding you need. If you find it daunting to get approved for a bad credit merchant account or loan, this article will show you the opposite.
Bad Credit Merchant Account& Loan
The FICO scores (originally Fair, Isaac and Company) range from 300 to 850 and consider a credit score below 669 either fair or bad. Since traditional banks and the majority of lenders require borrowers to have higher credit scores, the list of loan providers isn’t large.
Specifically, many big, national banks such as Chase or Bank of America require borrowers to have a score above 600. That’s where alternative options like alternative online lenders come into play.
To get fast and easily approved for a bad accredit merchant account, apply to a respectable alternative online lender that specializes in high risk credit card processing and high risk merchant accounts.
Look for a high risk specialist that works with merchants of any type and in any credit situation.Search for a merchant funding and processing specialist that boasts exceptional experience and flexibility to help you achieve success.
The Best Loans for Poor Credit
Bad credit can really be stressful, especially for those in need of business funding. What’s more, expect to find higher interest rates that can reach up to 36% APR.The best way out is to work with a reliable and experienced alternative lender in your field that offers the lowest possible rates and fees.
Alternative lenders don’t make loans like the traditional ones. Namely, they’ll require you to fill out a relatively short form, which is quick and easy without any risk or obligation.
After receiving your application, you can expect the lender’s decision generally within 1-2 days. As for the funds, you’ll receive them within 7 working days. Of course, these aren’t the only advantages.
To sum up, having bad credit means facing more than one challenge when trying to get approved for merchant processing or funding for your business. Thankfully, there’re specialists that can help you find the best deal for your business.
Author Bio: Michael Hollis is a Detroit native who now lives in Los Angeles. He is an account executive who has helped hundreds of business owners with theirbad credit merchant account solutions. He’s experimented with various occupations: computer programming, dog-training, scientificating… But his favorite job is the one he’s now doing full time — providing business funding for hard working business owners across the country.