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A bank can’t help. If people need to apply for a bad credit business loan they will not receive it from a bank; their credit scores are going to have to be at least 640 in order to qualify for a loan. But people who need capital for their small businesses have other options.
Other Bad Credit Business Loans Alternatives
If a business owner is in a bind and don’t have the time to build up his business credit, he can obtain the capital needed to expand his operations with a business cash advance. These loans have advantages over bad credit business loans, because business loans for bad credit don’t offer the borrower the ability to choose their own repayment terms. This can be very valuable to the small business owner who has had trouble making payments in the past.
The other advantage that cash advances offer over a bad credit business loan from a bank is that it doesn’t require anything to be offered as collateral for the loan. Lenders also aren’t concerned about the fact that the small business owner has bad credit; they will approve a cash advance even with a personal credit score below 650. Most of the time, these loans can be approved within one business day.
The Merchant Cash Advance
This type of cash advance is related to the business’s future profits. With the merchant cash advance, the lender loans money to a small business with the intention of receiving a share of future earnings that result from the business’s ability to expand. The qualifications are that the business has been registered in the United States, you must be able to demonstrate the business’s income with revenue statements and the money must be repaid through the business’s credit card receipts.
Apply for a merchant cash advance through the form above.
The Tax Identification Number
In order to obtain bad credit business loans, business owners must make sure that their personal credit scores and their business credit scores are completely separated. They do this by obtaining a tax ID number for their businesses. These numbers are used by the IRS to identify people who pay taxes. One example is the Social Security Number.
People who need bad credit small business loans will want to apply for the tax ID number called the Employer Identification Number (EIN). The EIN is the number most often used to identify businesses. After they have received their EINs, they can begin building business credit. With a business credit history, their personal credit scores will be used less to determine if they qualify for business loans for bad credit from lending institutions such as the smaller lenders in the community.
How to Begin Building a Good Business Credit History
As with people who don’t have a personal credit history, those without a business credit history have difficulties qualifying for small business loans with bad credit. These people must take some time with smaller business-related purchases that will add activity to their files. One way to do this is to make a purchase from a vendor using a small credit line. As the small business owners make their payments on time every month, this will be reported to the credit bureaus and the small business owners will be building a good business credit history. After that, they can apply for the larger loans they need.
Business owners who need small business loans with bad credit can obtain the money they need to keep their businesses going. They can build their credit histories by obtaining a business tax identification number, receive a business cash advance loan or obtain a merchant cash advance loan. Fill out the form above in order to apply for a merchant cash advance. After they show that they can repay these loans on time, they will be able to demonstrate that they have better business credit scores.