Tag: Bad

Bad Credit? Where to Find Business Loans #design #business #card

#bad credit business loans

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Bad Credit? Where to Find Business Loans

You can trust that we maintain strict editorial integrity in our writing and assessments; however, we receive compensation when you click on links to products from our partners and get approved. Here’s how we make money .

Bad credit is a red flag for lenders. It indicates you’ve either mismanaged your personal finances or fallen on hard times. Either way, lenders see you as higher risk — more likely to miss payments or default on a loan than a borrower with good credit.

Bad credit (defined by FICO as a score of 300 to 629) is one reason loan applications are rejected; the approval rate of business loans from big banks was just 23.3% as of June 2016, according to Biz2Credit. But alternative lenders provide options. They emphasize the strength and operating history of your business rather than your credit. Be sure to carefully compare all of your choices, weighing terms and annual percentage rate.

Here are some options:

Note: If you’re a startup less than a year old, it’ll be tough to find a loan, no matter your credit. Here are financing ideas to help you launch your company.

If your personal credit score is under 500

With a score below 500, your best bet is likely a lender with no minimum credit score. Many lenders require a minimum score to qualify, but Fundbox and Kabbage don’t. Both are good, although pricey, choices for bad-credit borrowers who need short-term working capital up to $100,000. Fundbox, however, is only for businesses with unpaid customer invoices. There’s no minimum revenue with Fundbox and no credit check. For Kabbage’s line of credit, you need least $50,000 in annual revenue and one year in business.

If your personal credit score is 500 or higher

With a personal credit score of at least 500 or 530, you could qualify for OnDeck or BlueVine. OnDeck is for businesses that have at least $100,000 in annual revenue and is better if you need cash for an expansion (such as purchasing equipment or making renovations). The lender reports payment activity to the three credit bureaus, so paying off your loan on time will help build your credit score. If your score is at least 530 and your business has unpaid customer invoices, consider BlueVine invoice factoring.

Good option for:

• Fast cash
• Inventory
• Expansion

• Fast cash
• Working capital
• Businesses with unpaid invoices

500+ credit score
• $100,000+ revenue
• No personal bankruptcies in past 2 years

530+ credit score
• Must have unpaid customer invoices
• $120,000+ annual revenue
• 3+ months in business

If your personal credit score is 600 or higher

Because your score is at least 600, you can turn to Dealstruck or StreetShares for financing. For larger amounts of funding and lower borrowing costs, consider Dealstruck, as it has term loans and lines of credit up to $500,000 with APRs from 10% to 28%. However, you’ll also need strong minimum annual revenue of $150,000 to qualify. If you have $25,000 or more in revenue, StreetShares is an option. Its loans max out at $100,000 with 9% to 40% APR.

Good option for:

• Expansion, inventory purchases
• Businesses with unpaid invoices

• Young businesses
• Veterans

600+ credit score
• $150,000+ annual revenue
• 1+ year in business

600+ credit score
• $25,000+ annual revenue
• 1+ year in business, unless you already have $100,000 revenue (drops to six months)





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Funding Options for Bad Credit Risks #simple #business #ideas

#bad credit business loans

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Funding Options for Bad Credit Risks

For better or worse, your credit score has become your SAT score when it comes to financing. If you have a high score, you ll have a pretty easy time getting credit offers from a wide variety of funding sources. If your score is low or nonexistent, however, you won t.

But a low score isn t something you can run away from, and even if you avoid it, it won t go away. The trick is to fund your business in ways that actually get your score back on track so when you re ready to move your business to the next stage, your score will start opening doors rather than getting them slammed in your face.

Here are some ideas for entrepreneurs with low scores who are faced with funding challenges:

1. Look beyond credit cards and bank loans for financing. Studies show that credit card and bank financing account for just 25 percent of the total funding needs of early-stage entrepreneurs. This statistic should provide you some comfort, because it implies that 75 percent of the money you need can come from other sources that rely less on your credit rating.

While there are credit cards and lending programs designed for individuals with poor credit, these options will typically charge a higher interest rate to compensate for the credit risk posed by a sub-prime borrower. One bank option for those with poor credit scores is a home equity line of credit, though I d be wary of putting your home on the line to finance a risky early-stage venture.

2. Seek loans from your relatives and friends. Everyone likes the idea of entrepreneurship, which may be why, at some point, more than 50 percent of all business owners get financing help from friends and relatives. Chances are, your relatives and friends want to see you succeed and may be able to help make your business dream a reality. They also may not dwell on your poor credit score because they trust you, or they believe your business concept to be sound. (Banks used to evaluate your character and business conditions the way family and friends still do, but credit scoring models have made lending decisions more automated, resulting in the critical power your credit score holds over you.)

If you follow the advice I have shared in previous columns on identifying private lenders and understanding their risk profile. you should be able to get access to cheap, quick and patient business capital. Also, you can now use private loans from relatives, friends and business associates to rebuild your credit score if you use a loan management company to service the loan and report payments to credit bureaus.

3. Investigate microlenders and web-based lenders. There are several nonbank lenders on the internet that now offer microloans to entrepreneurs. These loans are typically in the $5,000 to $25,000 range. Some of these sites are excellent sources of capital for those with poor credit and will also report your payments to credit bureaus which can help raise your credit score if you make timely payments. Be sure to shop around and compare rates since each site offers a twist on how they price loans and spread risk to their lenders/investors. These sites include:

For borrowers who don t have strong credit scores, the interest rates on loans from these sources will tend to be high. For a comparison, the average rate on business loans from relatives and friends is currently at 7.6 percent, according to CircleLending s Business Private Loan Index, whereas the rate was more than 12 percent at Accion and more than 20 percent at Prosper for individuals with poor credit.

If you re accustomed to credit-card-level interest rates, these rates may seem affordable, but remember this: You can make partial payments on credit card debt whereas installment loan agreements may restrict you from making partial payments.

There may be subsidized microlenders in your state that offer more flexible terms; since they re small, they may not have a website or web-based loan application form, however, and may be hard to find. Check www.microenterpriseworks.org to search for nonprofit organizations in your community that have programs for business owners with poor credit. Most states now have at least one microlender. For some business owners, flexibility of repayment is more important than getting a slightly lower rate.

4. Don t overlook gifts and grants. If you need to avoid making debt payments, focus on getting free money in the form of gifts and grants. Your search will be long and hard–despite what you read on the internet, there is no silver bullet here. Be wary of services that promise to locate government grant programs for you. You ll need to do your homework to locate programs that are available for your type of business. Health-care businesses, technology companies, and retail businesses in low-income areas tend to qualify for grant money. Other forms of free money include gifts from relatives, free office space from former employers, and free services from friends or business associates. If you re creative, you can reduce your startup costs by brainstorming a list of people who would be willing to provide you with gifts and subsidized loans.

Copyright 2016 Entrepreneur Media, Inc. All rights reserved.





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Bad Credit? Where to Find Business Loans #business #images

#bad credit business loans

#

Credit Cards

Banking

Investing

Mortgages

Loans

Insurance

Credit Cards

Banking

Investing

Mortgages

Loans

Insurance

Bad Credit? Where to Find Business Loans

You can trust that we maintain strict editorial integrity in our writing and assessments; however, we receive compensation when you click on links to products from our partners and get approved. Here’s how we make money .

Bad credit is a red flag for lenders. It indicates you’ve either mismanaged your personal finances or fallen on hard times. Either way, lenders see you as higher risk — more likely to miss payments or default on a loan than a borrower with good credit.

Bad credit (defined by FICO as a score of 300 to 629) is one reason loan applications are rejected; the approval rate of business loans from big banks was just 23.3% as of June 2016, according to Biz2Credit. But alternative lenders provide options. They emphasize the strength and operating history of your business rather than your credit. Be sure to carefully compare all of your choices, weighing terms and annual percentage rate.

Here are some options:

Note: If you’re a startup less than a year old, it’ll be tough to find a loan, no matter your credit. Here are financing ideas to help you launch your company.

If your personal credit score is under 500

With a score below 500, your best bet is likely a lender with no minimum credit score. Many lenders require a minimum score to qualify, but Fundbox and Kabbage don’t. Both are good, although pricey, choices for bad-credit borrowers who need short-term working capital up to $100,000. Fundbox, however, is only for businesses with unpaid customer invoices. There’s no minimum revenue with Fundbox and no credit check. For Kabbage’s line of credit, you need least $50,000 in annual revenue and one year in business.

If your personal credit score is 500 or higher

With a personal credit score of at least 500 or 530, you could qualify for OnDeck or BlueVine. OnDeck is for businesses that have at least $100,000 in annual revenue and is better if you need cash for an expansion (such as purchasing equipment or making renovations). The lender reports payment activity to the three credit bureaus, so paying off your loan on time will help build your credit score. If your score is at least 530 and your business has unpaid customer invoices, consider BlueVine invoice factoring.

Good option for:

• Fast cash
• Inventory
• Expansion

• Fast cash
• Working capital
• Businesses with unpaid invoices

500+ credit score
• $100,000+ revenue
• No personal bankruptcies in past 2 years

530+ credit score
• Must have unpaid customer invoices
• $120,000+ annual revenue
• 3+ months in business

If your personal credit score is 600 or higher

Because your score is at least 600, you can turn to Dealstruck or StreetShares for financing. For larger amounts of funding and lower borrowing costs, consider Dealstruck, as it has term loans and lines of credit up to $500,000 with APRs from 10% to 28%. However, you’ll also need strong minimum annual revenue of $150,000 to qualify. If you have $25,000 or more in revenue, StreetShares is an option. Its loans max out at $100,000 with 9% to 40% APR.

Good option for:

• Expansion, inventory purchases
• Businesses with unpaid invoices

• Young businesses
• Veterans

600+ credit score
• $150,000+ annual revenue
• 1+ year in business

600+ credit score
• $25,000+ annual revenue
• 1+ year in business, unless you already have $100,000 revenue (drops to six months)





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ATM machine business- Good idea or Bad idea? The eBay Community #short #term #business #loans

#atm machine business

#

I used to work part time security for the Atlanta Beat Women’s Professional Soccer team. They would sell mayber 13 – 15,000 seats to a home soccer game that played at a local college stadium.

No ATM the first season and the concessionaires were complaining.

So the second season some guy shows up with a portable ATM machine and had it running at the front gates.

I would work the front gate for every home game and don’t think I saw more than 3 people a game use the machine.

If he charged $2.00 per transaction, he grossed $6 per game.

I get a kick out of watching the police video shows on TV where the convenience store cameras shows the pick up trucks driving through the plate glass window at night, four of five youths jump and and throw a chain around the ATM and then drive off with the whole thing! If you got $5k of your own money inside one of those when it disappears, you’d have a tough time making that up on service charges.

Unless you got one inside a casino, I’d pass on this opportunity.

I run into this article recently. It’s about a black man wrongly convicted for murder. Got himself free after 18 years in prison. it’s not an ad for ATM business so I believe it’s true.Read it and evaluate it yourself

This article make me curious about the ATM business.So i do some investigation myself

Also I search in internet:

Look at the Franklinatm site. They list the monthly data recorded directly at some of their ATM machine. You may want to ask the seller for the printout.

I appreciate if you share any information that you get about this transaction.

I believe ATM business is a good business. I see people using this service a lot.It carts to the people that craving for conveniences disregarding the cost. And there is a lots of these people in this country.

My concern is the timming. Would it be too late already to get into this business. May be that the reason the seller want to get out.





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Simply Quick Business Loans Bad Credit Small Business Loans Financing #free #business #email

#quick business loans

#

Welcome to Simply Quick Business Loans, where our namesake tells you everything you need to know about our financial specialty: quick business loans, even when you are turned down by the bank.

Small businesses of all kinds run into financial issues every year. This isn’t necessarily a sign that a company is suffering. In fact, you can encounter serious financial barriers when you achieve overwhelming success. But, how do you deal with such issues when the bank turns you down for a conventional business loan?

Simply Quick’s bad credit small business loans come to the rescue, supplying you with the short-term working capital you need to keep your business on the track to success.

Specializing in All Types of credit for business loans

Simply Quick offers secured loans, but we specialize in unsecured business loans to help companies all over the United States. We know that a quick infusion of cash into your business can help you accomplish so many different things:

  • Cover payroll and other expenses during a slow season
  • Fund construction projects
  • Upgrade, or purchase new, equipment
  • Purchase inventory
  • Take advantage of a new business venture

The list goes on. When we extend our quick business loans, we do not put a lot of restrictions on the money. You get to spend the money however you see fit to bolster your business. We would never try to compromise your control over day-to-day operations.

Raise your hand if you have perfect credit. The chances are, you probably are not raising your hand right now. Perfect credit is hard to come by and banks will disqualify you from a traditional business loan for just about anything.

Don’t worry if you can’t make much progress with a bank. Our quick business loans with bad credit help provide common small business owners with the capital they so desperately need. These clients belong to a wide range of industries.

How to get one of our bad credit small business loans

The best part of it all is that we have simplified the process so that bad credit small business financing is easily accessible to both you and your company. All you have to do is apply online, over the phone or through the mail. Your application will be processed quickly and a decision will be made in a day or two. Once you are approved, you will get the money you need the very next day. Over 80 percent of applicants are approved for our quick business loans. This is significantly higher than big banks, which turn down even more applicants than we accept. We are looking out for small businesses because someone has to!

At Simply Quick Business Loans, we want to keep it simple. When you’re ready to get your business loan from us, here’s how it will work.

  1. The first thing you will do when visiting our website is to complete a short online application. All of our applications are done online because this is the fastest way to get your loan approved. The application will include relevant information, such as the address and owner information, tax ID information, and business revenue.
  2. You will be asked to upload copies of specific documents with your application. All of these documents will be easily laid out for you. Once you have them collected and in an electronic format, simply upload them to our site.
  3. Next, our financial team will send you questions regarding your application and may also ask for additional documentation before getting your loan funds dispersed to your account. The faster you respond to these questions, the closer you are to getting your Simply Quick Business Loan.

We created this 5 minute application process to make applying for your small business loan a uniquely simple experience. Our team will work hard for your business because we know how hard you work. Once the approval has been made we can get your funds to you quickly so your business can keep running without a hitch. Over 80% of our applications at Simply Quick Business Loans are approved and we want to help you be our next success story.
Here are a few of the benefits of choosing a Simply Quick Business Loan:

  • We work with credit scores thought to be traditionally “bad,” as low as 450.
  • Simply Quick Business Loans require no collateral.
  • Approvals can happen in as short a time as 48 hours but often occur much faster. To ensure the fastest possible processing of your online application, be sure to respond to all of our financial expert’s questions and emails.

f there is one thing we know for sure, it is the dedication of our customers to keep their businesses going that cannot be stopped and that makes us want to continue to offer quick business loans. A business never knows what challenge may be coming around the corner. Encountering a financial hardship or unbudgeted expense is not a sign of a poorly run business and we know that. We will do everything in our power to get you financed fast.

Recently Closed transactions

Trustworthy

It took me 5 minutes to complete their online application. I was contacted the same day, and approved the next day. They have a slick and automated process, but I also feel now as if I’ve known these guys for years.





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ATM machine business- Good idea or Bad idea? The eBay Community #business #plan #pdf

#atm machine business

#

I used to work part time security for the Atlanta Beat Women’s Professional Soccer team. They would sell mayber 13 – 15,000 seats to a home soccer game that played at a local college stadium.

No ATM the first season and the concessionaires were complaining.

So the second season some guy shows up with a portable ATM machine and had it running at the front gates.

I would work the front gate for every home game and don’t think I saw more than 3 people a game use the machine.

If he charged $2.00 per transaction, he grossed $6 per game.

I get a kick out of watching the police video shows on TV where the convenience store cameras shows the pick up trucks driving through the plate glass window at night, four of five youths jump and and throw a chain around the ATM and then drive off with the whole thing! If you got $5k of your own money inside one of those when it disappears, you’d have a tough time making that up on service charges.

Unless you got one inside a casino, I’d pass on this opportunity.

I run into this article recently. It’s about a black man wrongly convicted for murder. Got himself free after 18 years in prison. it’s not an ad for ATM business so I believe it’s true.Read it and evaluate it yourself

This article make me curious about the ATM business.So i do some investigation myself

Also I search in internet:

Look at the Franklinatm site. They list the monthly data recorded directly at some of their ATM machine. You may want to ask the seller for the printout.

I appreciate if you share any information that you get about this transaction.

I believe ATM business is a good business. I see people using this service a lot.It carts to the people that craving for conveniences disregarding the cost. And there is a lots of these people in this country.

My concern is the timming. Would it be too late already to get into this business. May be that the reason the seller want to get out.





Tags : , , , , , , , , ,