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Unable to Pay a Business Loan? Here are Your Options

Being unable to repay a loan is not unheard of. Even in the business world, it indeed does happen and oftentimes, the outcome can be quite devastating, while in some cases, it may not be that way. Many factors add up and influence what unpaid business loans lead to, and what options are available in such a situation. Your business type and the type of loan your business has taken are two primary factors that control this.

Typically, your business type determines the extent of liability and whether or not a part or whole of the liability shall be personal, ultimately, it is the type of loan you take, that shall determine what options you shall have available to you.

Unable to Pay a Business Loans

1. Non-Repayment of Secured Loans

Secured loans typically are settled by claiming ownership of the security that’s used as collateral against which such a loan is issued.

In some cases, a compromise can be discussed and mutually agreed to, between the lender and the borrowing business. The best way to handle a non-repayment of a secured loan is hence to communicate well with your lender after refreshing your understanding of the loan agreement and carefully examining and understanding your loan terms.

2. Non-Repayment of SBA Secured Loans

Typically, a portion of your loan shall be guaranteed by SBA and the remaining against a valuated collateral. In most cases, the collection process shall include taking possession of the collateral. Thereafter, a claim is filed with SBA that pays the lender the amount. This debt is hence now transferred to SBA. The SBA shall request for the payment to be done to cover their expenses. Should you be unable to cover the expenses, a compromise offer from your end may be accepted.

However, if a resolution can’t be found, the SBA shall submit your account to collections officials at the Treasury Department. The Treasury Department has the authority to take various actions to get the money they are owed, which may include wage garnishing, personal asset cease, etc.

3. Non-Repayment of Unsecured Loans

Such loans are typically high-risk loans and lenders offering these loans compensate for the lack of collateral, by offering lower dollar amounts, higher interest rates, and shorter repayment terms. A personal guarantee is associated with the loan for processing it. While this isn’t technically collateral, there’s a similar impact if you default on an unsecured loan. The lender would come after your assets and/or finances to recoup the money involved with the financing.

In many cases, compromises in repayment amounts and relaxation of liability are seen to be the outcome. Communicating closely and well in time with a lender often impacts the decisions related to such issues.

Other Issues Related to Defaulting a Business Loan

When you skip a single payment of a loan, it shall impact your business credit scores, and depending upon the setup of your business, it may also impact your personal credit scores. However, non-repayment or defaulting business loans have many far-reaching impacts that may include:

  1. A substantial impact on your business credit scores
  2. A substantial impact on your personal credit scores depending upon the setup of your business
  3. Various issues linked to a bad credit performance, e.g. difficulty getting good deals on loans, ideal rental options, etc.
  4. Legal consequences of defaulting the loan
  5. Added liability due to additional charges of defaulting the loan (as applicable).

Get a Flexible Business Loan from Business Advance Funding

One of the qualities of an unsecured loan that makes it friendly is flexibility. At Business Advance Funding, we provide business loans which (subject to eligibility and further terms) offer you the flexibility through:

  • Early loan closures without penalty
  • Extension of loan tenures and payments upon request
  • Changes to loan payment plan upon request

Your business can get a loan from us easily, through our online application system. Simply apply and we shall guide you with the further steps and requirements.

Disclaimer: This article is aimed at providing insight and ideas that are general in nature to most loans of whatever type are described. It does not guarantee the availability of any option in your particular loan deal/agreement/contract with your lender. The terms and conditions applicable to any business loan you may have received may or may not feature such options or features as described in this article.

Business in Turmoil? Try Investing in Marketing

No matter what it is that your business sells to whom, the right marketing can always help a business worth it’s salt. If your business is facing challenging times in terms of sales, revenue, or profitability, a fresh and valid marketing strategy and its implementation can be one of the best ways to improve the situation.

Business-in-Turmoil

Every Business can benefit from Better Marketing

No matter what the industry, who the customer and what the products or services are, there is likely to be no business that sees no benefit from the right marketing. Oftentimes, businesses and business owners employ certain marketing tactics and teams that have much room for improvement but that isn’t even evident to the decision-makers within the business.

Marketing Evolves Rapidly in the Digital Era

Today, much of marketing is dependent upon online channels and services. The digital era has, however, comes with one significant trait – it evolves rapidly. Whatever works now, is not necessarily going to be as significant a few months down the line. Trends are of key importance and keeping up with trends can be a challenge. Understanding this and learning to embrace it or taking advantage of it can be helpful for a business today.

Making a Marketing Strategy

Reviewing the existing marketing strategy or starting afresh when there isn’t one, is very important. Without a strategy laid down, marketing often loses its importance, focus, and purpose. A strong marketing strategy that is reviewed periodically, is likely to be one of the best reasons behind a troubled business’ recovery and growth.

Implementing the Strategy

A strategy isn’t of significance without its implementation. Effectively implementing a marketing strategy can be a huge difference-maker in a business’ performance. Implementing a well-defined marketing strategy is usually very fruitful and can offer unparalleled benefits to the business.

Reviewing the Performance

A marketing strategy isn’t a destination – it is something a business has to evolve and improve upon. A key task is to review the performance of the implemented marketing strategy, to strengthen and update the strategy to meet the future needs of the business.

Outsourcing Marketing

Oftentimes, businesses that aren’t willing, able, or equipped to handle a part or all of their marketing tasks, activities, and/or even planning, outsource what their team cannot well address. Outsourcing marketing can be very useful. However, at times it may be counter-productive too. Outsourcing is a decision that must be taken only after much care, consideration, and thought is given to it, especially in the case of an already troubled business.

Get a Business Loan for Marketing Expenses

Need added funds for marketing? No matter in what way your business plans to utilize the funds, we are here to support you. If your business meets our qualification terms, a loan isn’t far away. You can begin by simply filling up our online form and our team will be in touch with you shortly, working on a suitable business loan for your marketing needs.

5 Tips to Get a Safe Business Loan with a FICO Score Below 500

A FICO score below 500 is considered a bad credit score and if you look for a loan for your business, you may encounter challenges and find most doors of borrowing to be closed. Bad credit business loans are likely to be the only dependable solutions within your reach.

Safe Business loans

Credit products such as loans that are designed for bad credit score holders or bad credit performers always have a higher risk associated with them. Such loans typically feature higher interest rates too. Businesses however can take advantage of such loans in many ways. It is fair to say that caution must be exercised while choosing to take such a loan for a business. Enhancing the safety in such a loan decision and transaction can in fact help make the loan safe and this can be key to the business’ health in a situation in which the loan is considered a must or otherwise potentially advantageous.

As a direct lender of bad credit business loans with years of experience in lending, we at Business Advance Funding present 5 practical tips that can enhance make such loans safer for your business.

What is a Bad Credit Business Loan?

A bad credit business loan is a loan product specifically designed to serve businesses with a bad credit history or rating, as well as businesses, the owners of which have a bad credit history or bad credit scores.

Such loans are typically offered by select alternative business lenders that are willing to overlook credit performances and instead base loan approvals on other financial indicators. Also typically, such loans feature shorter tenures in order to limit certain risks associated with the loans.

At Business Advance Funding, we offer convenient online short term business loans for bad credit. These loans are designed to be reliable and have an approval rate of above 88%.

The 5 Tips that Shall Enhance Loan Safety

1.  Avoid Long Term Loans

Most lenders may already offer only short-term loans for bad credit businesses. However, certain lenders do offer bad credit loans with longer tenures. Since one’s credit score is less than likely to be an indication of just the past credit performance, getting tempted towards a long term loan could be a significant potential risk. Furthermore, any improvement in your credit scores may not help you secure a better offer as the tenure of the loan continues to weigh you down with the more expensive deal that you would’ve locked into at the time of the loan application.

2. Assess the Financial Risk

There is always financial risk associated with virtually any business transaction. With loans however, the risk is certain yet typically finite as long as the loan is repaid on time. It is essential for a business to clearly understand the risk and the repayment pattern properly and consider them in every relevant financial calculation and estimate.

3. Identify the Right Lender

When choosing a bad credit business loan, you’re certain to be working with an alternative business lender. It is hence important to know that you’re choosing the right lender whose services are legitimate. A well-constructed website, good reviews, prominence on the internet and transparent lending terms can be upfront indications of the legitimacy of a lender.

4. Plan Your Finances Right

The right financial planning including strong assessment, forecasting, budgeting and plan implementation can help a business offset most risks that relate to loans and calculate a path that makes the loans most useful rather than a burden.

5. Repay the Loan on Time

Repaying a loan on time is absolutely essential. Loans can get drastically expensive as delays in repayment occur. Typically, alternative business loans for bad credit are already expensive loan products and adding cost to such a loan due to a delay in payment is not likely to be healthy for any business. However, in the event that you are unable to process a repayment due to any issue, you must have a good understanding of your agreement terms and approach your lender for the best solution at the earliest time of such knowledge.

Apply Online for a Business Loan for Bad Credit

Need a bad credit business loan? Business Advance Funding is here to help you with flexible offers and a loan that’s convenient, fast and reliable. Our loans need no collateral and involve no hard credit checks. You can query for a loan by contacting us or simply filling in the short online application form and our team shall be happy to assist you.

Providing Service Continuity during Business Remodeling

Providing business service continuity is often a topic discussed when a business remodeling plan or project is under consideration. There are many ideas and initiatives that can help a business provide continued services to customers while remodeling to various extents, is carried out within the business.

Providing-Service-Continuity

Here, we discuss certain points that can be used as a ready referral in such situations.

Why Consider Service Continuity?

There are lots of advantages that service continuity can provide to your business as well as your customers, especially if your business is likely to benefit from customer retention in the long run – which is probably going to be true for most businesses. Here are some of the top advantages:

  • It can save your business from losing customers permanently
  • It can create or increase trust within customers
  • It can help employees stay efficient and in-touch
  • It can provide additional exposure and a new experience to employees
  • It can help maintain cash flow

Providing Services through Alternate Channels

One of the ways in which many businesses provide continued services during remodeling, is to provide services through one or more alternate channels. Businesses often consider these options:

  1. Providing services through online channels: One of the most preferred solutions for both businesses and consumers today, is online distribution. Moving services online is possible today, across most industries.
  2. Providing Services on Call or In-Person: Another solution that is preferred by many businesses is to move to telephonic or in-person service provision.
  3. Using Facilities of a Business Partner: If you have a business partner whose infrastructure or facilities can help you continue providing services to your customers, considering such a move can be a great decision.
  4. Using Facilities of a Friendly Competitor: Some businesses may choose to move their customers to a friendly competitor when the understanding and relationship is good enough for it not to be an absolute business threat. Any such decision must only be taken after a careful consideration.

Temporary Business Continuity Set-Ups

Some businesses consider setting up temporary facilities that are dedicated to provide continued services to their customers while their existing facilities are undergoing remodeling. Such facilities may not provide full services or may simply be makeshift solutions designed to be cost effective but perhaps having less longevity. Where feasible, such a set-up may provide multiple advantages to both the business and the customers.

Funding for Business Remodeling and Service Continuity Projects

A good business remodeling plans as well as a service continuity plan always defines the source of funds that shall make the whole plan feasible to enact. While it is typically clear where expenses towards business remodeling can be allocated, here a brief list of where funds towards service continuity are often allocated:

  • Communicating with customers
  • Investing in the facilities required
  • Investing in the distribution channels
  • Performing marketing activities to create awareness

Once you have understood what funds are needed, you may need to consider a funding solution. At Business Advance Funding, we provide simplified and easy-to-apply business loans which you can use towards the remodeling as well as service continuity project of your business. A simple online loan application is all it takes to get you started towards a suitable business loan.

How Cash Can Help You Diversify Your Business

There’s no doubt that the market today lays much emphasis on diversification. Many businesses have survived and even grown despite all the turmoil, solely due to their ability to diversify or their pre-existing diversity, from times before the pandemic even started.

How Cash Can Help You Diversify Your BusinessCash can often be considered as a tool when it comes to diversification. If you plan on diversifying your business (and there are many different ways in which this can be done), cash can be of great help. A strong cash flow and healthy availability of liquid funds can help your business safely and efficiently implement various parts of a diversification plan.

In What Ways can a Business Diversify?

Traditionally, when one thought of business diversification, it was seen as a largely macro subject where a business served multiple industries. Today however, diversification is much more than that and there are many ways in which various degrees of diversification can be achieved by a business. Let’s look at some effective ways in which a business can be diversified.

  1. Diversify to serve multiple industries: This is perhaps the most traditional form of business diversification. Oftentimes however, such an option is only available to larger businesses with huge turnovers. For example, a steel manufacturing company could diversify into automobiles and military equipment.
  2. Reaching a new market: Another rather traditional option, this often works for businesses of smaller turnovers too. For example, a consumer goods business can consider diversification into the B2B market or vice versa.
  3. Reaching a new audience: With the help of a good marketing strategy and some fine-tuning of the existing products and services, most businesses can consider such a diversification. For example, a kid’s retail store can diversify the business by simply restricting retail to just kids, or, a restaurant can consider adding food delivery partners.
  4. Evolving services and products in new ways: In a response to new circumstances, needs, wants and customer priorities, a business can diversify its services and products. For example, a daily needs store can add OTC drugs to their inventory.
  5. Add distribution channels: Most businesses tend to have limited distribution channels. However, distribution channel options in many industries and sectors are constantly evolving and opening up new opportunities which can be utilized by various businesses. For example, a clothing store can open an online store and also take up partnerships with various other online stores.

6 Ways in Which Cash Can Help Your Business Diversify

Working towards business diversification can serve a business in the short and long run. One of the tools that can ease the implementation of most diversification plans is cash. Liquid availability of funds can be a great difference maker and here are 6 ways in which most diversification plans can see cash being helpful:

  1. Procuring material that implementing diversification plans may require: In most cases, a diversification plan shall require for added inventories and various other materials, such as promotional material.
  2. Upgrading infrastructure: Most diversification plans may require businesses to consider upgrading their existing infrastructure to some extent, in order to be able to implement the plan effectively.
  3. Investing in new outlets: If the plan features new outlets in a different location or perhaps online outlets, there’s a quite certain need for funds to be allocated towards the outlet.
  4. Training and hiring team members: These are often an absolutely essential investment when a new product or service line is introduced by a business. Training or recruiting can also be critical when an entry in a new market is being considered by a business.
  5. Marketing and advertising: When a diversification plan involves reaching out to new markets, audiences or creating awareness about new services or products, marketing and advertising can be a great investment.
  6. Hiring consultants: Many business experts would agree that consultants can add much value when a new project is being considered – especially one related to which the existing team within a business may not have much expertise in.

Need Extra Cash? A Business Loan Could Help

Many businesses that see a need for extra cash for implementing their diversification plans and projects, choose loans as the source. If you’re in such a need, feel free to get in touch with our team and we shall be happy to assist you and work towards a suitable solution.

Advantages, Disadvantages & Uses of Merchant Cash Advances

Businesses see rises, falls, challenges and struggles throughout their life. Many situations and circumstances can create the need for borrowing quick loans. While quick loans can be crucial and helpful, they can also come with challenges of their own. Understanding the advantages, disadvantages and ideal uses of any loan can help a business reduce risks and also utilize loans better.

Through today’s article, our team of experts seeks to guide readers about the advantages, disadvantages and purposes of one of the most frequent choice of a quick business loan option – the merchant cash advance, which is made available by alternative business lenders such as us, at Business Advance Funding. As you read ahead, you shall be able to understand ways in which your business can best utilize merchant cash advances while minimizing risk and maximizing the potential of its uses.

Uses of Merchant Cash Advances

Advantages of a Merchant Cash Advance

Depending upon what your lender offers, the advantages of merchant cash advances can be many. Here, we share a set of benefits that tend to be common to almost all merchant cash advances available through many of the best reputed alternative business lenders.

  1. Easy Application Process: Alternative business lenders do not require the vast amount of paperwork and cumbersome application processes to be completed the way a traditional business lender like a bank would. A few simple fields and basic documentation followed by a signed agreement typically suffices for the purpose of application.
  2. Easy Eligibility Terms: Typically, such a loan would only require that the business is registered, safe from bankruptcy and has a healthy cash flow since over a period of 6 months.
  3. Short Turnaround Times: Most established direct lenders of alternative business loans are able to approve and credit merchant cash advances in less than a week. At Business Advance Funding, we typically release most loans in roughly 2 working days.
  4. Flexibility: Many lenders tend to offer flexible repayment terms for merchant cash advances – i.e. they may offer convenient ways to customize deadlines, loan tenures and other such features of the loan.
  5. Acceptance of Bad Credit Scores: If you need a quick business loan while you have a bad credit history or score, chances are that one of the few options available to you is a merchant cash advance.

Disadvantages of a Merchant Cash Advance

Knowing the advantages of a loan can help you understand how it could benefit your business. Knowing its disadvantages can help you understand how to safeguard your business from its limitations and potential threats, so they your business doesn’t take a hard hit from any of the disadvantages.

  1. Higher Interest Rates: Alternative business lenders approve loans that may fall under higher risk categories. Loans with higher risks associated, tend to have higher interests associated with them.
  2. Shorter Loan Tenures: Alternative business loans tend to have short tenures – typically from 3 months up to 2 years. Traditional loans may extend even up to 20 years in some cases.
  3. Limited Verification and Stringency: Not as much of a disadvantage as it is a potential threat, the ease of the eligibility and application process directly reduces the stringency of the loan approval. This may lead at time to a loan being offered to a business that is at higher risk than the owner may realize. And in some cases, it may also lead to a business spiraling into a debt cycle. This risk can be reduced by ensuring strong business forecasting and choosing loans of amounts that pose less risk to the business.

Uses

A merchant cash advance can be used with much flexibility. While most lenders do not limit the usage options of the loan, here are the most common purposes that businesses tend to borrower merchant cash advances for:

  1. Working Capital: The availability of a healthy amount of cash can be very crucial in the smooth operating of a business. Some businesses use a quick loan like a merchant cash advance when the availability of liquid funds goes low.
  2. Equipment Financing: Purchasing, hiring or renting our business equipment can be expensive but it also can bring good returns. For this reason, many businesses choose such loans for this purpose.
  3. Repairs and Refurbishment: Businesses often invest amount borrowed from loans towards repairs and refurbishments of their infrastructure, equipment, vehicles and more.
  4. Maintenance Contract Renewals: Maintenance contracts often prove to be worth more than their face value and many business owners find value in investing loaned amounts towards this expense.
  5. Diversification of Products, Services and Distribution Channels: Off-late, diversification has been a key for businesses to survive and grow amidst the turmoiled times. For businesses hadn’t foreseen what came with the pandemic, preparedness was hard. Loans have widely helped many businesses with the funds needed to diversify products and services and also the distribution channels of these products and services
  6. Marketing Plan Implementation: Once a marketing plan is drawn up, funds may be required to implement it. Since investing in marketing is considered as one of the best investments across all industries, many businesses borrowing quick loans tend to utilize the funds borrowed by investing them towards implementing marketing plans.
  7. Business Sustenance: Another very important aspect of a quick loan is that it is often used towards supporting business sustenance through tough times, like low seasons, disaster-hit periods, relocation periods, etc.

Often times, business owners tend to invest funds borrowed through a merchant cash advance, towards more than just one such use.

Apply for a Swift Online Merchant Cash Advance

Once you have understood the above facts related to merchant cash advances, it becomes easier to take decisions related to the loan. It also becomes likelier that the decision of taking the loan shall end up being a good one. We at Business Advance Funding, are dedicated to ensuring that our borrowers get a swift service through our online business lending platform. Applying for a business loan with us in simply a matter of filling up the online application form and submitting the details, which enable us to process a quick pre-verification and get in touch with you so we could work with you towards designing a loan offer to suit your business’ needs.

Getting a Quick Online Business Loan for Bad Credit

Businesses of all scales are subject to risks. Investing in a business can be very rewarding, but rewards typically come after overcoming some struggles and challenges. Sometimes, these struggles and challenges can be directly linked with the availability of funds, or liquid cash. A healthy availability of cash can make a business sail through many situations that may otherwise seem unsurmountable. While some businesses do manage to maintain a healthy amount of liquid cash available in order to manage such situations, many businesses today, choose solutions such as online business loans to get a quick boost in their cash flow.

There was a time when business borrowing almost always required a near-flawless credit history and very strong financial health. Today however, certain services like Business Advance Funding, are here to provide online business loans to you, even if you have a bad credit score.

Quick Online Business Loan for Bad Credit

How a Bad Personal Credit History can hurt Your Business

When you own a business, chances are that there is a close relationship between the finances of the business and your personal finances. A traditional business loan lender (for example, a bank) would typically assess how interdependent your business and personal finances are, and accordingly, the loan decision may be more or less affected by your personal credit history. While this can get more complicated than what it may seem from that sentence, it is probably fair to say that if you have a bad credit history or scores, getting a loan for a business you own, might be quite a difficult task. The options that may be available to you, might be few and expensive.

So, bad personal credit history can hurt your business mainly when it comes to credit products. Whether you look for a business loan, a business line of credit or a business credit card, finding options with low-interest rates and/or long repayment tenures can seem almost impossible. Debt has long played a significant role in helping businesses grow and being unable to take advantage of what the debt industry has to offer, can be a highly limiting factor in your business’ growth and development.

Choosing Alternate Business Lenders

Alternate business lenders such as us at Business Advance Funding can provide a solution for bad credit borrowers who look for a business loan product. Alternative business lenders are non-bank, non-institutional lenders that operate independently. Today, there are quite some lenders that offer business loans for bad credit. However, it is important to know that unlike prominent banks and other institutional lenders, not all alternate business lenders would be competent and trustworthy.

Hence, before you transact with an alternate business lender, it is important to know that the lender you are about to choose, is legitimate and trustworthy. Here are ways in which you can be sure about this:

  1. Always choose a lender with a strong online presence and good reviews
  2. Look for signs of recognition such as “BBB Accredited Business”, membership with the “Online Lender’s Association”, etc.
  3. Ensure the website of the lender has a valid security certificate and is of a good quality
  4. Avoid lenders that make suspiciously great offers. Any offer that seems too attractive, is probably not legitimate
  5. Choose experienced lenders – they’re likely to be more reliable and have more financial sustainability.

At Business Advance Funding, we offer competitive business loans, accepting applications from bad credit borrowers. With over a decade of experience in alternate business lending, we have served hundreds of clients with loans designed to suit their business needs.

Online Business Loans for Bad Credit

Online business loans for bad credit borrowers are available through various alternate business lenders today. With Business Advance Funding, you simply need to meet the loan eligibility criteria, and thereafter, loan approval is a matter of a few basic verifications that help us ascertain that the provided information is authentic. We then determine the right loan for you, considering your stated requirements, the purpose of the loan, and certain financial health indicators that pertain to your business.

Online business loans from Business Advance Funding offer various advantages that make our services preferable to our clients. The most enjoyed benefits include:

  • The simple online loan application process
  • Quick loan decisions
  • Loan credit has done typically in 2 business days since the application
  • No collaterals needed
  • No application fees imposed
  • Option to perform no hard credit check
  • All credit scores accepted
  • Previously rejected borrowers welcome.

Getting Your Business Loan Approved Quickly

To get a business loan approved quickly, all you need to do is to ensure your loan eligibility and thereafter, provide us authentic and complete documents and details at the earliest.

To know the loan eligibility requirements and to initiate a query for your business loan, simply head to the online business loan application page. On receiving the information you submit to us, we shall get in touch with you shortly after a brief verification that helps us understand a bit about your business and your requirements. We look forward to assisting you and providing you a quick online business loan that doesn’t get affected by a bad credit score or history.

Instant Decision Business Loans & about their Safety

Today’s lending market offers a wide variety of choices and whether you are looking for credit as a business or an individual, you can almost certainly find a loan that seems to suit your needs, no matter what. But there’s one thing that is an absolute must to be considered before any credit can be taken up, and that’s safety. The loans that are the easiest to get, are sometimes that easy only because certain safety measures are being overlooked. In rare cases, the offer could also be a scam. In either of these cases, the vigilance from the borrower’s side can protect the borrower from potential risks.

Some direct lenders claim to offer “instant decision business loans”. A business loan typically involves certain verification processes, which seek documents and details that pertain to the business and its finances and authenticating certain key information contained in these, must indicate transaction safety to a loan lender. Only when it is ascertained that the business is likely to be in a position to repay the loan on time along with the expenses like the fees and interest, should a loan be approved. Unfortunately, by attempting to provide such “instant” decisions on loans, a lender may be skipping some important verifications altogether.

instant decision business loans

Not All Lenders are Equal

Apart from the threat of a poorly verified loan approval, there is also a threat of falling prey to a scam. Typically, a business in need of an instant decision loan is likely to be under pressure. Such pressure can at times, blind people towards being able to notice red flags. It is very essential however, to know a little about a lender before choosing to borrow funds from them.

To ensure you’re dealing with a reliable and trusted direct lender, look for these signs:

  • Secured and good quality website
  • Healthy online reviews
  • Years of trusted service
  • Recognitions like “BBB Accredited Business”, “Online Lenders Alliance”
  • A clearly defined Privacy Policy
  • A transparent loan offer and agreement (after application).

No Verification Business Loans

Certain lenders claim to skip all verification process. Bank verifications, income verification, contact verifications and ID verification are important parts of loan safety. If one verification process is skipped, there is still a margin of safety involved. But if multiple important verifications are skipped by a loan approval process, a major compromise on the loan safety is being risked and such a risk is probably not worth taking at almost any cost.

Fast Business Loans that are Safe

A quick business loan that is safe, is made to be quick by leaning down each verification process and cutting out steps that are not absolutely essential. We at Business Advance Funding provide fast business loans by eliminating a lot of unnecessary paperwork and substituting as much of it with online forms and submissions as can be accepted by the industry standards. Further, we have automated many verification process which not just makes the process fast, but also more accurate.

Furthermore, we communicate loan decisions with no delays once the verifications are complete, provided that the client meet our fairly basic eligibility requirements. Once we receive an agreement to our transparent loan offer, we process an instant deposit into the business’ account and depending upon various parameters and variables, most of our business loans are fully processed in approximately 2 business days.

Apply for a Quick Business Loan with No Credit Check

Our quick business loans feature no hard credit checks. So, you can apply for the loan with a bad credit score and when you do apply for a loan, your credit score doesn’t take a further hit. But, how is a loan with no credit check supposed to be safe? Well, being an alternate business lender, we offer such loans for limited tenures. Unlike a traditional business loan from a bank that can span up to 20 years, our business loans for bad credit borrowers have a tenure limited up to a year. For a shorter term loan, credit score is not the most important indicator of an entity’s ability to repay.

Since credit checks are time consuming, our business loan approvals can be truly quick as the time consuming process is avoided. So, if you’re in need of a fast business loan that provides a quick decision and is still safe to transact, choose Business Advance Funding and your business could receive the funds it needs, after just a short wait.

Getting a Business Loan with No Credit Checks in 4 Easy Steps

Business loans have seen a steadily growing demand for over a decade. Small and medium sized businesses also show a similar pattern of growth in demand for debt products, amongst other businesses. However, many small businesses have their finances closely associated with the owner’s personal finances. Typically, the credit history and performance of the individual owners of a business, is likely to directly impact the credit options available for the business.

Alternate business lenders such as us at Business Advance Funding, may offer business loans with no credit checks. When as a business owner, you choose such a loan, no matter how closely your personal finances and your business’ finances may be linked, your credit health would not affect the loan and vice-versa. So, even if you take such a loan, it shall not feature on your personal credit reports and that in turn, shall not damage your credit ratings further.

Most businesses choose alternate business lenders for one or more of these practical reasons:

  1. A poor personal credit history
  2. Rejection of other/traditional loans
  3. Ineligibility for other business loans
  4. Need for quick approval of loans
  5. Ease of application and approval

Keeping these factors in mind, our business loans are designed to best address the above, and we work with you so a loan could be yours quickly, in just 4 simple steps that we shall discuss here.

Business Loan with No Credit Checks in 4 Easy Steps

1. Determine What Your Business Needs and the Purpose of the Loan

The first step is absolutely essential when you apply for a business loan. Businesses across various industries may use debt products for purposes that may include:

  • Working capital and cash flow maintenance
  • Repairs and refurbishment of equipment and premises
  • Stocking up seasonal inventories
  • Upgrades and renovations
  • Expansion projects
  • Adding services and products
  • Diversification of services
  • Acquiring Licenses
  • Paying outstanding dues
  • Business Sustenance
  • Paying salaries
  • Hiring additional manpower or equipment

Businesses may have other purposes of loans as well. Quite often, many businesses take up alternate business loans for more than just one purpose. Since our process is highly personalized, we welcome multiple purposes to be mentioned in a single loan application.

Once you know how much money is required and for what purposes, applying for a loan and finding one with most favorable terms, becomes an easy task.

 2. Fill Up the Simple Online Loan Application Form

As a trusted direct lender of business loans with years of experience in the industry, Business Advance Funding is able to offer a loan application that is absolutely simple and available right here, online!

We need just a few basic details that help us make an initial assessment of your business’ financials as we also learn what it is that you’re looking for in a loan. It also helps us understand the eligibility of your business for our no credit check loans.

The online application has no fees and does not in any way bind you to take our offer. Also querying for a business loan through this application shall in no way affect your credit ratings or show up on your credit history.

3. We Get in Touch with You to Discuss the Offer

Once we know the basics of your business, we are in a position to be able to discuss a loan offer with you. At this stage, a few more questions may be asked and few additional details and documents may be sought from you, depending upon various factors.

Once we have everything we need, we share the offer with you and it is very common that our flexible terms are fixed to best suit the exact needs and affordability of your business.

Once the offer is mutually concluded, an agreement is generated and the next step follows.

4. Submit the Offer Documents & the Loan is Yours

The final step involved, begins with your legal acceptance of the loan offer. Once the offer documents are signed and submitted to us, we initiate the loan lending process and thereafter transact the deposit into your company’s bank account.

Our entire process includes minimal paperwork and is designed to cut every step short and keep it all as simple as it can be, for your loan experience to be favorable.

So How Long Does It Take?

We understand that oftentimes when a business seeks an alternate business loan, one of the main reasons for that is time. When time is crucial, our loan is likely to be amongst the best options readily available and certainly reliable.

When all documents and details provided to us are legitimate, easy to authenticate and clearly indicate eligibility and financial stability enough to qualify your business for the loan you seek, the loan process typically just takes 2 business days to provide you the funds.

This along with an average approval rating of above 90% is what helps us retain the reputation of being a fast and reliable lender of alternate business loans with no credit checks.

How your Personal Credit Score Impacts your Business Loan

Many people new to the business world, do not know about the impact of the personal credit performance on their business. One of the ways that a business can get affected by the business owner’s credit history, concerns the area of business loans. If you are a business owner with a poor credit performance history, you’re likely to have shut a lot of doors for borrowing funds at attractive interest rates for your business, and the only way to resolve this, might be to work on your credit score.

A good credit score helps you have lots of options in the lending market and lenders are very likely to offer better deals to a person having a good credit score. However, not all types of businesses get impacted this way and not all business loans are out of reach for a bad credit score holding business owner. Read on, and you shall find out more.

It Depends on What Sort of a Company You Own

The more guarantees within your business that you link to your personal finances, the more your credit performance impacts your company’s credit options. In other words, a company with limited liability (LLC) would have virtually no impact from the business owner’s credit history even if it’s owned by an individual.

On the other hand, a small business owned and operated by an individual whose personal finances are heavily involved with the business and where even the business accounts are under a personal guarantee of the individual owner, is going to see a heavy impact of the owner’s credit score.

Most lenders are likely to hence consider the credit history of the business owner in the latter case and most lenders are unlikely to consider the credit history of the business owner in the former case, while making a loan offer and decision for the business.

That said, it is ultimately the lender who decides what factors are considered for processing and approving a loan which is acceptable within the legal limits. Under these legal limits, lenders can hence behave differently from case to case and the above is merely the explanation of a logic and trend that cause an impact in general terms.

 Some Trusted Alternate Business Lenders Accept Bad Credit History

Alternate business lenders – distinct from banks and institution lenders – have the option to lend loans at their discretion within certain federal and state regulations and laws. Some trusted alternate business lenders, including us at Business Advance Funding, accept loan applications bad credit business borrowers.

When a bad credit score holder who owns a business applies for a business loan from us, we perform a more stringent verifications of the operation figures of the business, also being mindful of the sector that the business is operating in. A loan approval is then based more upon revenue and financial health of the company instead of being influenced also by the credit score.

We also provide loans with no hard credit check. When you seek such a loan, we shall skip the hard credit pull which is likely to impact your credit score negatively if you already have a bad credit score and are still applying for a loan. The following section shall explain more about this.

Does a Business Loan Impact Personal Credit Score?

In the most general terms, a credit product that is impacted by your credit score, is also likely to be impacting your credit score. Hence, as mentioned above, when you request for a no hard credit check alternate business loans, the loan neither gets affected by your credit score, nor does it affect your credit score in any way.

That said, the more personal guarantees you have associated with your business account, and the more closely linked your personal finances are with your business’s finances, the more likely it is that most business loans shall impact your credit score.

For absolute clarity about any loan product’s impact on your credit score however, it is important to seek such information from your lender.

What Happens when you have Business Partners?

One of the most common queries we receive related to credit scores, is how the credit score of business partners affect borrowing. Again, the transaction and the offers are all finally at the discretion of the lender. But as a general rule, some lenders would refer to just the majority stakeholder’s credit history, some would refer to the credit history of the owner they are most communicative with and some might pay equal attention to every partner’s credit history. There is no specific rule of thumb here, but many lenders tend to have internal policies and guidelines that cover such situations.

Apply for an Alternate Business Loan that Accepts Bad Credit Scores

We at Business Advance Funding provide business loans irrespective of the personal credit score of the borrower. Yes, a healthy credit score might get you a better offer. Nonetheless, a poor credit score shall not disqualify you from our business loan products. To initiate a query for our alternate business loan, a simple online form shall get you started as we verify the information and get in touch with you to offer deals designed to help your business get the financing it needs.