Small Business Loans Online Small Business Loan Bad Credit Business Loans

Hello this Ty Crandall and in this short video were going to talk a little bit about small business loans and online business loans that you can get even if you have bad credit so there’s actually a lot of small business loans you could find online even if you have challenge credit, now the key approval is that you have to have some type of strengths for your business or personally to offset the actual credit issues, now lenders usually call this a compensating factor a good point that compensates for your credit issues it still makes you lendable now one compensating factor you could have to ever come credit issues and getting a business loan is having consistent revenue when you have consistent revenue meaning revenue is consistently coming into your business, consistent deposits which means you have a lot of deposits regularly going into your bank account when you have revenue that increases from month to month, so your bank statements or your tax returns even from year to year showing increasing amount of money coming in and when you manage bank account well then you’re lendable you can then secure a cash flow financing loan quickly even with credit scores down to 500. Now usually with this kind of loan you can get money within 72 hours, now rates are going to be high much higher than conventional loans, they could be as high as 25 or even 45% depending on your overall risk but what happens as you prove yourself and you get a few months into these loans then they typically offer you a renewal which is means they give you more money at better terms and in the end the only way that you end up paying 25-45% was if you didn’t renewing you stated that original loan the whole time otherwise you don’t end up paying but even half of that rate and you can still get these kind of loans for 8-15% total money because you’re renewing every 3 to 6 months and getting more money, now this type of financing only make sense if you’re using the money to grow as a large part of your cash flow will not go wow or will go out to pay back the loan, so what this means is this is not the kind of loan you get just to have money laying around, this is the kind of money you get to make a move that will help your business grow immediately this is the kind of money you used to reinvested in your business to market to advertise to expand to buy a new franchise to be able to make a move that will help your business instantly start making more money hopefully more money than the actual cash the loan payments ate going back out now another great funding option if you even with credit issues is collateral based financing or asset based financing, with this type of financing you get rates of 1-5% even with a 350 credit score your credit really doesn’t matter at all with this kind of financing, 401k, stocks, inventory, equipment, account receivables all of these types of things can work as collateral for asset based lending, now business credit is a must for any business owner especially with credit issues, so when you build your EIN credit that can be used to qualify you instead of your consumer credit or even offset you consumer credit, so what most people don’t know is that lenders in the business space do look at your business credit and if you ever really good business credit profile score that in lot of cases overcomes the fact that your personal issues and you’ll still get approved so it’s very important in a lot of cases the only look at your business credit not your consumer credit to get approved. Plus you can use business credit to get large credit lines like 5- $10,000 credit cards or even higher and get in multiples speed you can get within 6 months 3 or 4 of these kind of credit cards with 5 or $10,000 limits where they don’t even look at your personal credit for approval and you can grow those limits easily 15-20,000 or more within a year or less and you can also get high limit store credit cards, Dell, Apple, Best Buy, Chevron, BP, all this is available for business credit once beautiful for business credit is not only to help your chance of getting approved for loans but I’m telling you now other benefits is, is that you can get credit large amounts of credit that you can use to help grow your business regardless of your personal credit quality now so hopefully this gives you some good information about small online business loans that you can get even if you have bad credit, if you got some good valuable content make sure you like the video and make sure you subscribe to our channel we have our long videos that dive really really really in depth and the grants loans credit lines all types of financing you can get unsecured and secured even if you have credit issues, and make sure you click on this video because I always give you access to a cool quick resource they will also help in your quest to get money for your business, so again this is Ty Crandall thank you very much for taking the time to check out this short video.

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