Certified business loans are available to assist with multiple aspects of a business’ operations. For example, a certified business loan may be taken out to help finance an expensive piece of equipment, or to obtain much-needed operational capital. The certified business loan is designed for the small- to medium-size business, but it offers a wide variety of options within that category: as long as your business makes $100,000 or more in revenue per year, there is most likely a certified business loan type to meet your needs. This includes the poor credit loan, which can be exactly what your business needs to shake off debt and kick things back into high gear!
How Do I Find a Poor Credit Loan?
Reducing debt and making tax payments in a timely fashion are just two of the potential applications of a certified business loan. Regardless of why you need a loan, there is a single application to fill out, with an absolute bare minimum of relevant information to include; you’ll have to provide a few months’ worth of credit card statements, for example. Your application will be submitted to multiple lenders through a central brokerage, which minimizes the hassle and the paperwork on your part. You will have an answer to your initial application in a matter of minutes.
Once a lender is matched to your situation, you will have every opportunity to look over the terms afforded to you. You are under absolutely no obligation to go through with the loan if, for whatever reason, a particular lender does not meet your needs. Should you accept the offered arrangement, your money will be made available to you as quickly as possible; the entire process takes only a few days at most, not the several weeks of a traditional small business loan.
How Do I Repay My Loan?
Deductions, based upon an agreed-upon percentage of your daily sales, will be automatically debited from your bank account every business day until your loan is repaid. Of course, different loans and different lenders may offer slight variations in the terms available to you, but everything will be made clear before you sign on the dotted line. Percentages are calculated to have a minimal impact on operations, which makes a low-interest certified business loan the ideal way to meet your business expenses over time.
Most poor credit loan providers offer completely unsecured loans with terms that are far more generous to your bottom line than simply charging your expenses to a credit card. That’s the way additional debt is accumulated; a certified business loan works directly to reduce your debt (and improve your credit rating) while simultaneously helping your other expenses.
Advantages of a Certified Business Loan
Most small business operators who find themselves in need of funding approach banks first; after all, this is traditionally where most of the money available for reliable lending is to be found. However, success rates in that department are not exactly enthralling. While nearly 70% of small business owners will approach a bank before trying other venues, only about 25% of them report success at this stage in their venture. The banks have become more cautious, some might say overly so; they are particularly concerned with risk, and poor credit is one of the most likely factors contributing to a rejected loan application.
A certified business loan offers more flexible options than a traditional bank loan, with a more accommodating repayment schedule. Provided your business meets the basic prerequisites, you will most likely be able to find a reputable lender. There are concerns which are looked at ahead of credit rating, such as how long your business has been in operation, and whether or not you’ve filed for bankruptcy. The long and the short of it is, if it looks like you’re making stable money, and you’re likely to stick around for a while? You can often secure much-needed assets within only a few days.
Certified business loans are unsecured. Lenders do not require collateral, and will not seize assets for repayment. Repayment is made by direct withdrawal from your business’ bank account, to the tune of fixed, minimal-impact payments. With the certified business loan, even for a borrower with poor credit history, there are no surprises when it comes to paying back the money.