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Bad Credit Blog Posts

By First American Merchant

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Where to Go for Loans if You Have Bad Credit

It’s not uncommon to find yourself in a situation where you need money but don’t have the best credit.  Maybe you have an emergency expense or unexpected bill, and you don’t have the cash on hand to cover it. Or, perhaps you’re looking to consolidate some debts or make a large purchase, but your credit score won’t allow a good interest rate. Whatever the case, if you need a loan but have bad credit, you may wonder where to turn. Luckily, there are many bad credit loan options – you just need to know where to look.  Here are the […]

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Business Cash Advance: Alternative for Bad Credit Merchants

A business cash advance enables borrowers to get financing against their future earnings. If you need fast financing and have poor credit, this is a go-for option for you. Let’s discover more about this type of financing and see where you can get a reliable cash advance.  Business Cash Advance for Bad Credit Merchants A business cash advance also called a merchant cash advance or MCA, allows merchants to get funds against their future sales. This type of financing doesn’t require you to provide collateral: it’s unsecured.  Businesses with bad credit or no credit at all, e.g., starters, can apply […]

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6 Steps to Get a Business Loan With Bad Credit

Have you heard taking out a business loan with bad credit is impossible? That’s not right. It’s difficult, but it’s possible. You just need to know what steps to take and turn to a reputable high-risk merchant funding provider in your field. Getting a Business Loan With Bad Credit Let’s start with the minimum credit score, the most famous FICO score. Usually, lenders take into account different factors when determining your eligibility, and different lenders set different minimum credit scores for borrowers. However, they usually require you to provide a minimum personal credit score of at least 600. This is […]

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The Consequences of a Bad Credit Score to Your Business

A good credit score is a pivotal factor for businesses that want to acquire loans. Most businesses usually need additional funds to invest, thrive, and expand their reach. During such times, your credit rating may determine the lender’s decision.  What Leads To A Poor Credit Score?  A low credit score can be a result of various factors. For example, failure to cultivate your credit when the business was developing, financial struggles, or low revenue incomes. One must first learn the roots of their poor credit score to fix the issue. Lenders typically use details about your FICO ratings, which is […]

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Everything You Need to Know About Calculating Cost of Debt

When you’re on the path to becoming a business owner, it’s easy to get overwhelmed with the flood of financial information you receive and research. You might have heard terms like cash flow, APR and cost of debt. But what does it all mean? How much do you really need to know to run a successful business? How do you ensure your business’ future is secure? The following information should help provide some clarity on one of the most important topics: calculating the cost of debt. What is the Cost of Debt? At one point or another, every business owner […]

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How to Build Business Credit, and Why You Need It

Are you a new business owner who has yet to establish business credit? If so, don’t worry! Yes, it can take some time to build a stellar credit score. But it is possible to build both a successful business and business credit at the same time. The following tips and information will help you get started. What is Business Credit, and Why Do You Need It? Essentially, business credit is a financial tool. It allows your business to access loans and other forms of financing, qualify for better terms from vendors and build good relationships with other business-to-business (B2B) sellers. […]

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Bad Credit Merchant Account & How to Get It Easily

There’s no credit-card acceptance from your customers without a merchant account. What if your credit isn’t good? Well, this will create problems for you, but not everything is lost. You can still apply to a respectable provider to get a bad credit merchant account to grow your business. Let’s see how you can obtain one even if your credit is away from being good. When Applying for a Poor Credit Merchant Account First of all, be aware that you need to pay a fee to your merchant processor for credit card transactions. Approval criteria differ from provider to provider. Here’s […]

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How Can I Get a Business Loan With Bad Credit

High risk business loans are more challenging to obtain than traditional ones. The good news is that there’re exceptional alternative online lenders that can make things easier for you. This isn’t rocket science: let’s move forward to learn more together. Risky Businesses: High Risk Business Loans Every business, no matter new or established, may be in need of some working capital at some point, let alone emergency situations. E.g., small businesses have been hit by and economically harmed because of the coronavirus (COVID-19) outbreak. Of course, small businesses and nonprofit organizations can qualify for economic injury disaster loans in the […]

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Where to Get a High Risk Business Loan

If you’re labeled as a high risk merchant, you can still explore high risk business lending solutions for your company. Today, there’s a myriad of alternative high risk business loan options that you can use to get the necessary financing for your high risk business. Let’s move forward to find out more. Where to Get a High Risk Business Loan Having easy access to the necessary funds is among the top issues any business owner can face. This is especially true of merchants tabbed as high risk. High-risk business financing options such as merchant cash advances (MCAs) are a great […]

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Recovering from a Rejected Business Loan Request in 4 Steps

Declined loan requests are one of the cases in business when expectations can lead to serious disappointments. After believing against all the odds, it can be heartbreaking when your loan application finally gets rejected. That’s why you need a plan B for when things turn sour. Therefore, as you toil to gather credentials and prepare your application process, always think about what happens if you fail— and plan for it. Borrowing with this kind of mentality and preparedness can help you pick up your pieces and act swiftly in the case of a denial. So what can you do if […]

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