Under normal circumstances, a person or business that has fair credit feels like they are doing just fine. However, fair is not a meaningful rating for lenders. They want customers with good or excellent credit. You did not know how important this is until a major piece of equipment broke down. Maybe it was your entire computer system. It should be obvious to any lender that you need a loan to keep your business running. You must replace the equipment. There are hundreds of reasons why small and medium-sized companies need a cash infusion in a hurry. Then there are hundreds of reasons why your bank will decline your request. Exhale – you can still get a merchant cash advance with fair credit.
The business world is all about risks and rewards. Your bank takes a risk by lending you money and they are rewarded by your timely payments and interest on the loan. If they do not believe the reward is worth the risk, there is no deal. There are some very important benefits of a merchant cash advance rather than a small business loan – even if you could get one. A merchant cash advance is based on your credit and debit card transactions and not on your credit score.
When you apply for a small business loan the lender usually makes you wait for weeks before you receive your answer. And the answer is generally no. The lender knew up front that you had fair credit so why did he make you wait so long to tell you? Where is the respect? With a merchant cash advance for fair credit, you get fast approval, and the majority of the time the money is in your account within 72 hours.
If you were approved for a small business loan your payment is the same amount every month. It does not matter if sales were poor because of the weather. It is written in concrete. With a merchant cash advance your payment is always a pre-determined percentage of your monthly sales. A bad sales month means a lower payment.
A merchant cash advance is not reported to the credit bureau so no one knows you have the loan. It is a private matter. Plus you did not have to put up any collateral to get the funds you needed. You did not have to submit tax returns or financials. And a credit score in the 500 range was acceptable.
If you want a Merchant Cash Advance with fair credit the sooner you apply the sooner you get your funding.
For approval on a merchant cash advance within 72 hours, call 1-800-210-5649!