Poor credit can hinder many things. From getting a home loan, getting a car loan, and it can even impact your chances of getting a job. But, what if you are your own merchants? What isses will you have if you have poor credit? Well, in short, the answer is “many”. From dealing with manufacturers and office supply stores, to finding a reputable and affordable business credit card, there will be a lot of issues. The most common – and most daunting – for many is trying to find business funding.

You can find business funding with bad or poor credit on your record. While you cannot do anything in the immediate future to turn around your credit, you can know what to avoid to make it worse. The one thing business-wise that you need to avoid is a traditional business loan. A traditional business loan can sink you further into debt and bad credit without you really realizing it. All it takes is one late payment for your rating to sink. There are other options available for those who need a business loan, but sometimes they are not cooperative with those who have bad credit.

There is one option that is cooperative, and all it takes is a phone call to your merchant account provider to learn more about it. This method is called a merchant cash advance, and it is available to all merchants who have a merchant account in good standing. It is simple to apply for, as you do not have to provide collateral forms, reference forms, and financial forms, since your merchant account provider already has your financial information. The funds you need are sent to your merchant account, and to repay these funds, a small percentage is taken from your credit card sales. There are no lump payments monthly, and virtually no chance of defaulting. This isn’t considered a loan, so there are no forms to file at the end of the tax year, and no impact on your credit.

When you are in need of business funding – and have bad credit – forgo the bank and call your merchant account provider to learn of their offerings. This is the best bet for those who are afraid of a high interest rate or are in a “high risk” business.

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