Bankruptcy is never easy, and it can be even more difficult if you are a business owner or wannabe business owner. Small business loans can be tough to get, even if you have excellent credit. Bankruptcy can put your life on hold, and can put your business dreams on hold, as well. While it can be tough to find a small business loan, you could perhaps obtain a high risk cash advance from a reputable company, such as FAM.
There isn’t must different on the surface of a small business loan and a high risk cash advance, but in the fine print there is. With a business loan, you have to start repayments almost immediately. It does not matter how your business is doing, lenders want their money. With a high risk cash advance, payments are not made until your business beings making money. This is great for all merchants, but especially those who have a bankruptcy.
There are things that you need to do, whether you are looking for a small business loan or a high risk cash advance. You need to make sure that all of your paperwork is complete and in order. You also need to make sure that you have a good and complete business plan. It does not have to be one-hundred pages, but it does need to be thorough. It is not a good idea to look for any type of loan right after a bankruptcy, but you do need to make sure that it shows that you are keeping your debt down, and are repaying anything that you have borrowed. You also need to show that you have consistent income. You do not have to bring in a ton of money, but the consistency shows that you are stable, or at least headed that way.
Every lender has their own terms that you need to meet before they will accept your application. It is always a good idea that you learn ahead of time the criteria, so that you will not waste your time and the lender’s time. A little research ahead of time can save you a great deal of trouble.
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