If you have a high credit score, no need to worry. What if you have poor credit and want to bring your business ideas to life? You may think it’s rather intimidating to get access to additional working capital. Thankfully, there’s a myriad of funding sources such as a business cash advance bad credit that you can try. So, let’s see what you should do.
Starting a Business: Business Cash Advance Bad Credit
No one says it’s easy to launch a business with a poor credit score. If you’re obsessed with the idea of making your dreams come true, but you don’t have an excellent credit score, you just need to pick up your battles wisely.
Start looking beyond credit cards and bank loans. Why not try alternative lenders? Alternative online lenders are growing in popularity with each year. They offer a large variety of funding options. So, in spite of bad credit, you can get fast and easily approved for the necessary funds, such as a business cash advance bad credit without lots of paperwork.
Did you know that:
- In the U.S., an average of 543.000 new businesses are launched on a monthly basis?
- As of 2018, small businesses made up 99.9% of businesses in the U.S?
- As of 2020, 29% of small businesses didn’t succeed because of the lack of financing?
- In 2019, 43% of small businesses applied for a loan?
- Credit score was the reason why 36% of small businesses didn’t get approval for at least some of the funding they applied for?
What Your Score Says About You
As you know, most lenders, especially the traditional ones, take into account your credit when determining the level of your eligibility for financing or other merchant services. E.g., the U.K. and the U.S. have their own ways to make an assessment. In Canada, 300 is the lowest credit score a person can have, and 900 is the highest one.
Overall, 650 is the middle ground with the majority of lenders. The good news is that you can improve your bad credit score by taking certain steps. Importantly, you should make your loan payments on time.
So, if you’re considering starting a business but you’re scared because of your low credit score, no need to fear. Just know what you should do to improve your chances of achieving success.
Author Bio: Michael Hollis is a Detroit native who now lives in Los Angeles. He is an account executive who has helped hundreds of business owners with their business cash advance bad credit solutions. He’s experimented with various occupations: computer programming, dog-training, scientificating… But his favorite job is the one he’s now doing full time — providing business funding for hard working business owners across the country.