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Monday, December 17, 2018
  1. Common Social Media Marketing Mistakes
  2. Take control of your personal information
  3. 3 trends that can stimulate small business growth
  4. Content Optimization: The Key to Writing Content That Ranks Higher on Google
  5. 5 Easy Giveaways That Help Build Customer Loyalty
  6. 6 Innovative Examples of Technology in Marketing You Should Be Aware Of
  7. Top 5 Tips for Paying Off Debt Quickly
  8. Is A ‘Robo Advisor’ In Your Financial Future?
  9. Three tax savings strategies for a secure retirement to try right now
  10. 4 habits for fit finances
  11. Study finds small businesses have a big impact on the economy
  12. How to Promote a Self Published Book: 8 Pro Tips
  13. How to Measure the Success of Your Blog Strategy
  14. 9 Technical Writing Tips to Improve Your Skill
  15. 5 Undeniable Benefits of Email Marketing for Book Promotion
  16. How to Create Great Writing for Social Media Marketing Posts
  17. 7 Promotion Strategies to Promote Your New Content
  18. 10 Marketing Tools and Supplies You Need to Boost Business
  19. Tips for Measuring Marketing Effectiveness
  20. How to Find an Awesome Social Media Advertising Agency
  21. 5 Steps You Must Take When Starting a Business
  22. How to Create a Lead Magnet to Attract Clients and Boost Sales
  23. 5 Ways to Diversify Your Marketing Tactics
  24. 15 Social Media Tips for Small Businesses
  25. Top 10 Tips to Improve Customer Service in Your Business
  26. Top 5 Best Website Promotion Tips
  27. How to Improve a Website: Web Design Tips and Tricks
  28. How to Create a Blog People Will Read
  29. 10 Reasons All Businesses Need a Solid Social Media Marketing Campaign
  30. 8 Ways to Avoid the Most Common Logo Creation Mistakes
  31. The Difference Between Remarketing and Retargeting Advertising
  32. Types of Content Marketing: The Ultimate Guide
  33. How to Monetize Your Blog
  34. The Top Business Trends You Must Keep in Mind
  35. Should You Incorporate an SMS Campaign In Your Marketing Strategy?
  36. How to Protect Your Identity Online
  37. How Niche Markets are Using Social Media to Increase B2B Sales
  38. 5 Proven Strategies to Promote Your Ecommerce Website
  39. 9 Local Lead Generation Tips Every Entrepreneur Needs
  40. 5 Productivity Hacks for Writers
  41. Where To Find The Best Free Images For Blogs
  42. A Brief Guide to Taxes for Freelancers
  43. 5 Content Creation Ideas for Your B2B Blog
  44. 3 Tips For Writing Amazing Content For Your Financial Blog
  45. 9 Reasons Why You Need a Professional Web Designer
  46. How Answering Services Work (And Why You Need One)
  47. 5 Ways to Create More Data-Driven Content for Business
  48. How to Improve Your Credit Score Fast
  49. Affiliate Marketing for Beginners
  50. The 3 Easiest Solutions for How to Improve a Website
  51. How to Organize Your Online Content with a Writer’s Journal
  52. The 10 Most Overused Digital Marketing Buzzwords
  53. Why Brands Are Switching to Narrative Marketing
  54. Installment Loans: What Are the Benefits?
  55. 5 Super Cheap Promotional Items To Boost Your Customer Retention
  56. The Ultimate Budget Guide for Freelancers: Learning When to Save and When to Splurge
  57. Challenge Accepted: Issues Facing Legal Marketing Teams
  58. Simplify Your Life With These Money Saving Tips
  59. How Millennial Talent Is Driving Digital Media Growth
  60. 10 Tips for Driving More Traffic to Your Blog
  61. How to Grow Your Blog in 5 Simple Steps
  62. 8 Reasons Why Digital Marketing Is Important for Every Business
  63. Marketing Your Business Online: A Simple Guide
  64. 4 Tips for Creating a Viral Facebook Post
  65. How to Capitalize on Hot Button Topics With Your Marketing
  66. Writing Income Down This Month? Try These 5 Tips to Make More Money Online
  67. How to Build and Market an Affiliate Niche Site
  68. 5 SBA Loan Questions to Ask Before Getting a Loan
  69. How to Start a Successful Online Business
  70. Why You Should Encourage Employee Blogging
  71. Great Blog Apps That Will Help You Monetize
  72. How to Use Promotional Flyers to Increase Sales
  73. 5 Tips For Improving Your Business’s Web Strategy
  74. 5 Office Layout and Design Tips
  75. 5 Ecommerce Solutions for Small Business Success
  76. 8 Ways to Avoid the Most Common Logo Creation Mistakes
  77. Staring at the Screen: 5 Ways to Beat Writer’s Block for Good
  78. What to Consider When Choosing an eLearning Template
  79. The Best Ways to Manage Your Cloud Storage
  80. How to Increase Blog Traffic for Your Business
  81. How to Increase Blog Traffic for Your Business
  82. Security Alert! Don’t Leave Your Site (Or Your Customers) Vulnerable
  83. 7 Blogging Mistakes That Could Be Hurting Your Traffic
  84. Understanding the Writing Style for Your Brand
  85. 4 Tips for an Effective Website Development Project Plan
  86. Secrets to Creating a Visual Brand Identity That Sets You Apart
  87. A Guide on How to Be Charming in All Situations
  88. How Brain Training Games Boost Memory and Productivity
  89. The True Entrepreneur – 3 Tips for Your Success
  90. The 2018 Small Business Report [Infographic]
  91. 6 Website Must-Have’s for Small Businesses
  92. Tips to Help You Become An Entrepreneur
  93. 5 Smart Investment Management Tips
  94. The Top Content Marketing Trends Going Into 2018
  95. Great Blog Apps That Will Help You Monetize
  96. SEO Made Easy: How to Optimize Your Blog Posts
  97. How to Write a Compelling Logo Tagline
  98. Social Media Management for Realtors
  99. 10 Tips on What Makes a Good Website Design
  100. 8 Recruiting Solutions to Help You Find The Right Employees
  101. Entrepreneurs in unexpected places: How one Midwest city promotes diverse local innovation
  102. How to Set the Financial Goals that Grow Your Business
  103. How retailers can build trust and relevance in their communities
  104. Make 2018 the year of helping veterans
  105. Growing your business? These 3 financing mistakes can cost you big
  106. 3 Ways to Stay On Top of Your Taxes
  107. 5 Things CRM Software Does to Catapult Your Business
  108. The Best Ways to Use Equipment Financing For Your Startup
  109. 5 SBA Loan Questions to Ask Before Getting a Loan
  110. 10 Super Cool Unconventional Business Cards
  111. What Are My Business Loans for Poor Credit Options?
  112. 12 Local SEO Solutions That Will Help You Outrank the Competition
  113. How to Have the Smartest Home on the Block
  114. Time-saving tricks that save hours each week
  115. Small businesses have struggled to find funding: Not anymore

Is your bad credit getting in the way of obtaining a business loan?

It might seem like an impossible task to find a lender if your credit score is below average.

We’re here to tell you there are other options. Business loans for poor credit exist, and we put together a guide to help you understand the lending process.

Continue on and you’ll be one step closer to making your dream a reality.

What Are Business Loans?

The definition is pretty straightforward, a business loan is a sum money borrowed from a lender by business to start, expand, or run a business.

Business loans are difficult to obtain by for many applicants. In the U.S., out of 10,000 applicants, 82% were denied for a business loan.

Business loans are risky, especially when the business is a startup, which is why they are so difficult to obtain. The costs for underwriting, evaluating, and verifying a small business loan are usually the same as a large loan. Banks usually focus on high profile business loans instead of startups.

Qualifying for a business loan is tricky even if your credit score is nearly perfect. There are many other factors banks consider such as, whether you can provide collateral, tangible assets, and financial status.

What Do Lenders Look For?

Every lender is different in their requirements, so you need to make sure you know the minimum criteria. Meeting the criteria will make you a strong applicant.

Lenders will want to see your personal credit score and business revenue to see how you handle paying bills. Many of them will quickly cross off bankruptcies and delinquencies.

Before considering applying for a business loan you should start gathering some financial information and legal documentation.

  • Both personal and any business tax returns
  • Business and personal bank statements
  • Business licenses
  • Income statements
  • Balance sheets
  • Personal Identification
  • Commercial Leases

You can always check each lender institution for their complete list of documents you’ll need.

Develop a Business Plan

You will become a stronger applicant if you bring a business plan to a potential lender. They want to see your business will be strong and profitable enough to be able to pay the loan back.

You’ll want to develop a business plan that will impress a lender even if you have poor credit. You can recruit the assistance of the pros at https://creditrepaircompanies.com/lexington-law/.

In your business plan include projected financial results. Also, in your business plan include your company description and a complete analysis of the industry to show there is a market for your product.

Include a product or service description and explain how you plan on managing it. Other points you should include are:

  • Marketing plan
  • Operations plan
  • Strengths, weaknesses, opportunities, threats

Collateral

Lenders always will require collateral. It can be anything from an asset, equipment, inventory, or real estate.

They require collateral as a guaranteed to recover their money if your business fails.

Understand Your Credit Score

Before applying for business loans for poor credit, you should take a look at your score. Understanding your credit report will give you an idea of why you might have poor credit.

Obtain your credit report from one or more of the main credit bureaus and understand the breakdown.

  • You will see the total number of your accounts open mortgages, credit cards, student loans, car loans, and others.
  • It will show the monthly amount you pay for all your credit accounts.
  • You will see which of your accounts are in good standing.
  • It will show any negative impacts to your credit score such as delinquent and derogatory accounts.
  • The length of time your accounts have been open.
  • This report will also show the number of recent inquiries.
  • Expect to see your total score and percent of credit available.
  • Any closed or paid off accounts.

Negative impacts to your score will mean you’ll only qualify for high interests on your credit card and loans. Making a few changes to your finances could help you improve them drastically.

Don’t skip making any of your payments on time. If you have any delinquent accounts try to bring them up to date. Avoid applying for new lines of credit, as these create a negative impact on your score.

Bring down the balances in your credit cards so you have more available credit will be a positive impact to your score.

Apply for Business Loans for Poor Credit

Now that we’ve explained the business loaning industry and how to understand and improve your credit report, it’s time to look at your options.

There are several options for business loans for poor credit. These types of loans are for people who have a credit score of 640 or below.

Asset-Based Loans

This type of loan does not use your home or house as collateral, instead, it does equipment or inventory. In case you’re not able to pay back the loan, they will take the collateral specified on the terms agreed on.

Short-Term Loan

Short-term loans are a great solution for borrowers with bad credit. These loan terms usually last between 3 to 18 months. The borrower pays them back with daily ACH payments.

On the downside, these loans are very expensive and come with high APRs. Not to mention daily payments could get in the way of the business’ cash flow.

Merchant Cash Advances

Merchant cash advances are loans you pay back with a percent of the business’ daily credit card transactions. This is a great solution for borrowers with bad credit. With all other similar loans for poor credit, you must proceed with caution.

Lenders take a percent of the daily credit card transactions, so you pay more when business is doing well, and you pay less when it’s slow. Keep in mind paying back this loan could cut into your day to day profits.

You will only qualify if you plan on processing credit card payments.

Business Credit Cards

Business credit cards are a great option because they will provide you with instant money to use for your business.

The best part is if you pay in full each month you could avoid APR charges. And making payments on time and using the credit card in smart ways could help build your credit.

Plan Your Next Step

Now that you know about the many business loans for poor credit available, you can start your research to find the right one.

Making the right moves will help you move on from bad credit loans to regular ones with lower interest rates.

If you enjoyed this article, visit us for more great tips.

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