A small business relies on its cash flow and other forms of financing to pay bills, meet payroll and stay in business. Cash flow relies on customers paying their bills and giving the small business the liquid cash it needs to stay operational. But what can a small business do when the cash flow is slow and there are still bills to pay? When those moments occur, it is time to look into a small business loan.
If you are like most small businesses, then you accept credit card payments from your customers for orders of all sizes. A merchant cash advance is not a loan, so you don’t have to worry about borrowing money you don’t have. Instead, this is an advance against your pending credit card sales that you can use however you want. This is cash you can have right now that is paid back through your pending credit card receivables.
As we mentioned earlier, you are not borrowing money with a Columbus small business loan. All you are doing is getting money now that you would eventually get later when your credit card sales clear. Because this is not a loan, there is no credit check for you to worry about.
Why Don’t I Just Use My Credit Card Payments When They Clear?
How many times have you stared at your computer screen looking at processing credit card payments that represent money you need now but will not get for days, possibly weeks? Payroll is coming due in a couple of days and you have thousands of dollars in pending credit card payments that you will be lucky to see in 10 days. Our process takes 24 to 48 hours to complete, which means you get your money when you need it to use as you want.
Is The Application Process Complicated?
Our streamlined application process can be done quickly and we respond to most applications with an answer in six hours or less. Our online application walks you through the process and explains everything you need to submit. You submit all of your information online and then we give you an answer as quickly as we can.
The Benefits Of A Columbus Small Business Loan
Business owners like to see all of their information in one place where it can be easier to make a decision. The primary benefits of using a merchant cash advance include:
- If you or your business has bad credit, then that is just fine. You can still be approved for this funding.
- As part of finalizing your arrangement, you will be offered flexible repayment terms that can fit your budget.
- If you have a good week after your funding has been finalized, then you can repay the funding arrangement early.
- Depending on the program you choose, you could be approved for funding that represents 100 to 200 percent of your company’s monthly revenue.
The best part about applying for a Columbus small business loan is that you can always talk to an associate over the phone to get the answers to your questions. This type of funding is new to many small business owners and that is why merchant cash advance companies are always anxious to answer questions.
If payroll is coming around and your cash flow is light, you should never panic. Instead, just contact a merchant cash advance company to put funding in place that will help you meet payroll and your other financial obligations without a credit check and without a lot of hassle.
When you’re a small business owner, it’s important to look at your fiscal obligations. If you don’t have sufficient cash flow or capital, it might be time to explore a loan. Even bad credit small business loans are available. At Delancey Street, we can help you to explore merchant cash advances, loans, and small business lines of credit.
Fast Business Loans
In most instances, you need the money right away. You don’t want to wait weeks until a bank can make a decision on your loan application. We focus on providing fast bad credit small business loans. The funding can occur within two business days.
Applying is simple. You can also use the funds however you desire. Whether you’re paying for employee payrolls, expansion or even new equipment, the money will be yours. You simply have to look at whether you can adhere to the payment plan of the loan.
The Approval Process
Getting approved for a loan is not always easy. This is why you should get ready for the approval process. You will want to take a good look at your business, including what your financial needs are. We can help you to secure as much as $2 million. However, that doesn’t mean that you need that much.
Banks will often require a significant amount of documentation. This includes financial statements, cash flow reports, and more. They may need a business plan to see how you plan to spend the money, too.
Your credit score is going to be factored into the approval process, too. If you have bad credit, you will need to explore bad credit business loans. The good news is that you’re not automatically denied. However, you may have to work with non-traditional lenders in order to get the funding that you need.
Repairing Your Credit Score
If you don’t have the best credit score around, it’s not the end of the world. Before you get too far into the loan application process, you need to know where you stand. Order a copy of your credit reports from the different bureaus. Scrutinize everything about the reports so that you can catch any errors. You can then challenge these in order to make some improvements.
The credit score of your business and your personal life may be factored in. Especially if your business is relatively new, lenders may default to your personal credit score.
You can do a lot in order to improve your score, including paying bills on time and settling delinquent debts.
As you decided that small business loans are best for your business, you need to look at the loan terms that are being provided by the lenders. This includes various fees, the interest rates, and the payment plan that you can take advantage of. Interest rates can be significant, which is why you need to make sure that it is the right move for your business.
Before you sign on the dotted line, you need to make sure you understand the true cost of the loan as well as what your limitations are, if any.
Ultimately, obtaining a bad credit small business loan can be what’s best for your business. However, you don’t want to make any quick decisions. Take the time to explore the various options and read through the loan terms of a lender.
From there, you can fill out the application online and get approved quickly. Even if you have bad credit, achieving a small business loan is possible. We are here to help with the details.