Construction is big business. With over 3 million construction businesses in America, it makes the restaurant and trucking industry look like peanuts. However, contractors like any other business owner, need fast working capital to keep building or remodeling homes and apartments. We offer several loan programs where you can get up to $25,000 the same day, or up to $2 million in 1 to 3 days with bad credit. Here’s our Bad Credit Contractor Loans Online review. Read more for details.
Why Use Bad Credit Contractor Loans Online
Most contractors won’t get approved for a traditional bank loan, same as most other small businesses, because banks can be super picky about who they lend to.
On the other hand, we are a family-owned lender who has helped thousands of small businesses stay in business since 2015, and work with over 75 lenders to get you the fastest loan funding online.
Contractors need consistent cash flow to keep running their building crews, and waiting weeks or months for a traditional bank loan won’t cut it. The housing market is currently 4 million homes short, and contractors need to catch up to the demand.
If you have consistent revenue, make a few business deposits per month, but need quick additional capital, we can help. Below are our main loan/advance programs for contractors.
Brief Overview of Bad Credit Contractor Loans Online
The first loan option is for up to $25,000 the same day, and you need to be doing at least $5,000 per month with your construction business, be in business at least six months, and have a FICO of 550 or higher. We can lend up to 75% of your monthly revenue with this one.
The second option is for up to $2 million dollars in 1 to 3 days. You need a monthly revenue of $15,000 per month or more, be in business for at least 4 months, and have a FICO of 500 or higher. We can lend up to two times your monthly revenue. So, if you are doing $100,000 per month with your contractor business then you could get up to $200,000 in one to three days.
The key to these advances/loans is your cash flow. Yes, it seems odd you would need money if you have cash flow, but many contractors need additional working capital to begin new construction and won’t get a return until the house sells.
Bad Credit Contractor Loans Online Rates
We use factor rates instead of interest rates. The range is from 1.20 to 1.49. You have up to 24 months to pay off larger loans. This rate is comparable to the entire bad credit or no collateral merchant cash advance industry.
However, if you use the working capital to greatly increase your bottom-line, then the rates are not high. It all depends on what you do with the money. If you have perfect credit, collateral, and can wait weeks or months for funds then a bank loan could be a better option. But, we help those that the banks are unwilling to help. That is the bottom line.
How to Apply for Bad Credit Contractor Loans Online
It is an exciting time to be a contractor. With much risk there is much reward, and so many people are looking to buy a new home. We look forward to helping every contractor get fast working capital with our bad credit contractor loans online.
Simply click the apply now link below and answer a few questions. For the loans I mentioned, you will need a business checking account. However, we have an instant cash advance up to $5,000 if you only have a personal checking account. I hope this helps and good luck to you!