Are you a business owner in Los Angeles looking for fast working capital but have bad credit? We offer same day funding up to $25,000 if you only have a 550 credit score, and up to $2 Million in working capital in 3 to 5 days with just a 500 FICO needed. Let’s dive into our Business Loans for Bad Credit Los Angeles review.
Business Loans for Bad Credit Los Angeles Review
The Los Angeles metro area has the second most small businesses in America, with over 353,000 businesses accounting for 2.66 businesses for every 100 residents, and boasting a 13.6% self-employed rate out of 13.2 million people.
However, most L.A. business owners are struggling right now. Many Los Angeles businesses are going out of business because of supply-chain issues, fuel prices soaring, and inflation skyrocketing.
Why Use Business Loans for Bad Credit Los Angeles
The big banks have turned their backs against the average small business owner. Only 13% of small businesses can get approved for a traditional bank loan while the rest of small business owners worry daily how they are going to survive.
We are a family-based business capital lender based out of Michigan who has helped thousands of businesses get fast working capital when the banks are unable to help. Our motto is “when your bank can’t help, we can.”
We offer two main lending options for small business owners in Los Angeles and L.A. metro areas:
One) Up to $25,000 the same day: This is a business cash advance and is based on your monthly revenue. We can lend up to 75% of your monthly revenue as a business cash advance (depending on your credit score and cash flow.)
Basic requirements for this advance are: minimum of a 550 FICO, must be in business at least six months, and be doing at least $5,000 per month of business revenue. Cannot have more than 5 NSF’s in the last three months.
There are other underlying factors that will determine what amount we can lend to you. However, it doesn’t affect your credit score to apply and see what your pre-approval amount might be.
Two) Up to $2 Million in Business capital in 3 to 5 days: General requirements for this business loan must be in business at least four months, have a FICO of a 500 or higher, and be doing a minimum of $15,000 per month in business revenue.
On this loan we can lend up to two times your monthly revenue depending on your creditworthiness and cash flow. If you had great cash flow and a good credit score and made, for example $50,000 per month the last six months (12 months for trucking) you could possibly get up to $100,000.
Los Angeles Business Loans for Bad Credit Loan Rates
Getting a Los Angeles Business loan doesn’t have to be complicated and our rates and terms are truly transparent. We use factor rates instead of interest rates and the range is from 1.20 to 1.69.
So, if you borrowed $10,000 at a 1.20 factor rate, you would pay back a total of $12,000 (10,000×1.20)
Terms vary greatly depending on what loan you get. We offer terms from 8 weeks to 24 months. We also have an instant cash advance for business owners who don’t have a business checking account, and terms vary with that program.
How to Get Bad Credit Business Loans Los Angeles
We offer a truly automated online lending experience, and you will be directed to the right loan program based on a few answers you leave on the application.
If you agree to the pre-approved loan amount (if you get an offer) you will need to connect your business checking account and might also need to show further documentation.
How to Expedite Your Business Loan
For the fastest lending times, you will want to have 3 months of bank statements ready (up to 12 months of statements for larger loans or high-risk industries), a voided business check, and your driver’s license.
Our Most Popular Business Loans in Los Angeles
Hair Salon Loans Los Angeles – With no surprise, Los Angeles has the most hair salons in America with over 8,200 salons. The salon industry is big business. However, salons are growing rapidly and need fast working capital the banks cannot offer. We can help salons in all 50 states.
Trucking Loans Los Angeles – There’s over 130,000 truck drivers in L.A. Many trucking companies are struggling right now and need fast working capital to keep their tractors on the road. Trucking business owners is our #1 client!
How to Apply for Business Loans for Bad Credit Los Angeles
Applying for Business Loans for Bad Credit L.A. doesn’t have to be difficult or time-consuming. Whether you need $5,000 or $2 million dollars, we use one application that directs you to the right program.
Applying for a business loan through us will not impact your credit score, and you can get an instant decision. No collateral is needed. You also can get additional funding once the first funding has been paid off. Thanks for reading Business Loans for Bad Credit Los Angeles and God Bless!
Erik C. Johnson