Business Loans for Bad Credit New York City NY

Are you a business owner in New York City 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 New York City NY review.

Business Loans for Bad Credit New York City Review

The New York City metro area has the most small businesses in America, with over 554,000 businesses accounting for 2.77 businesses for every 100 residents.

However, most NYC business owners are struggling right now. Many NYC businesses are going out of business because of supply-chain issues, fuel prices soaring, and inflation skyrocketing.

Why Use Business Loans for Bad Credit New York City NY

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 New York City and New York 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.

New York Business Loans for Bad Credit Loan Rates 

Getting a New York 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 NYC

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 New York

NYC Beauty Salon Loans – With over one million salons in America, and close to 8,000 salons in NYC alone (ranking #2 behind Los Angeles), salons are big business. However, salons need fast working capital to stay in business and expand just like other small businesses.

New York City Trucking Loans – With over 40,000 truck drivers in NYC and thousands of trucking companies, NYC trucking companies are the most beaten down industry right now and need the fastest working capital. Trucking businesses are our #1 client. However, trucking revenue is notoriously unsteady and they might need to prove one year of steady revenue.

How to Apply for Business Loans for Bad Credit New York City

Applying for Business Loans for Bad Credit NYC 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 for fast peace of mind. 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 New York City NY and good luck with finding fast funds.