Are you a business owner looking for fast working capital but are afraid the banks won’t lend to you? Or, are you having a business emergency and need money faster than what the banks offer? We can help you get up to $25,000 the same day, or up to $2 million in 3 to 5 days, even if you have bad credit. Read more to find out How to Get a Same Day Business Loan with Bad Credit.
How to Get a Same Day Business Loan with Bad Credit
Most banks won’t even look at your application if you have a FICO less than 680. If you want a really good rate, you’ll need to have a 740 or higher, have great revenue, and be willing to put up collateral.
We, on the other hand, work with the 80% of businesses who are declined by the big banks. We offer the fastest business capital online, and you won’t need perfect credit, collateral, or more than six months in doing business.
You won’t have to put your business up as collateral, or any of your equipment. We work with over 700 industries, even high-risk industries, and have 17 in-house lenders who are competing with each other to get you the best rate.
How Can I Get a Business Loan with Bad Credit and No Collateral?
The main reason you can get a same day business loan through us and not the banks is the big banks can be as picky as they want with who they loan money to. They have billions of dollars to lend and of course they want a perfect clientele that won’t default on their loans.
However, this conservative lending practice excludes the majority of hard-working Americans who need the money the most. The so-called Pandemic took out over 200,000 small businesses its first year. I’m sure a couple million small businesses have closed in total since 2020.
Can I Get a Business Loan with a 500 Credit Score?
Even though banks will snub you if your FICO is less than 700, we can help businesses with a FICO between 500 to 550. We are not necessarily even looking at your FICO score as a determining factor. We are looking at your cash flow.
What we offer is called a business cash advance, which is a little different than a merchant cash advance that looks at your future credit card receipts to determine your advance amount.
We look at your general business revenue for the last four to twelve months, depending on what industry you are in. If you are seeking a loan for trucking, we might need to see a year of consistent revenue to decide if you can qualify. We also usually want to see at least 3 business deposits per month.
Best Same Day Business Loans Online
The best same day business loans online can be approved and funded between 4 to 8 hours. We also have an instant cash advance for gig workers, which we will cover a little later.
The reason you can get business funds within 8 hours is simple: our loan process is 90 to 100% automated. We use FinTech technology to match you with the best lender by the answers you put down on the application.
The only part that might not be automated is the underwriting. We work with over 80 lenders in total (all of them have passed rigorous testing) to get you the fastest working capital online.
How to Get Same Day Business Funds up to $25,000
If you are looking to get up to $25,000 today, you will need to be in business at least six months, have a FICO of 550 or higher, and be doing at least $5,000 per month of business revenue the last three months.
If you are doing $15,000 per month or more with your business you can qualify for our main loan program and you only need a 500 FICO and four months in business.
However, you don’t need to worry which loan program you qualify for. Like I said earlier, the loan application is 100% automated and will automatically redirect you to the right loan program that best fits your criteria.
Same Day Business Loan with Bad Credit Rates
Most, if not all, business cash advances and MCAs use factor rates instead of interest rates and they are pretty easy to calculate. Example: if you locked in a 1.20 factor rate on your advance or loan that means you pay back 1.20 times your loan amount ($10,000 x 1.20) = Total amount to pay back.
Our terms vary greatly depending on the loan. However, it’s usually between 3 to 24 months. You can also draw on funds again and again once you pay off the first loan, almost like a business line of credit.
Same Day Business Loans No Credit Check Option
If your credit score is less than 500, or you make less than $5,000 per month in business revenue, or you only use a personal checking account for your business, we have an instant cash advance option.
This advance is up to $5,000. You need to be doing at least $3,000 per month business revenue to qualify. We can only lend up to 25% of your monthly income with this advance and it’s not available in New York or California at this time. This is great for independent drivers and contractors who work for food delivery companies, etc.
Are These Same Day Business Loans Bad Credit for Startups?
We love working with startups, we want to help every business owner out there, however you need to have been in business for at least 4 to 6 months, doing $3,000 to $15,000 per month – with a FICO of at least 500.
Startups rarely get a business loan, unless they can provide collateral, or a perfect credit score. We believe we can help the 305 million startups that are created each year – if they can generate a few months of income!
How to Apply for Same Day Business Loan with Bad Credit
If you meet the general requirements mentioned and want to move forward in securing fast working capital, simply click the “apply now” link below and answer a few questions.
If you want the money as fast as possible, have three months of bank statements ready (twelve months for trucking, etc), a voided business check, and a driver’s license. If you are seeking more than $100,000, please have last year’s tax return and your profit/loss statement ready.
We can lend you up to 75% of your monthly revenue for the $25,000 same day advance, or up to two times your monthly revenue for the business capital up to $2 million. It all depends on the financial health of your business. Thanks for reading!
To Your Success!
Erik C. Johnson