Are you a business owner in Miami or surrounding areas looking for a fast same day business loan? We offer up to $25,000 the same day, even if you can’t put up collateral or have bad credit. Here’s our review of Same Day Business Loan Bad Credit OK Miami FL.
How to Get a Same Day Business Loan with Bad Credit Miami FL
Miami is the fourth largest city for small business owners. With over 186,802 small businesses in the Miami/Fort Lauderdale/West Palm Beach area, small business owners need our fast working capital more than ever to stay open or to expand.
More than 461,000 people call Miami home. The average income of an individual in Miami is $23,425 and household income is $44,268. Miami is bustling with culture and nightlife, and there’s no state income tax.
More and more people are moving to Miami from up North, which is expanding their economy. However, Miami small businesses still need working capital to stay open and many business owners cannot get a traditional bank loan.
How Can I Get a Business Loan with Bad Credit and No Collateral in Miami?
Big banks are only approving 14% of businesses who actually apply for a business loan. Small banks are only a little better at 18% approval. That leaves almost 80% of small businesses without any financial resources for business capital.
What does a business do if they are generating consistent revenue, but don’t have any extra working capital to expand or remedy a surprise emergency? We can help. We have been helping businesses receive fast working capital since 2015. We have three same day business cash advance programs which we will cover next.
Best Same Day Business Loans Online Miami FL
Our first business loan is an instant cash advance. This is for business owners who only have a personal checking account but use it for their business.
To qualify, you need to be doing at least $3,000 per month the last three months and making four business deposits per month. This is great for any person who is a sole-proprietor, an independent contractor, or self-employed.
We won’t cover this program a lot because it’s not enough significant working capital for most businesses. However, we can loan up to 25% of your monthly revenue up to $5,000 if you’re interested. Our application is automated and will point you to the right business loan depending on your answers anyway.
Second business advance loan option is for up to $25,000 the same day. This is our most popular program because it helps most businesses who are generating between $5,000 to $15,000 per month in business revenue.
This program requires a business checking account, six months in business or more, 450 to 550 FICO, and doing $5,000 a month in revenue or more for the last three months.
Third business loan program is for up to $2 million in 3 to 5 days. You need a business checking account, four months in business or more, a FICO of 500 or higher, and $15,000 monthly revenue or higher.
All of these programs have no collateral, bad credit, and super fast funding times. Again, it won’t affect your credit score to apply. I’ll leave a link under this article. It takes 5 minutes to see if you qualify. Depending on the loan program, we can lend up to 25% of your monthly revenue for the instant cash advance, up to two times your monthly revenue for the business loans over $25,000.
Miami Same Day Business Loan with Bad Credit Rates
Our rates are comparable to the MCA industry and these range from 1.19 to 1.69. It’s easy to calculate your repayment by multiplying the amount you borrow by the factor rate you are given if your advance is funded.
For example: if you borrow $10,000 and lock in a 1.30 factor rate, then you would pay back $13,000 in full. There’s also great discounts if you pay off early.
Our terms range from 3 months to 24 months, and repayment comes out of the checking account you used to receive the funds with only a daily or weekly basis, depending on what business advance you got.
How to Apply for Same Day Business Loan with Bad Credit in Miami
Applying for same day business funding is fast and painless. You don’t need to understand every detail of our funding programs, as the application will direct you to the right program depending on your answers on the application.
We look forward to funding your business in Miami and/or surrounding areas within a day to three days. To expedite the funding, please have a voided business check ready (for our two bigger programs, not the instant cash advance), a picture of your driver’s license, and three months bank statements ready. If you need more than $100,000, please have last year’s tax return available and your annual profit/loss statement ready.
To Your Success!
Erik C. Johnson