How To Get a Business Loan With Bad Credit

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Complete Video Transcript

0:03I’m
0:09having trouble qualifying for a loan for your business
0:13it can seem like a
0:16catch 22 at times will loan you the money
0:20when you already have money
0:28but when you don’t have money they want
0:32your
0:37but that also happens to be when you actually need the lot
0:46on
0:47go figure
0:57ok government-backed financial institutions
1:00have more stringent requirements in place to help protect themselves
1:08bus they have strict guidelines when it comes to qualifying for the loan
1:12and restrictions as to how the money can be spent
1:30qualifying for a loan isn’t a problem when you have good credit and the assets
1:35and collateral to help secure the loan
1:45however it gets a lot tougher when your credit report
1:48has a few things on it and you have a little or no assets
2:03don’t get frustrated and give up
2:11secondary money lenders on the other hand base their loan guidelines more
2:15business
2:16income rather than credit history and therefore
2:19they have more relaxed guidelines both for qualifying
2:23and as for how the money from the loan can be sped
2:42but even better yet with secondary money lenders
2:46you can get a no personal guarantee unsecured loan
2:49for your business meaning you don’t have to put up
2:53any assets as collateral and if your business can’t pay back the loan
3:00you won’t be held personally responsible you can also use the money in any way
3:06you see fit
3:15ok
3:17in qualifying is also easier you don’t need a business plan
3:27you don’t need aFAIK a score of 70% 80% or better
3:33you don’t need three years of tax returns
3:39you won’t be restricted on how to spend the money
3:46and you don’t need to waste hours a valuable time
3:49jumping through hoops to get along
4:03ok
4:08pay off your mortgage
4:11payoff expensive bills
4:15make car payments hire and pay more employees
4:18stop more inventory
4:25get rid of personal or business credit card debts
4:42the cost nothing to apply and the application is just one
4:45paid too long
4:49no personal information will be requested other than your name
4:53email address and phone number and since the lender doesn’t perform personal
4:57credit checks during the pre-screening
4:59no personal information will be required
5:03or requested and the loan request and enquiries
5:06will not be reported to the credit bureaus
5:12if your business is located in the United States
5:15has been in business for at least a year
5:21has grossed over one hundred thousand dollars in revenue
5:24is not related to real estate
5:28or has at least a two-year minimum for construction
5:36click the link below to see how much you qualify for

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