What to Do When A Bank Says No
If you have bad credit chances are no matter how well your business performs, you won’t qualify for a loan. So, what do you do after you wait several weeks only for the bank to deny you capital. Here are things you can do when you need a business loan with bad credit after being denied by the bank.
Know capital is available.
Getting a business loan with bad credit is not completely impossible, but there are less choices. Banks will base their decision to lend off the personal credit of the business owner. If you have bad credit the bank will think you’ll default on the loan.
Financing Your Way works with business owners who have bad credit. As an alternative lending partner, they see many cases like these. The worse your credit, the higher they perceive the risk, and the higher your interest rates will be. Banks will look solely at credit, but there are lenders who look beyond credit to see your business’s performance potential.
Make it easy on yourself.
Stop searching for lenders alone. The internet is filled with thousands of websites and each application you fill out counts as a hard hit on your credit. Financing Your Way partners with lenders and can easily get you approved for a business loan with bad credit. Their vast network of lenders each have different approval criteria. This allows them to match you based on your strengths for rapid approval.
Pay on time after being approved.
Your credit will improve as you make on time payments. These on time payments are reported to the credit bureaus and will boost your credit history. This will allow you to have expanded access to credit options so your business can rest assured knowing that there is always capital available to you.
Don’t be discouraged by a bank denial. There are bad credit loans available to you. Whether you need to purchase more inventory, expand operations, or cover payroll, Financing Your Way can help you find the funds you need to for your business. Contact us today for a free consultation and we will help you get matched with the lender of your dreams.