Want a Business Loan but Have Bad Credit Score? Check This today

Starting a business comprises of a lot of things, among which stable financial background is one vital factor. What if you need a business loan, but then again you know about your poor credit. Are you thinking, what can be done? Well, even when it is an intimidating task to get Working Capital Loans, it is still possible.

There are various options available for bad credit, but this is something where you have to put extra effort. If you think that the door of funding is entirely close, then the good news is “No”. Banks generally hold their decision for lending off of credit risk of the business.

When the credit is worse, they will perceive the risk which will again result in higher interest rates. Most of the banks will thoroughly evaluate the performance of the last three years. In other situation, if the company is not around for that long, they will be checking the financial projection in addition to the business plan.

Well, there are again few options available for poor credit loans. Let’s check those:

  1. Traditional Bank Loan:

This is definitely one of the top choices available for the small business owners. Well, then again there are limitations as the traditional lenders are restricted to the lenders on whom they will finance. Go for a counselling appointment with a reliable SBA counsellor who can review the business plan and help you acquire business lenders who are most likely to approve you.

Then again, it is advised to take a look at the loan options mostly offered by SBA.

  1. Microloan:

This is similar to the traditional bank loans. However, they come from the alternative lenders such as credit unions. This is much easier to receive for the business owners who have subpar credit. As the name goes, these are typically small business loans, and if the amount satisfies the funding needs, it can be an excellent choice.

  1. Merchant Cash Advance:

This is also popular as a business cash advance and can be a good choice for people who have cash flow issues. With MCA, you can stay assured that you have stable cash flow and do not get into a situation where you run out of enough funds.

Cash advances are usually having higher interest rates, which mean in the long run, you need to pay more in comparison to the initial loan. Make sure that you can pay on time before opting for it.

  1. Revenue-Based Loans:

These loan types have a specific pool of recipients

  •          You need to have the credit score over 550
  •          The company needs to earn over a hundred thousand in a year
  •          The total loan amount should not exceed 10 percent of the revenue.

These loans can be received within a week’s time. If the criteria fit your need, check in details about it.

Bad Credit

A bad credit score is a no-no for banks and which definitely doesn’t mean the end of options. Above-mentioned are some of the most viable options that you can opt for starting your business. You can also check the various small business funding options available with the Bottom Line Bankers to fulfil your business financial needs.

Questions To Ask While Choosing the Right Factoring Company

While there are myriads of other aspects that you require your attention when it comes to businesses, choosing a factoring company is one such essential decision. Only when you select a good factoring company, will it ensure maintaining the cash flow along with business growth at the same time. On the other hand, a wrong choice can leave you in a worse condition.

Factoring is not something new, it has been around for centuries. But are you thinking, why haven’t I heard of it previously? Well, it has been in the limelight as an authenticated source of cash flow for the last few decades. When it comes to securing financial needs for business, small business loans is the most legitimate option, but not every business can get a loan. With the invoice factoring, small business owners get an opportunity to maintain stable cash flow. Sound great, doesn’t it?  But how will you understand which factoring company is apt for you and your business?

With the rise in demand for cash flow, many companies are coming forward and hence, choosing becomes a daunting task. The simplest way to dig-in is by understanding what the company is offering and how the services they are offering can become beneficial for your business. Well, to be on the safe side, you need to ask some questions in order to comprehend whether they are the right choice or not.

Here are the top questions:

What is the application procedure for the factoring company?

Generally, most of the companies ask to fill their online application. The application includes filling some necessary details and attaching documents. Some of the most common information that you need to fill-in is your name, for how long have you been in business, ownership information, and amount of receivables, accounts receivables, payable aging and Articles of Incorporation.

Does the factory company have enough resources to expand with you in your future?

The only purpose of factoring companies is to allow businesses to have cash flow now and in their future and help them to expand. You need to choose a reputed factoring company that can support you now along with future funding needs. Make sure you ask them about it, as it helps to start with the right partner and never look back.

What are the fees and advance rates?

Fees and advance rates of a particular company depends a lot on the industry. The genre of your business makes a difference. Typically, the factoring company earns profit from the fees — a decent percentage of invoice’s face value. As mentioned earlier, it can vary from 0.8-3.0%. The advance rate charged by them is the invoice’s percentages that the company provides you upfront. These advance rates vary from 75% – 90%.

Are there any hidden fees?

There are factoring companies that might charge a minimal fee for their different types of services. Some of the most common hidden fees include due diligence and application fees, annual fee, origination fee, wire fees, chargebacks and early termination charges. Make sure to ask about it before choosing.

Asking questions and getting insight into the factoring company can lead you to take the right direction. When it comes to securing small business funding, factoring companies can be a great choice. Analyze thoroughly and choose before making a decision.

Better Option for Small Businesses: Personal Loan or Business Loan?

Thinking to start your own business? Well, that’s a great idea, but do you have enough funding for your business?

Most of the small business owners require money for their initial setup and when it comes to the funding system, two most common terms comes in their mind — personal loans or business loans. Undoubtedly both of these work, even if it about improving your inventory or taking new projects.

For new business owners with fewer options of small business funding, they struggle to choose from one of these. Some might recommend you for the former one and other for the latter. The debate is never-ending but you need to analyze depending on your financial needs. You definitely need to go through a series of questions to understand what is the right option for you.

You need to consider a few factors prior to taking business decisions. Even when it a simple matter to some of the most complex financial matters, taking into consideration a few factors tend to be a great way to understand what is right for your business. Well, let’s now find out the way to decide which is better for your business — personal loan or business loan?


What is the difference between Personal Loan and Business Loan?



Personal Loans offer both variable and fixed interest rates. Some of the lenders offer initial APR 3.99% and even lesser for secured loans.

For business Loans, the lenders charges vary a lot from one person to another. Some might offer a low-interest rate of 5.5% while others might charge monthly fees in spite of the conventional loan interest rates.


In personal loans, the repayment periods mostly vary between 1 to 7 years.

In business loans, both long terms and short-term financing options are there for small business owners. Here you can also get financing options may be for a month or maybe longer for 25 years with the SBA loans.

Loan Amount:

In personal loans, you get a maximum amount of $1,000 to $500,000 or more.

In business loans, you can get a maximum amount of $5 million or more, depending on the nature of the loan.


In personal loans, the owner needs to have an excellent credit score. Lenders, according to requirement may also check other financial aspects like debt-to-income and your income ratio.

The business finances are much heavier than the personal finances. Mostly it needs you to be in the business for at least a year along with having the monthly revenue of $10,000.

Ease of Application:

In case of personal loans, applications can be filled in just a few minutes with pre-approval from lenders.

In case of business loans, you will need to submit accounting numbers and business plan with the application. Most traditional lenders will ask to apply for a business loan.

These are some of the major factors that you require considering when it comes to choosing loans for your business. Once you have decided, you can opt for a reliable banker to get your Fast Approval Loans for your business.

So make your decision now and enjoy stable financial business background.

Need To Secure Capital for Your Business? Opt For Merchant Cash Advance

So you are a small business owner in need of capital now. Well, we all understand that beyond making marketing researching and a strong business plan, one of the most intimidating parts of businesses is its financial aspect.  While most of the small businesses fail because of making a wrong financial decision, others take a step back due to lack of their funding system. In order to pursue your dream and let it take the right track, opting for the right financial system or including the merchant cash advances can simplify it.

What Exactly Is Merchant Cash Advance?

Let’s first make it very clear that even when merchant cash advance can fulfill your funding needs, it is not actually a loan. Here small business owners receive capital or upfront cash where the repayment will be made from their future sales. Unlike the bank loan system where there is interest added to the payment, this is different. Here the merchant who lends you will make back from the sales percentage that your business makes.

Since the advances are agreed upon a fixed percentage, these are automatically taken out when your business is making sales. It keeps repayment on schedule, along with the merchant is aware of your business sales. In case your business cannot make money, they too will not be able to make money. This is the reason why it is said as a wise decision for small business owners.

Advantages of Merchant Cash Advance:

There are myriad of reasons that make this funding process an appealing choice.

The Speed of Obtaining Cash: Starting a business means the need for money from the very first day and when it is about obtaining cash in the least time, merchant cash advance stands out. If you have decided to opt for it, you can acquire capital within hours. When compared to traditional banks, getting funds can take weeks. Moreover, merchant lending does not always need huge lending companies.

mca advantages

Less Paperwork: Unlike any other funding procedure that requires tons of paperwork to deal with, merchant cash advance is completely different. During the initial days, all you need is to concentrate on your business, rather than running to banks for completing the paperwork. Undoubtedly paperwork is a must when it is about huge funding system, but here the paperwork is lesser in compared to other loan systems.

It Is A Flexible Choice: This is one of the most flexible choices made by business owners. There is no monthly payment along with more time to pay the capital as it is taken from the percentage they signed for. MCA is very effective for the businesses that have a slower pace or that have completely new service or products to offer. Since it takes time for people to comprehend the business, this funding system can be very advantageous. All you need just to sign up for small percentages of the company’s profit and you can receive funds you need for business growth.

So, it is now clear why MCA has been in demand as a great small business funding system. Not only it is a great way to secure capital, but also it gives less headache that increases in interest rates and monthly payments do. Even if you are struggling in the initial days, you do not have to think how to pay the interest as you are paying directly from the company’s profit percentage.

Tips for Small Business Owners to Start a Venture in 2018

Every small business owner wishes to let people know about their business like getting up on the stage and announce that they have recently started their business.  Well, dreams do come true, but this one — will never come true. When you are thinking to launch your own company, you need to prepare yourself for a series of work like researching, planning, adequate financing along with successfully completing the legal needs.

Often, asking an experienced person can help you to overcome the challenges waiting for you. But in case, you have no helping hand with a business mind, all you need is first to make a business plan that gives a rough idea of the pros and cons. A full-proof plan will have it all, starting from where to go after reaching the benchmark, what if failure comes before that, ways to overcome, what will be the goal and so on. Once you have it all, it’s time for execution.

With every passing year, businesses that are already there will take another significant step to acquire the set goal. Well, success in business is not an overnight thing; it is a process — a process with invigorated mind work and firm financial count.

Conduct Comprehensive Market Research:

Prior to stepping into the field and making an investment, you need to conduct thorough research in order to comprehend whether your idea has the chance to turn into a millionaire business. This might require legwork and online surveys as you need to gather information. Once you have the result, you can transform your idea into reality.

Write A Strong Business Plan:

A business plan is the only mantra for all businesses that have it all. It is actually the route to success. Business plans outline where the company is located, what kind of business it is, who is the owner, when will it start operating and most importantly how to get more ROI.

business plan

Business plans are actually written but the experts who have studied and are a player in this field. They will chalk out the competition in the local market, how is it different from the competitors, best way to manage it and everything small to big things associated with the business.

Secure Budget:

Once that you have already figured out what you need, the next big thing is setting up your budget. Business is all about investment in the first place, later when conducted and executed well it will give the best results to you. You might have a great background to invest, and that’s great. In case you do not, opt for the Small Business Funding offered by some bankers. There will be individual checks made by them so stay prepared about the tax returns.

Apply for permits and licenses:

Make sure that you have the permission by the legislative system to operate a business at your chosen location. Irrespective of the business type, this is a necessity as it ensures conducting business seamlessly and less legal issues.

In the ideal world with so many success stories, in order to create your own by becoming a successful entrepreneur, you need to make a to-do list. If you have a solid idea and your credit score checked, just opt for Small Business Loans and become a part of the business venture.