You may think that someone with a credit score of 450 would not be eligible for anything, let alone a $50,000.00 business cash advance or more. But I assure you they are. I have firsthand experience with several business owners whose credit score was just as bad, if not worse.
These people came to us with no other options and were completely surprised to discover that we were able to fund them. These people may have had bad credit, but they had a few things going for them;
- They owned their own business
- They had a consistent record of business transactions (i.e. credit card sales)
- They were current with their lease or mortgage payments
- They had no current tax liens
We were able to fund these businesses because we don’t approve businesses based on their credit score; we fund these businesses based on their transaction records, particularly their credit card transactions.
A business cash advance is unique in that they are able to advance you money by purchasing a portion of your future, unprocessed credit card receivables. Once they give you the money; you pay it back automatically through your credit card processing machine using a small percentage of your daily credit card sales.
There are several advantages to this type of arrangement. Most notably; they are able to get working capital for their business when nobody would touch them. Other key advantages are that there are no monthly bills to pay, no bank fees and no late charges.
Because they use a percentage of your daily credit card sales; it creates a flexible payback structure, where you end up paying less on slow days and more when sales pick up. Before you know it, the advance is paid off.
Business cash advances have helped thousands of business owners get the financing they needed to grow their business and become even more competitive. If you are looking into different funding options, I invite you to click here to learn more.
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