With the current situation our economy is facing, small businesses are struggling. According to a business start-up source, small business failure rates for the first part of 2013 are at 85%. This may sound discouraging, especially for those who intend to start a business on their own.
Unfortunately, even those entrepreneurs with the best intensions and education to back them, fall prey to hard economic times. They may make business decisions that ultimately harm their company and/or their credit scores. Thus, these entrepreneurs turn to small business loans in order to stay afloat.
Entrepreneurs can turn to payday installment loan lenders. These lenders offer funding and financing for small businesses. If you have damaged credit and are on the verge of closing the doors of your business, payday installment loan lenders have business loans that are right for you and that fit your unique situation. Taking out a loan from a payday installment loan lender compared to a large bank has many benefits that will meet the urgent cash needs of your business.
Unlike traditional bank loans, taking out a business loan from a payday installment loan lender offers amazing flexibility that you won’t find with a larger credit institution that has strict and often impossible guidelines to follow. You can use the funds in any way you need it without a bank looking over your shoulder and dictating rules. Furthermore, you have control over the loan because credit lines can be used at your discretion and timing.
In business, time is valuable. There are lots of purchases needed and bills to be paid. Unforeseen inconveniences can take place that can ultimately ruin a business unless the matter is immediately resolved. Every hour that passes that you fail to purchase the things needed for your business, you are losing money and customers. When you apply for a business loan with a bank, it can take a week or more to be approved. But with payday installment loans, you can be approved for a business loan and have the funds within 24-48 hours.
No Credit Check
Unlike most traditional lenders and banks, you need to have a good credit standing in order to be approved. This is why those with bad credit and poor credit scores turn to payday installment loan lenders because this is not a problem. When you take out a business loan with lenders of payday installment loan, no credit check is performed. So even with a bad credit and poor credit rating, you can be sure that you will be approved for the business loan.
Applying for business loans with a payday lender is a smart way to go about saving your business. There is no time wasted and you don’t have to put up collateral. You don’t need to put your valuables at risk in order to be approved of a business loan. Most of all, you can be approved despite having bad credit.