If you have bad credit, you likely think your days of borrowing money are over. No one will give you a loan, so you need to close your business down or come up with some other way to get the money to keep it up and running.
While you might not be able to get a bank loan, that doesn't mean you're out of options. There are lenders out there who are willing to give loans out to business owners with bad credit. In fact, these loans are in such high demand that the industry is growing at a rapid rate.
As with any type of product or service on the market, not all lenders are created equal. You need to know what to look for in a lender so you can get the money you need to keep your company afloat.Direct Lenders and Brokers for Bad Credit Loans
When you research bad credit lenders, you'll notice two types of companies. You'll find direct small business financing services, like 48 Factoring, and brokers. These two options aren't just different in name. They provide different services, and it's important to understand that before you apply for a loan.
Brokers are the most common of the bad credit lenders out there, but they aren't really lenders. They are actually middlemen. You fill out an application, and then they scour their resources to find a lender who will give you the money. They don't have any money themselves. They just have a big Rolodex full of lenders who serve people with bad credit.
That might sound like a great way to get a loan, but it has some serious drawbacks. There are often hidden costs with these services, along with a long wait time. Also, a lot of brokers blast your information out onto the Internet, meaning you might get phone calls and emails from lenders for years to come.
There is another problem with brokers. They often go for quantity over quality, meaning a lot of the lenders they send your way aren't very good. They might have high interest rates, or they might even be payday loan companies. This isn't the way you want to spend your time or your money.
Direct providers, like 48 Factoring, take a different approach. Instead of being middlemen, we actually provide the money to our clients. This makes the process much faster since we don't have to go out and find the money for you. We have it right here, just waiting to go into your bank account.
As a direct provider, our Factoring 2.0 product are also typically more affordable than what you'll get from a broker. There aren't any hidden fees, so you know exactly what you are paying for when you use us. You don't have to worry about costly surprises that add up over the course of your loan.
Plus, you don't have to worry about quality control when you go with 48 Factoring. We don't cast a wide net and bring in as many lenders as we can. We only provide our own quality factoring services to our customers.You're More Than a Number
We also go above and beyond by understanding that our customers are more than their credit scores. We know that things happen and your personal or business credit score might be lower than what you like. Your score has probably prevented you from getting funding in the past, but those days are over when you go with 48 Factoring.
We have come up with a proprietary system that helps us determine risk much more effectively than simply looking at a credit score. Our system includes more than 800 ranking factors that don't only analyze the past but predict the future. This helps us find qualified customers, even those who have bad credit.How It Works
We have simplified our process so you can find out quickly if you qualify. First, we have a basic qualification process. Your business needs to be at least a year old and you need to have made at least $120,000 in the last year to qualify. If you meet those requirements, you're ready to move on to the next step.
That's when you'll fill out our online application. If you've ever applied for a bank loan, you know that applying for money can be an involved process, but that isn't the case with 48 Factoring. We have simplified the process to make application for our Factoring 2.0 product as easy as possible. If you have two minutes available, you have all of the time you need to make it through our application process.
While some companies would take your application and make a decision, we understand the complexity of the process. We know that you're more than a few pieces of information on an application, so one of our representatives will reach out to you.
During this call, you'll get to explain more about your plan and our representative will ask you some questions to help us determine the risk. All of the information will go into our proprietary system so we can find out if you're a good match for our service.The Decision
When you apply for a loan, you want to get a decision quickly, but that usually doesn't happen with a bank loan. While you might get a decision immediately if you have good credit, you'll likely have to wait to get a response in the mail if you have bad credit when you apply with a bank. That can take a week or even longer. You have to spend all of that time hoping that you get the money but making plans just in case you don't. It's incredibly nerve-wracking, and those nerves turn into devastation if it doesn't work out.
If you choose to go with a broker instead of a lender, you'll also have to play the waiting game. The broker sends your information out to countless lenders, and you'll hear back from them one at a time. Then, you'll go through the approval process with each one, hoping to get the results you need.
48 Factoring doesn't play games. You'll know if you are approved within two days. Not only that, but we'll send the money to you as soon as you're approved.
We provide the services you need to get those all-important funds, whether you want to expand your business or you need some working capital to pay your accounts. Regardless of what you need, we make the process easy, even if you have bad credit.
Fill out your application today to see if you qualify for Factoring 2.0.