Cash Loans for Bad Credit
Business Cash Loans
Business cash loans are available for small businesses in need of a quick cash infusion. They are typically unsecured loans available through the same entities that payday loans. The cash loans are available for up to $1,000,000, depending on the lender.
Business cash loans can be acquired from companies that specialize in cash loans to small businesses. They are an alternate way to finance a growth spurts or cash flow difficulties when the bank denies your loan. They are cash loans designed for companies with faltering credit that need a little bit of a financial boost to get back on solid ground again. They are also designed for the businesses that are seasonal that might need some extra cash to get through the slow periods. The cash loans are based in part on future sales and not a long business and credit history required by most banks. The requirements to qualify for cash loans are simple. The business must be registered in the United States, the company can provide proof of gross monthly income and the business is already established. The cash loans are not intended for startup companies.
Repayment schedules and payment amounts are more flexible than with a traditional bank loan. A monthly payment will reflect your monthly sales. During the slow periods, the payments can be smaller than payments made when business is going fast and furious. There is no collateral, tax returns and financial statements required and the application is quick and easy. If your business accepts credit cards, you will qualify for a cash advance. Cash loans can be approved within 24 hours and the cash in your hands in less than one week.
The application can be found online at the company web site. The application takes about 5 minutes to fill out and you will receive an answer within 24 hours of approval of the cash advance and find the necessary funds in your checking account within 7 to 10 business days.
The interest rate often depends on the size of the loan, the estimated time of the loan along with other variables that are dependent on the type of business in need of a loan. The rates in most cases start at 12%. There is typically no application, loan activation or administrative fees, but that may vary depending on the lender.
If your first cash loan was successfully paid back, it is easy to apply again. If your financial has stayed the same, the chances are very good that you will be approved automatically. In most cases it is easy to renew the loan, if necessary, when the current balance is approximately 30% of the total balance. The renewals can be often be requested by telephone, fax or email and are funded within 24 hours of the request.
Most lenders do not have a prepayment penalty for anyone who pays their loan back early. This gives the borrower the time they need to pay back their loan as business dictates and not according to a rigid time table.