Qualifying for Business Loans – What You Need to KnowBusiness financing can get complicated, but it shouldn’t have to be impossible to get approved for a loan for your small business. Before you dive into the world of business loans, make sure you understand some of the most important factors in qualifying for them. If you aren’t prepared, you may find that you waste time getting turned down by lender after lender. But, with the right information and the right lender, you can get approved and get the cash your business needs to keep moving forward.
Many Business Loans Lenders Want to See Great Credit Scores
One of the most important qualifying factors with any type of loan is credit score. If you do your homework and research business loans, you’ll find that many of the lenders have a minimum score that you have to have in order to qualify for the loan. Without that minimum number you will likely be turned away automatically. Our lenders also have a minimum credit score qualification, but unlike other business lenders, it’s actually achievable. You only have to have a score of 500 or higher in order to qualify. So, a score that is less than perfect will not get you automatically disqualified.
What’s Your Revenue? Monthly Revenue Qualifications for Business Loans
Another factor that a lot of lenders use to get borrowers qualified for business loans is average monthly revenue. This often leads to discrimination against small businesses. If you don’t have big monthly revenue, you may be rejected for business loans. It hardly seems fair, and that’s why our lenders only require you to have $10,000 per month in average revenue. Small businesses are not only welcome to apply for these loans; they are encouraged and are more likely to get approved.
Business Loans Approval May Depend on Age of Business
Another qualifying factor used by most lenders is the amount of time you have been operating your business. With our lenders you only have to have been in business for three months. So, you can be a smaller, new business and still get approved for business loans. Other lenders, especially banks, will only approve loans for businesses that are more established, that have been operating for a year or more. This eliminates a lot of opportunity for start-up businesses, which is why our lenders don’t discriminate just because you’re a new business.
Apply for the Easy Business Loans Today
Shop around for business loans, but ultimately what you may find out is that you are going to be rejected by a lot of lenders. To get the easy business loans, the ones that you can actually get approved for, go online to apply and get access to our loans and lender network. We have 50-plus business lenders ready and waiting to make sure small business owners actually get the chance to borrow. You can get approved with just a few qualifying factors, so get started now.