Avoid These Top Reasons Applications Get Rejected for Business Loans Online
Getting turned down for a business loan is a common experience for small business owners. There are several reasons why banks and other traditional lenders tend to turn people away, and many of these don’t reflect on the ability of a business owner to responsibly borrow; instead they reflect on the fact that banks simply would rather lend large amounts to large businesses so they can make more money. Business loans online are different and we can offer you loans with high approval rates and some tips to avoid getting denied again.
With Business Loans Online, You Won’t Be Disqualified for a Low Credit Score
A huge reason that lenders turn down borrowers is because of poor credit reflected in a low credit score. Too often lenders don’t even look at the credit history; they only see a number and immediately put a label on a borrower that says, “Too risky.” To avoid getting denied for your personal credit score as the owner of a small business, turn to business loans online. We offer high approval rates, in part because we don’t make credit score a major factor. You only need to have a score of at least 500 to qualify. If your score is as low as 500, expect to get denied by the banks, but not necessarily here.
You Only Need a Small Loan, So Go with Business Loans Online
Try going to your bank to ask for a $5,000 loan for your business. You are likely to be rejected. Why? Because banks only want to make big business loans; it’s how they make big money. They have no interest in helping small business owners needing only a few thousand dollars. It’s not worth the time or effort to them. You can, though, get smaller loans when you apply for our business loans online. We offer loans as small as $2,000, so you don’t have to borrow more than you can afford to repay or an amount that will have you and your business in debt for years.
Your Business is Too New, No Problem for Business Loans Online
Another common reason you might have your business loan application denied is that your business is too new and that you don’t take in enough revenue to qualify. For business loans online it doesn’t take much to meet the minimum requirements. You only have to have been in operation for three months or more and you only need to have monthly revenues of $10,000 or more. That’s all it takes to qualify, along with a reasonable credit score. Our lenders are ready to take a chance on new, small businesses.
Apply Today for Business Loans Online and See How Easy Approval Can Be
You don’t have to be a big business; you don’t have to have been in business for years; you don’t have to have a perfect credit score; and you don’t have to offer collateral. Not meeting these requirements are the pitfalls that too many small business owners encounter when trying to borrow. With our business loans online, you can easily get approved. Check out our online application and get started today.