Here’s Where Individuals with Bad Credit Can Get Business Funding

Plenty of individuals are getting a business loan with bad credit through lenders and payment processors such as First American Merchant. If you have bad credit, that doesn’t mean that you can’t get business funding. It just means that you might have to be more resourceful in order to do so. Business funding is critical to small businesses, and especially for startup companies that are relatively new. If you are looking for business funding while being hampered by bad credit, don’t fret! There are a plethora of options for you to take advantage of. Here are several of the business funding options you should take a good look at:

Crowdfunding

When it comes to crowdfunding, your credit isn’t going to get checked. Crowdfunding sites like Kickstarter, GoFundMe, and Indiegogo have really made raising money accessible to business owners of all stripes. The downside to crowdfunding is that it is also somewhat of a marketing campaign, and you might have to give out goodies such as early products and exclusive deals in order to get people to donate.

Online Lenders

Online lenders can help you with a loan, even if you have bad credit. Having poor credit alone isn’t a deterrent to many online lenders—the flipside is that you will likely be hit with a higher interest rate than you would with a traditional bank loan. A relatively newer online lending option is called microloans. Microloans allow individuals and business to get loans from other individuals over the internet. Though microloans make lending more accessible, interest rates are generally higher as well.

First American Merchant

First American Merchant offers merchant funding options for small businesses. Funding can be received as quickly as 72 hours, and you won’t have to deal with the hassle of too much paperwork. You can get your payments for the business loan automatically withheld from your credit card transactions, allowing you to pay as you go without a fixed monthly payment.

You don’t have to let poor credit hold you back. You can get the business funding that you want through crowdfunding, online lenders, or merchant funding options such as First American Merchant. Whatever you choose, make sure that you are fully comfortable with the agreement and that you can repay the lender on terms that are favorable to you. You don’t want to get stuck with a loan expense that you can’t afford, so take the time to research various lenders before you sign any documents.