The Best of the Bad Credit Loans

The Best of the Bad Credit Loans

The best of the bad credit loans

There are many options out there concerning business loans, even for those with bad credit. Because of the emergence of alternative lenders, like First Union Lending, there is increasingly more flexibility as far as qualifying for various loan products.

One such choice for your small business: short-term loans. These can range in length from 3 months to 18 months. As far as the repayment part of it, lenders like First Union will generally do daily ACH payments (not to include weekends or holidays/). Now, because the criteria are somewhat less stringent, the APRs do tend to be higher on these loans.

Unfortunately, getting cash quickly can be an expensive endeavor and cut into your cash flow. However, there are just those times when the need for immediate money is unavoidable. The great thing about a short-term loan is that the process is streamlined, thus easier; some may receive their funds in as little as a day. Not to mention, lower credit scores are acceptable.

If you have a credit score over 500, the short-term loan might be something you want to explore further. Because the period of repayment is significantly shorter than with a traditional loan, the lending institution is usually willing to take on a bit more risk.

Another option you may want to consider if you do have bad credit is the merchant cash advance. They can, however, be among the more expensive loan products out there for small businesses. What an MCA entails is a repayment plan based upon your daily credit card sales. So, First Union will, in essence, advance you cash which you, in turn, pay in tandem with an associated fee.

Because the terms do center on credit card sales, the amount paid back will correlate with how business is doing at a given time. The better the company is going, the more you will pay back—if things are slow, the amount will be less. As with short-term loans for bad credit, this also can impact your company’s cash flow. If you do not deal with credit card sales, you will not be eligible for this loan product.

At First Union, we are here to help your company grow—good credit or bad credit. The products we have available are designed to accommodate the way you do business. Don’t hesitate to email or call us at 863-825-5626 to see what we can offer you!

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First Union Lending LLC is a dually licensed Lender/Broker with its main offices located at 4900 Millenia Blvd First Floor Orlando, FL 32839. First Union Lending LLC and its ads are meant for continental United States, including Alaska and Hawaii small business owners. Business Loans offered by First Union Lending LLC have varying rates and terms that can range from 30 - 120 payments and all rates and terms are based on eligibility of the business and its owners. The actual terms are based on credit, business history, industry, amount and terms. As an example, a $5,000 loan paid over 5 years at 8% would have a total repayment of $6,082.92 over the life of the loan. We use the latest encryption to protect sensitive information transmitted online, as well as run our own secure server network to ensure your information is protected offline as well. California loans made pursuant to the California Financing Law, Division 9 (commencing with Section 22000) of the Finance Code. All such loans made through VBJ Consulting, LLC, a licensed finance lender/broker, California Financing Law License No. CFL#60DBO78163

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