Tagged: business competition

Great Idea for Unsecured Small Business Loans With Bad Credit Solution

Great Idea for Unsecured Small Business Loans With Bad Credit Solution, and easier to come by, obviously, The exorbitant interest rates charged (30+% at times) can easily drain away all profit, so you had better fall into one of two categories when seeking this kind of loan: because you are putting something up against the value of the loan. The types of collateral that you can use in obtaining these types of loans can range from inventory to equipment, from property to accounts receivable. You usually have to own a business that is in the retail sphere, or a restaurant or service-oriented business that accepts credit cards. You also usually need to provide the prospective lender with six or more months of bank statements, credit card statements and a lease agreement if you have one. The understanding is that if you are unable to pay the loan back, the lender will take your printing press or office building, for example. The good news is that the interest rates for these secured loans are far better than the option described below. Many times, a business simply needs a cash infusion to get to the next level, so a secured loan might be just what the doctor ordered to set you on the road to prosperity. Remember the advice given by many moguls: expand when you can, but don’t overreach. If you see the opportunity to set up shop in a second location that is primed for your wares, you need to seize it before the competition does. Getting a small business loan for bad credit could make or break your future. Continue reading