Getting business loans in today’s economic climate has proven to be difficult for small business owners around the country. The combination of a shaky economy, tight lending restrictions, and emphasis on credit has made it a real challenge for many small business owners with less than perfect credit to find the right business lenders for their company.
Why Traditional Lenders May Not Help
If you have bad credit, the chances of getting business loans from a bank for your small company are not very good unless you have excellent collateral.
Today, banks are under heavy pressure to not lend out money because of new regulations combined with an economy that is not promoting any real confidence in the country. Banks are now looking over every application and often dismissing those who have less than perfect credit. In addition, collateral has become a must for those who do not have the credit rating necessary to secure a traditional loan. This makes getting a larger loan for a small company nearly impossible from a traditional lender.
It’s little wonder that more small business owners are turning to non-traditional lenders in order to secure the money needed to expand their efforts.
Why Choose Fast Business Loans?
There are a number of benefits when you turn away from traditional lenders such as banks and seek out professional business lenders that specialize in tailoring the right loan for your needs.
Minimal Paperwork: Because your credit rating is not part of the consideration, the paperwork required to apply for this type of business loan is minimal. In fact, it is often just a single page in order to provide the lender with the information needed to find the right loan for your needs.
Flexible Repayment Options: Another substantial advantage is having repayment options that are flexible so that you can pay off the loan at your pace. With all businesses being different, having flexible repayment options means that you can find the right plan that fits into your schedule.
No Collateral Needed: You do not have to come up with collateral to cover your business loan when going with a non-traditional lender. They use other factors to secure the loan so that you can get the money needed.
Fast Turnaround: Many business loans will be provided to you within a day or two of submitting your application. This means that you get the money quickly so that you can start up a new business, add new equipment, or purchase what is needed to improve your company’s potential.
Why Timestar Lenders is Right for You
If you are a business owner with mild to serious credit issues and no collateral to get standard business loans, then Timestar is the place to go. Timestar offers unique and flexible funding products to small businesses around the country. You can apply for a loan which ranges in value from $5,000 up to $4 million.
If you have been turned down by the banks, it’s time to check out the services of Timestar, the business lenders who work with you to secure the business loans you need.