How to Get a Business Loan Even if Your Credit is Terrible
Like thousands of people across the state, you are looking to change your life by getting high-quality Florida small business loans. However, you also have the kind of poor credit that impacts the lives of millions of Americans. Bad credit is a problem that makes it difficult for people like you to get the small business loan that you deserve. It can haunt your business and plague your progress as a human being in many frustrating ways.
Is it possible to get a fast business loan even if you have bad credit? Absolutely. However, it isn’t always going to be an easy task. The first step in the process is assessing just how bad your credit is and what you can do to change it. After that, it is necessary to take measures to improve your credit in a variety of ways. Next, you need to contact a loan company that you can trust.
By following these simple steps, you can improve your chances of getting a high-quality loan and stabilizing your business progress. It will take a lot of work, patience, and restraint to implement this plan. However, doing it will increase your business success by allowing you to invest in yourself in a major way.
Why Bad Credit Impacts Your Loans
So why does bad credit matter so much for your business loans? Credit is, in many ways, a measurement of how reliable you are as a possible client. People who have high levels of debt that they aren’t paying indicate a potential danger for lenders. As a result, they are less likely to take a chance on you, even if your business has been successful.
That said, it isn’t impossible to get loans in Orlando, Florida when you have bad credit. For example, many lenders will provide you with loans even if you have poor credit.
Considering Bad Credit Lenders
Bad credit lenders are those who will work with people who suffer from bad credit. However, there are downsides to these kinds of lenders. You are typically going to be limited in the amount you can borrow and may end up with a high-interest rate. Thankfully, most of these companies are willing to adjust their rates if you show a good repayment history with them.
If you aren’t quite ready to work with a bad credit lender or are willing to be patient, you can always take steps to improve your credit score.
Ways to Improve Your Credit
We have outlined multiple ways that you can improve your credit and increase your chance of getting a great loan. This process won’t be fast, but it is one that anyone can do. It all starts by better understanding your credit score.
1. Check Your Credit Score
There are a variety of free credit check companies that you can use to gauge your score quickly and easily. Make sure to check your credit at least once before going through this process. You should then check it sporadically to ensure that it is improving. However, you should avoid excessive inquiries, as this can impact your credit score.
2. Dispute Errors
From time to time, errors can occur that affect your credit. For example, your lender may state that you missed a payment that you did not. When looking through your credit score, spot these errors and dispute them with the lender. This process can be a challenging one, but if you have evidence of a mistake, you can improve your credit score.
3. Stop Using Credit Cards
Small business owners may struggle with this step because they likely use credit cards for their business. However, if you stop using credit cards and focus on repaying your debt, you increase your credit score. That said when do use your credit card, pay it off immediately to boost your credit rating even further.
4. Pay More Than the Minimum
Those in debt often get stuck in a cycle of paying the minimum payments to save themselves money. At least, they think they are saving money. The fact is, paying the minimum payment will cost you exponentially more in the long run. Pay off your debt by increasing your payments and watch your credit score rise.
5. Contributing to a FICO Score Calculation
FICO is likely the most accurate credit score available today. If you are willing to pay at least 35 percent towards a calculation, you can improve your chances of getting a loan. Lenders who see you willing to check your score and take charge of it are more likely to take you seriously as a client. While it isn’t a sure bet, it still provides you with the most accurate understanding of your credit score.
6. Always Pay on Time
While this tip might seem obvious, it is one that too many people ignore. Every time you are late for a payment, your credit score is negatively affected. This change is true even if you are only a few days late. Set up an automatic payment cycle with your creditors to ensure that they get your payments on time. This action will immensely improve your credit score.
7. Find a Great Lender
Not every lender is made equal. In fact, some lenders are simply wrong for certain types of clients. That’s why it is important to find a lender that you can trust. At GoKapital, we provide you with one of the fairest and friendliest lending experiences in all of Orlando, Florida.
Who is GoKapital?
At GoKapital, we understand that a bad credit situation can happen to anyone at any time. Even the smartest and most driven among us have found themselves borrowing more than they could afford or falling victim to changing economic times.
Look, this situation can happen to anyone. That’s why there is no reason to feel ashamed about it. Too often, people with poor credit are made to feel inferior by friends and family members. That is the wrong attitude to take. Individuals in this situation just need someone who is willing to take a chance on them and provide them with the leg up they need to succeed.
That’s where we come into play. Unlike other bad credit lenders, we are willing to find interest rates that are fair. Beyond that, we are prepared to work with a wide number of people, including those who:
- Have bad credit
- Need loans in Orlando to improve their business
- Want home loans in Orlando to buy a better house
- Desire the chance to change their life for the better
That’s why are at the best option for small business loans Florida has ever seen. We are not only willing to work with people who have bad credit, but also provide many other amenities. For example, we accept online applications and approve it no later than two days after you have applied.
Beyond that, we also have one of the highest lending limits for small business loans in Florida. We will give out loans as high as $5,000,000 to people who qualify. Our goal is to restore your business balance and improve the economy of Florida at the same time. By boosting your chances of success, we help this great state work towards even higher levels of economic stability.
Working With Us
As you can see, we at GoKapital can help you get the loans that you need to improve your chances of personal success. We have worked with thousands of people just like you and fought hard to find a loan that works for their needs. Our years of experience have helped us better understand the difficulties inherent in maintaining good credit.
As a result, we are one of the fairest and most understanding lenders in all of Florida. So if you’re looking for Florida small business loans and need someone who understands your credit situation, please contact us today. Our loan officers will assess your situation, pinpoint ways it could be improved, and work hand-in-hand with you to improve your life.