Short-Term Loans for Businesses with Bad Credit
How can I find a short-term loan with bad credit? This is a question we hear from business owners time and time again. Fortunately, even business owners with bad credit have options.
Claris Finance helps entrepreneurs, executives and small business owners find financing that meets the unique needs of their company. Even if you have bad credit, Claris can help explore your options and advise you throughout the loan process. Read on to learn more.
Short-Term Loans for Bad Credit
The two most common types of short-term loans for businesses are payday loans and installment loans. If you have bad credit, you may qualify for either of these loans.
As you repay short-term loans, you can increase your credit score just by making your payments on time. This is a great solution for new businesses and those recovering from bad credit.
Short-Term Payday Loan
Short-term payday loans can help get you out of a bind quickly. If you need cash now, and know that you’ll have the money to cover the loan plus interest within the repayment time, a payday loan may be right for you.
Short-term payday loans have these advantages:
- Loans range from $100 to $1,500 on average
- Borrowers make one payment within 30 days and you’re done
- Payday loans are easy to obtain if you can prove a source of employment
- Some payday loans provide cash
Short-Term Installment Loan
Emergencies happen every day whether you have good or bad credit. You may have failing equipment, a slow sales month, or an unexpected demand for goods in a crunch, and you need capital now.
Businesses that need to fund special projects or purchase equipment can rely on short-term installment loans. They typically take a few months to a year to pay back. There are unique distinctions between short-term installment loans and short-term payday loans.
Advantages of short-term installment loans include:
- Loan range from $150 to several thousand for small businesses
- Installment loans carry a lower APR than payday loans
- Payments can be made over several months to several years
- Installment loans are secured by collateral including property, vehicles and equipment
There are many other types of short-term loans that can be acquired with bad credit. Claris Finance can help you explore all of your options to find the best loan for you.
Find Short-Term Loans with Claris Finance
At Claris Finance, your success is our goal. Bad credit is never an issue. When you can’t depend on your credit or have experienced a minor setback, you can trust us to steer you in the right direction. In additon to short-term loans, Claris helps business owners find:
- SBA loans
- Payroll loans
- Personal loans for start-up businesses
- Inventory loans
- Equipment loans
- Long-term business loans
- Professional loans
- Business loans
- Merchant cash advances
- Online loans
Contact our team online to get started today!