How to get Funding for a Business with Bad Credit
Does your business have less than perfect credit, or are you too new to have a established a solid credit score? As business owners, sometimes its hard to keep your credit in check. If bad credit (or lack of credit) is keeping your company from securing financing, invoice factoring for bad credit can get your company on the path to success without creating debt!
Bad Credit Invoice Factoring Solutions
Invoice factoring allows you to build up your cash flow based on the creditworthiness of your customer. Unlike traditional lending options, factoring companies look at the strength of your customer’s credit, not your business or personal credit history.
Even if you have been turned down for a bank loan or line of credit, you can turn your open invoices into quick cash with invoice factoring.
Use Invoice Factoring to Help Bad Credit
The ability to establish or rebuild your credit rating using the cash flow created by factoring your invoices is just one of the many benefits to invoice factoring if you have bad credit.
You can use the funds you receive to stay on top of daily operating expenses as well as to pay down existing debt, which will improve your financial standing and allow you to qualify for financing down the road.
Invoice factoring has other advantages as well. Factoring provides free credit and background checks for your customers as well as help with invoice management and collections. Online reporting is accessible 24 hours a day, seven days a week, from anywhere.
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The Invoice Factoring Process
Once you are approved for a bad credit invoice factoring program and have agreed to the terms, submit your open invoices for completed work to the factoring company.
The factor will verify your invoices and advance you up to 90 percent of their face value within 24 hours. Depending on your situation, rates may vary. Then, just continue operating normally while the factor collects from your customers. When the invoices are paid, you will receive the remaining balance minus a small factoring fee.
Alternative Solutions for Poor Credit
If a standard factoring relationship is not the best fit for your company, Factor Finders offers a number of unsecured business loan solutions that can still help you recover from bad credit. Unsecured business loans can provide up to 90 percent of your monthly sales in cash without the strict approval requirements and waiting periods associated with a conventional loan.
To get started with either option, you will need to complete an application and provide a short list of documents. Factor Finders’ account managers are there to help you every step of the way!
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Factoring for Bad Credit is Possible with Factor Finders @ 855-322-8671
Bad Credit Invoice Factoring for Any Industry
Invoice factoring companies are available to help companies in any industry with their cash flow issues. As long as your company provides services to another business, there is a potential factoring solution for you!
Some of the industries we work with include:
Even if your industry is not listed, we can still help. Our portfolio of funders is diverse and ever-expanding.