Small Business Loans, No Credit Check or Bankruptcy Checks – Are They Legit?

It is never easy being a small business owner, and naturally when one has two deal with bad credit or low credit scores it’s even harder. If you want to get a good small business loan you really do want to have a good credit rating or high credit score, but in order to have this you often need a small business loan so it becomes a catch 22 situation. Because of this problem, a whole series of lenders have emerged for small business loans – no credit checks or for bankruptcy checks are usually advertised prominently with these dealers.

Can we trust them?

Trustworthy lenders do exist for small business loans, no credit checks or for bankruptcy checks. It’s more than likely that they do give your credit record a look over, but this should not dictate the interest rates you’re offered. As there is such a niche market available for small business loans, no credit checks or bankruptcy checks, they have naturally got a paying market cornered.  It is more than normal for these lenders to charge less than the more traditional lenders you find out there. They are often referred to as the Kmart of the loan industry.

You can try asking your creditors and your bank if they happen to know of any legit small business loan no credit check or for bankruptcy check lenders.  It is also more than normal to find them advertised online and in other mediums in the world. Bankruptcy was at an all time high in the early 1990’s.  And bankruptcy stays on your credit record for ten years solid. This really does not help a small business when it’s time to get itself back into profitability, so it’s no surprise that there are many small business loans, no credit check or for bankruptcy check lenders out there to choose from.

Here’s a couple of tips

For starters you really do need to be a pretty small business in order to get the loans. Your small business will have to be filed with the IRS, you will need to get a totally separate business account and additionally be listed with at least three business credit agencies throughout the country. You must have all this in order for the lender to consider you legit and take you seriously. Another thing to remember is that before you can get the necessary application forms filled out you will need to put forth five trade credit accounts, which more or less are the records with five of your clients and/or suppliers.

Getting these kinds of small business loans isn’t necessarily too difficult, although you will need to make sure you do your research and so know that you can trust your lender. Additionally make sure that you read all the small print and have it passed by a lawyer before you proceed.

---

Get social! Bookmark this article!!

               

Article Tags: avoiding bankruptcy, Bankruptcy Facts, small business loans, small business loans no credit checks or for bankruptcy checks

This entry was posted on Tuesday, December 9th, 2008 at 4:10 am and is filed under Bankruptcy Facts, Life After Bankruptcy. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.

Enter your search terms Submit search form

Did you enjoy this Article?
Please subscribe to our Feed, it's free of charge!