Small Business Loans: No Credit Check Or For Bankruptcy Checks
The havoc caused by the subprime mortgage crisis is making it even harder to get small business loans. The days of no credit check or bankruptcy checks are definitely over.
Times are always tough for the small business owner especially one with bad credit or low credit scores. The way to get the best small business loans is to have a good credit rating or a high credit score but the only way to get that is to get a small business loan, and you see the Catch 22. Well, wherever there is a need, there is a line of businesses waiting to cash in on the need. There has emerged a whole niche of lenders for small business loans no credit checks or for bankruptcy checks are usually advertised prominently.
Are They For Real?
Legitimate money lenders certainly exist for small business loans, no credit checks or for bankruptcy checks. Odds are, they do give your credit record a once over, but that is not supposed to affect what interest rates they will offer you. Since there is such a niche market available for small business loans, no credit checks or bankruptcy checks, they have a paying market cornered. They also usually don't charge as much as other more traditional lenders. They are sort of the Kmart of the loan world.
You can ask your creditors or your bank if they know of any small business loan no credit check or for bankruptcy check lenders. You can also find them advertised just about anywhere in the real world and online. Bankruptcy was at an all time high in the early 1990's. And bankruptcy stays on your credit record for ten whole years. That can really slow down a small business owner trying to get back on his or her feet. So there are many small business loans, no credit check or for bankruptcy check lenders to choose from.
You need to be a real small business in order to get one of these loans. This means you have to file your small business with the IRS, get a separate business bank account and also have your small business listed with 3 business credit agencies. If you have all of this accomplished, the lender knows you are legit and are serious about paying back, and therefore can offer you reasonable rates. Before you can get those application forms filled, you will need to show 5 "trade credit accounts", which are basically the records with five of your clients or suppliers.
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