Bad Credit Loans For Business - Better Options Are Out There

Retail businesses today are often struggling to keep afloat and find themselves stuck between a rock and a hard place. While they have been hit hard by the downturn, they also may have trouble paying their vendor bills. This, coupled with the fact that the SBA is only approving the very best applicants mean that many businesses have trouble obtaining working capital.

Many payment processors and merchant cash advance companies have stepped in to fill this yawning void by offering cash advances in exchange for using their processing equipment/gateway to accept credit cards. These types of cash advances, often based on buying future credit card receivables are one way for struggling businesses to get working capital.

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However, they are often characterized by very high rates and fees, and a requirement that the merchant switch their payments processor and buy new equipment. Because the "advances" are not technically loans, there is no legal cap on how high a factor, or interest, rate they charge on the advances they are giving. Many times, it is not uncommon to see rates over 50% along with high upfront fees. Cash advance companies often sell the payment or "holdback" rate as a way of de-emphasizing the high interest or "factor" rates charged on the outstanding balance.

Today there is a new way for a business with bad credit to obtain lower cost working capital. It is called Credit card receivable financing and is characterized by:

Factor (interest) rates averaging 50-80% lower than an cash advance. No upfront fees, no equipment to buy, no requirement to switch processors A true business loan that allows the building of a positive credit rating Owner credit scores as low as 550

If you are a retail business that has a need for working capital at the lowest possible cost, it pays to closely research your options before you move forward. In difficult times, every penny counts, and the bottom line needs to be watched ever more closely.

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