Thursday, January 4, 2018

Get The Funding You Need With No Personal Guarantee Business Loans Utah

By Helen Price


While many new businesses find it difficult to obtain the financing they need to grow their young business ventures, there are avenues they can take that will get them the money they need. Banks and traditional lenders usually require collateral or some personal guarantee they will be repaid, and the business must also prove their creditworthiness to these lenders. You can learn how to obtain no personal guarantee business loans Utah from lenders who do not require such strict standards.

These types of loans are mainly available as a merchant cash advance. This is a less traditional method of lending that does not consider your credit report or other factors that banks would consider. The requirements tend to be less involved than with banks and since it is technically not a traditional loan but rather an advance against any future revenues the business earns.

There is no need to have a good credit rating with this type of loan either unlike with a bank. You do not have to risk your personal assets or personal credit history when you get this funding as it is not reported to any of the major bureaus. There is no collateral required and you can have the funds quickly and easily without the hassle.

Since the funds are provided rather quickly, the amount of time that you have to repay these types of loans is generally a shorter time period than with a traditional bank loan. With a bank loan, you can often take months or years to repay over time with a lower interest rate for those who have good business credit.

If your business wants to establish credit then a more traditional lending method is needed as with a bank. You may need to wait and the process often takes time to be approved for the loan sometimes weeks depending on the nature of the loan and the amount. Your payment history will also be reported to the credit bureaus so paying on time is very important in order to establish good business credit.

A business needs capital to grow, but getting the financing they need if they are new can often be difficult but not impossible. A merchant cash advance can give a new business the funding it needs until it becomes more established and can prove itself in the marketplace. If a business chooses to later try to establish their credit they will be in a better position to do so.

A bank will require a business to have established itself for a number of years before it will consider lending to them. They must provide evidence of their revenues and assets and other financial documents over a certain time period and also provide a business plan to the bank. With a merchant cash advance, none of these things are required to obtain funding.

If you have a new business and are finding it difficult to obtain the financing that you need to grow your enterprise, you may want to consider a merchant cash advance for your business needs. They are generally easier to obtain than a bank loan and do not require you to have perfect credit or provide any other supporting business documentation.




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