Equipment is one of the largest expenses for any business....it is also a benefit that may be hard to come by if credit ratings are negatively compromised...
Boston, MA (PRWEB) November 15, 2012
LeaseQ, one of the leading providers of equipment leasing and financing options in the United States, is pleased to announce new lending sources and business options that are designed to assist businesses and organizations with less than stellar credit ratings.
What is known as a bad credit business loan may be a crucial factor for any business that is looking to move forward, as it allows for the purchase of equipment needed for expansion.
Equipment is one of the largest expenses for any business, changing the way the business operates, improving efficiency standards, as well as increasing the customer base that the business is able to serve. It is also a benefit that may be hard to come by if credit ratings are negatively compromised.
Bank loans for the purpose of purchasing equipment may be quite costly and difficult to repay, and many lenders limit the availability of such loans to those with high credit ratings. LeaseQ is providing options for businesses in this area by providing business loan options aimed specifically at those businesses who may have had credit problems in the past.
There are a number of benefits to be found in bad credit loan options:
- Bank loans are not available to those with bad credit, whereas bad credit business loans were designed with just these customers in mind.
- Bank loans are rarely an option for anyone looking to repair old equipment, especially if there is no collateral available for the purchase.
- Unlike the traditional loan, bad credit business loans do not require any sort of business plan or financial projection to prove that the business is successful enough to warrant the cash advance. If they were, they probably wouldn’t need the loan to begin with.
- Bad credit business loans are an excellent way not only for a company to be able to move forward, but also to repair some of the damage that has been done to their credit rating in the past. In a world where credit means everything, this is an invaluable tool.
Another benefit of the bad credit business loan is the repayment structure. With traditional loans, there are fixed payments every month, which can be limiting whenever there is a lull in business. Bad credit business loan repayments are designed for higher payments when sales are higher and correspondingly lower payments when sales drop. It is designed to accommodate the ebb and flow which is a natural part of doing business.
Of course, there are some requirements, with a business needing to provide some projected sales figures, usually around $5000 worth of Visa or MasterCard transactions every month or $10,000 gross sales. In cases such as this, approval is usually granted within 24 hours and the funds in hand within 7 days.
Based in Boston MA, LeaseQ is one of the leading providers of equipment leasing and financing in the country.