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Credit Card Processing provides customers with an extremely popular payment option
The ability to accept credit cards is a vital part to running
any type of business. This can be acquired by obtaining credit
card processing solutions. Accepting credit card orders is a
must for everyone who does business online or offline. If...
Credit, Money and the Home
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Free Credit Reports - How to Maintain Your Credit Profile
Maintaining your Credit Profile
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Learn The Credit Card Business Jargon And Stop Your Debt Cold
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With the advent of the Internet, almost everything has been rendered deliverable with digital speed.
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Qualifying for a Poor Credit Business Loan
A poor credit business loan is designed for a business person or
persons with a poor credit history.
In the life of a business, virtually all come across a time
where extra money is needed for business growth, expansion, a
new venture, or paying outstanding bills. Businesses owned and
operated by an individual or individuals with a poor credit
history are of no exception. The fall back on this type of
situation is that it is difficult to qualify for a conventional
loan if you are an individual or a part of a business
partnership with an individual who has poor credit, and are in
need of a business loan.
Poor credit business loans are designed especially for business
people with a poor credit history. Poor credit business loans
apply to both new ventures and existing businesses, and offer
the business owner or owners the opportunity to turn around
their poor credit rating, while also providing much needed
financing for the business.
Pros of Obtaining a Poor Credit Business Loan
1. A poor credit business loan can offer a business person or
business persons with poor credit an opportunity to receive a
loan when they may otherwise not qualify for a conventional loan.
2. Poor credit business loans can offer the business owner or
owners the opportunity to improve their business, and
ultimately, improve their financial situation, economic
standing, and ultimately, their credit ratings.
3. Loan terms for poor credit business loans can range from
three to 25 years. Longer loan terms can offer the business
owner or owners enough time to see the business through a rough
financial period, proving their worthiness of the loan, and
again, improving credit scores so that future loans can be
obtained at a lower interest rate.
4. A poor credit business loan offers the business person or
persons a chance to improve bad credit history. The poor credit
business loan will provide money required to help the business
grow and overcome its financial problems, as well as allow the
business owner or owners the opportunity to become current on
the new loan in order to increase credit scores by continuing to
make monthly payments as scheduled.
5. An opportunity to have a lower interest rate is available on
a poor credit business loan, provided that collateral is
available to the lender.
6. A poor credit business loan can provide the business with
regular access to cash, so that even in the worst financial
situation, the business
need not sell the entire business or
part of the business to another individual or company to raise
money.
Cons of Obtaining a Poor Credit Business Loan
1. The rate of interest on a poor credit business loan varies
greatly according to the collateral offered. An unsecured poor
credit business loan will have a much higher rate of interest.
2. If a poor credit business loan is not paid, it will not only
affect the business owner's or owners' credit ratings, but also,
it will only create even more problems for what was previously a
grim financial situation.
3. A poor credit business loan will require a very high rate of
interest to be paid if the borrower is considered extremely high
risk to the lender. Collateral can assist in keeping the
interest rate as low as possible.
Any business person who has the potential to repay a poor
credit business loan and does not have a very severe credit
history that includes things such as unpaid collections,
repossessions, or serious late payments for a long duration, can
qualify for a poor credit business loan. Even individuals who
have had the misfortune of a bankruptcy more than ten years ago
can qualify for a poor credit business loan. Business owners
with poor credit who wish to either start a new venture, or
require a poor credit business loan to improve or expand on an
existing business, are provided a unique opportunity to help
their economic and financial situation turn around and improve.
Before applying for a poor credit business loan, however, be
sure to have a viable business plan, and prepare a professional
loan proposal to show how much money is needed, and how the loan
amount would make a difference to the business' future
endeavors. Great care and consideration should be taken to
ensure that the business venture, expansion, or improvements
will not fail.
If the loan appears to be a high risk for your business, examine
the situation carefully. An individual or individuals in
business should take out a poor credit business loan only if it
is completely clear that the poor credit business loan will make
the situation better and not worse.
About the author:
Rebecca Game is the founder of Digital Women ®, an online
community for women in business. A 30 year entrepreneur and
dedicated to helping other women find small business loans.
Visit her site: Loans for Women
http://loans.digital-women.com
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| Credit referencing and consumer targeting for the USA and other countries. |
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| An independent federal agency that supervises and insures 7152 federal credit unions and insures 4240 state-chartered credit unions. |
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| Credit - Wikipedia, the free encyclopedia |
| Debits and Credits, a type of bookkeeping entry; Credit (creative arts), acknowledging the ideas or ... Retrieved from "http://en.wikipedia.org/wiki/Credit" ... |
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| Credit (finance) - Wikipedia, the free encyclopedia |
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| en.wikipedia.org |
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| DebtAdvice.org is a service provided by the Members of the National Foundation for Credit Counseling (NFCC), most of them known as Consumer Credit ... |
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| FreeCreditReport.com | Free Credit Report and Credit Score Online ... |
| FreeCreditReport.com: Free credit reports and credit scores from Experian. Get your free credit report and credit score now. It's free, fast, and easy! |
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| The Credit Card Prank |
| In my lifetime, I have made nearly 15000 credit card transactions. ... Credit card signatures are a useless mechanism designed to make you feel safe, ... |
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| Credit magazine, corporate bonds, derivatives, structured credit ... |
| Credit magazine provides information on the international credit markets for credit investors, issuers and market professionals. |
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| CUNA: The Credit Union National Association |
| News and resource directory about credit unions. |
| www.cuna.org |
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| Credit/Debt Management - Tools and Advice for Managing Credit and Debt |
| Drowning in debt? Trying to improve your credit score? This is the place for you. Get real world information and tips, as well as the legal low down, ... |
| credit.about.com |
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