Guaranteed Installment Loans For Bad Credit Can't Get A Business Loan? Choose A Business Cash Advance Instead Of A Credit Card
Small business owners are relying on credit cards for business financing now more than ever. According to surveys by the National Business Association, the percentage of firms using credit cards has risen from 16 percent in 1993 to 44 percent today. Also in 1993, 45 percent of firms used bank loan bad credit guaranteed approval, and toady only 28 percent of businesses use bank loans for business financing.
The credit cards used by small business owners often come with high interest rates, and if card holders are late on payments, the interest rates can jump.
Fortunately, carrying credit cards with revolving credit is not the only option for business owners in dire need of funds. Business cash advances can provide business funds with no interest rates. Rather than paying interest, merchants pay a flat rate to receive a business cash advance. This rate is predetermined and does not change, regardless of how quickly or slowly the business cash advance is repaid.
Fixed monthly payments are also eliminated when a merchant receives a business cash advance. Instead of paying a certain amount every month, customers' credit card purchases pay for the business cash advance. Every time a customer makes a credit card purchase at a business cash advance borrower's entity, a small percentage from that sale is used for repayment.
In an article titled "Credit Cards Replace Small Business online installment loans for bad credit," author John Tozzi informs readers that credit card companies send out over 720 million credit card offers to small businesses every year, which turns out to be approximately 26 offers for each small business in the United States, annually. With statistics like these, it seems quite easy for a small business owner to get caught up in credit card debt.
Many business owners choose credit cards because they are easy to get, and with revolving credit, they can provide a long-term source of financing for their businesses. But business cash advances offer the same advantages and more. To get a business cash advance, you do not have to have an excellent credit score nor do you need collateral. Also, most lenders offer borrowers the option to renew their accounts, allowing them to use a business cash advance as a source of long-term business financing should they choose.
In the case of an inability to receive a bank business bad credit loan lenders guaranteed approval, rather than turning to credit cards, consider getting a business cash advance. Avoid interest rates and fixed monthly payments, and have the money you need in the account of your choice in a matter of days.
Gaston C. writes articles about Business Loans and Small Business Loans for Merchant Resources International.