Credit score below minimum – MCA Merchant Cash Advance Declined
What does not credit score below minimum mean?
Businesses have used MCA Merchant Cash Advances and ACH loans in recent years to finance their businesses. One of the reasons Companies are declined is for for credit scores below minimum. Their credit score is below the minimum required by the lender to approve a business loan.
How can your business overcome being declined for a Merchant Cash Advance or ACH bank loan for the credit score being below minimum? There are several ways that your business can still get financing.
Our Small Business Development Center assists businesses in overcoming issues instantly so they can focus on advancing their business.
What is a decline for credit score below minimum and credit score too low ?
The business owner’s credit score is below the minimum required by the lender.
Most frequent Requests:
– I was declined for a merchant cash advance for “credit score below minimum”. The lender said my credit score was too low. Can you still help me get an MCA merchant cash advance or ACH Bank loan?
– We were declined for an ACH loan. Can you help our business with this?
Yes, we can assist businesses with these scenarios.
How to get a business loan with a credit score below minimum or credit score too low
Talk to lenders before applying and find out if they have a minimum credit score requirement. If they do ask them what their minimum credit score requirement is. If your credit score is too low, consider other alternatives. Is there more than one owner in your business? If the other owner has a high enough score, have them apply instead or have them apply first. Contact other lenders until you find a lender whose requirement for credit score is not too high.
If your credit score is on the rise, consider waiting to apply. Also, find out if you can qualify for a lower amount. We have programs and tips to put your business in and get approved. Contact us to discuss.
Solutions for businesses declined for a credit score below the minimum and too low for a merchant cash advance, business loan or ACH Bank loan.
Talk to the lenders directly about being declined for a credit score below the minimum. Ask them if you can be approved for a lower amount and if there is another program that may work.
Get a copy of your credit report. The credit bureau will list the top 4 reasons for lowering the credit bureau score. Look at those reasons. Are there any that are wrong? Once you find the ones that are incorrect, call the credit bureau and dispute the reporting. If your score goes up within 30 to 60 days, you can call the Lender back and have your Application considered again.
Recent Approvals with credit scores too low, or credit scores below minimum
September 30th 2016 – for immediate release. Superior Staffing obtains business loan after being declined for the owner’s credit score below minimum. The company applied with a large national lender for $50,000 and was declined. The Owner’s credit score was in the low 500’s. They contacted us for information and assistance. We gave them tips and directed them to other lenders that might be able to help them get the funding.
The company had two owners with 50% ownership. The 2nd owner had a credit score 50 points higher than the other owner. President James Stephens released a statement. “We were denied for credit for the $250,000 working capital expansion loan we really needed. Other Lenders were contacted that could work with lower credit scores. Another application was submitted with the Partner with the higher credit score listed first. We were approved for all the Capital we needed. We look forward to using Smallbusinessloansdepot.com in the future as a reference for our financing needs.”
Get working capital through other loans
If the options above do not work or you cannot wait, your business can consider other types of business loans. Which ones are best depend mostly on your company’s profile. Choices include:
– Monthly Term loans up to 48 months that require the last 2 Years Tax Returns
– Accounts Receivables Financing
– Business loans based based on Real Estate or Equipment Assets
Finally, with one of the above options, your business may overcome being declined for a MCA Merchant Cash Advance or ACH business loan for having a personal credit score that is too low or below the minimum required by the lender. The SBA small business administration also has excellent resources on alternative business loans.