Having a company that’s struggling with its credit or that has no credit at all certainly isn’t an ideal scenario, especially if you’re trying to grow and struggling to pay your staff every month. But there’s no reason to give up yet, unlike banks and other traditional lenders, there are private entities like Camel Financial that specialize in invoice financing for bad credit.
3 Different Options for Business Funding with Bad or No Credit
There are a number of different options for funding with bad or no credit. Traditional bank lending or high-interest loans rates can be unfeasible for many businesses, which is why there are other options out there, such as:
- Fast Cash Loans: Many private loans and lending companies will still offer quick cash loans to companies in need, regardless of their credit standing. Of course, some of these loans may come with higher interest rates or other stipulations you need to keep a keen eye on, but they’re available.
- Invoice Financing & Factoring: This method of obtaining funds for companies with bad or no credit is a lot less complicated than it sounds. Basically, what an invoice financing and factoring company does is it takes care of your invoices for you. By hiring a third-party to collect and track down late invoices, you’ll be able to focus your resources where they’re needed most. And the expected amount of your invoices each month you’ll receive in cash in advance to be used as you see fit.
- Equipment Financing: Equipment financing could be your answer to meeting your daily financial obligations. It works quite simply: your business’s equipment also functions as your collateral. If you can’t pay your bills on time, the equipment is repossessed. However, it can provide you with adequate cash upfront; but, some equipment financing solutions will require a down payment.
Contact us today for bad credit invoice financing solutions!
If you’re in need of credit fast to meet your daily financial obligations, Camel Financial can help. Contact us online or call (949) 722-7717.