Alternative Loan Options for Startups and Small Businesses
As a Credit Specialist, I wanted to share two great options for individuals who may not qualify for traditional bank loans, but are in need of funding to start or grow their businesses.
Yendo: Car Title Loans
- Eligibility: You must own a car with equity, even if you're still paying on the loan.
- Loan Amount: You can borrow up to $10,000 based on the equity in your car.
- Credit Requirement: Your personal credit score is not a factor.
- Benefits: This option allows you to leverage the value of your car to secure the funding you need, without relying on your credit history.
Fundo: Merchant Cash Advance
- Eligibility: Individuals in the gig economy, such as DoorDash drivers, electricians, or multi-level marketers, can qualify.
- Loan Amount: You can borrow up to $10,000 based on your monthly income.
- Credit Requirement: Your personal credit score is not a factor, but high-interest rates may apply for those with poor credit.
- Benefits: This option allows you to access funding quickly, without the need for collateral or a strong credit history.
Remember, while these alternative loan options can be beneficial, it's important to carefully review the terms and conditions, as high-interest rates may apply. However, if you're in a situation where you can't qualify for a traditional bank loan, these alternatives can provide the financial boost you need to jumpstart your business or project.
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