When you have poor credit or a nonexistent credit history, finding financing for your business can be difficult. Most traditional lenders use credit histories to decide whether or not to do business with you. If you’ve been denied financing due to poor or no credit, a stated income loan could be the solution you’re looking for.
I have poor credit. Can I really qualify for a stated income loan?
Yes! The secret is in the qualification requirements for a stated income loan. When you go to the bank to get a traditional loan, the first thing the banker will do is run your credit history. As you probably know if you have poor credit, that brings the financing process to a quick and fruitless end.
But when you apply for a stated income loan, your lender doesn’t look at your credit. Instead, they will ask you to prove that your business earns a profit every month. They will also ask you to prove that your revenue can cover your expenses, including the loan’s mortgage, insurance, and taxes. If you’re able to show that your business is profitable and you can cover your expenses, including the new loan, then it’s likely you’ll be approved for financing, no credit check required.
How can I use the funds from a stated income loan?
We know that people with poor credit histories are the people who need funding the most. Years of trying to get traditional funding puts much-needed projects on hold. Your stated income loan can put the money in your pocket to fund many of the projects you’ve been waiting to start, including:
- Purchasing or leasing your first location
- Renovating or expanding your existing location
- Investing in new equipment for your business
- Hiring a new team member
- Training staff
- Starting a marketing campaign
- Refinancing your current mortgage
- Consolidating existing debt
With a stated income loan, you can overcome your poor credit history and secure the financing you need to take some of these projects from to-do to done. As long as you’re making a profit and can cover your monthly expenses, a stated income loan can help you move your business forward.
Ready to take the next step? Get in touch with Legendary Capital Solutions. We can help you figure out the best financing option for your project and get access to the cash you need, fast. Contact us today.
Disclaimer: The contents of this website do not constitute financial advice and are provided for general information purposes only. If you require specific financial advice, you should contact a financial advisor. We can only advise on the basis of specific client instructions and are unable to offer financial advice by email to people who are not our clients. To learn how to become a client of Legendary Capital Solutions, please contact us.