Guaranteed Approval Small Business Loans

Have you always dreamed of opening a small business and are ready to make your dream a reality? There are all kinds of small businesses, some operate out of physical locations, others are run from home and some are run online. With most any business there are going to be startup costs of some kind. If you do not have adequate savings to take care of those costs, you may want to look into guaranteed approval small business loans. While this may sound impossible, there are lenders who do guarantee loan approval for those starting a new business. These lenders have both advantages and disadvantages.

One advantage would be the guaranteed approval of the loan regardless of your income or credit rating. A disadvantage would be the high interest rate, because by giving a guaranteed loan the lender is taking on substantial risk. They usually will compensate for this by charging more interest, so payments may be higher. Therefore, you should think carefully before choosing a loan of this type and turn to this option only as a last resort. There are other ways you may be able to acquire the funds you need to start your business.

For example, you might want to try approaching traditional lenders first to see if there are any business loans you qualify for. Check with the Small Business Administration which can point you towards lenders you may not be aware of and give you tips on starting a new small business. Shop around to see which lenders offer the best interest rates on their loans. You might want to inquire with banks, credit unions and other lending institutions, but don’t apply until you have chosen your preferred lender as each application goes on your credit report as an inquiry.

If you have shopped around and found a lender you think is reputable, you may want to apply and see if you can get the funds you need at a rate you can afford. If your application is denied, your next step may be to apply with the guaranteed approval small business loans companies. These companies may not be easy to find, however you can track them down online. If you only need a small amount of capital to get started, a payday loan or car title loan might be a possible option as these loans are granted with no credit check. However, they do charge a very high rate of interest and should be paid back as soon as possible.