If you’re one of the millions of Americans whose credit score is less than perfect, getting the money you need for your business can be a tough task. Don’t panic, though—there’s an easy solution that doesn’t involve yard sales or I.O.U. notes!
How Your Credit Affects Your Ability to Get a Business Loan
Before we get to that solution, let’s take a quick look at the role your credit score plays in getting an unsecured loan from a traditional lender like your bank. To put it simply, your credit represents to a lender how reliable you are as a borrower. Banks don’t want to risk that you won’t be able to pay the money back, so they look at things like your credit score to get an idea of your financial habits.
Unfortunately, lenders don’t care how your credit got to where it is. It doesn’t matter if you lost your spouse and had to use credit cards to support your family. It doesn’t matter if you had cancer and couldn’t pay your rent. It doesn’t matter if your credit was destroyed by identity theft. Whatever the case, it’s frustrating to be denied funds when you know your business can turn it all around.
The Perks of Pawn Shop Loans
There are other ways to open your business regardless of credit score. Borrowing from friends and family is one option, but not everyone likes the idea of mixing business with personal relationships. Crowdfunding is popular, but it needs careful management to succeed. If you’re looking for something with immediate fast cash, consider a pawn shop collateral loan.
Below are just a few reasons why pawn loans are a great source of business capital:
No Credit Check
Instead of being based on financial history, pawn loans are secured with collateral. If you don’t pay back your loan, the pawn shop keeps the item. Your credit score is totally irrelevant!
No Proof of Employment Required
Just like your credit, it doesn’t matter whether you’re employed, so long as you have a sufficiently valuable item to serve as collateral for the loan.
Lower Interest Rates
Secured collateral loans are of relatively low risk for pawn shops, which allows us to offer lower interest rates and give you plenty of time to pay us back.
Immediate Approval for Quick Cash
There’s no long application, and you don’t have to wait for credit or employment checks to go through. The approval process is immediate, and you can walk out with cash in your hand that same day!
Get Fast Cash at GEM Pawnbrokers
If you live in the New York City area and are looking to get a business loan, we can help! Simply bring your collateral items (jewelry, watches, electronics, etc.) to one of our many locations, and we’ll give you a fair cash loan based on expert appraisal values. Visit your local GEM Pawnbrokers shop today, or call (718) 596-5626 for more information.
The post Bad Credit Score? Don’t Let That Stop You from Running Your Business! appeared first on Gem Pawn Brokers.