Small business is an under-privileged entity from the perspective of financing. Rate of rejection of loan application of small business owners is high compared to medium or big businesses. Even medium business has more chance of rejection when some loan application is submitted with a bank. Lack of enough collateral security may be one of the possibilities for rejection, but the term “bad credit” used by Fair Isaac Corporation (FICO) Lenders for borrower’s score is also responsible rejection of loan application. For an owner of a business enterprise, a credit score of 300 to 629 may be one of the several causes of rejection.
Why banks reject and OnDeck accepts
Why do banks reject a loan application for bad score? It is presumed that a borrower with poor credit score carries higher risk of default in repayment of the loan amount. The banks want to be on safer side and reject such applications straightaway. This bad credit score has no place in private lending services. The best option is to search for some good company and approach there for your finance needs. OnDeck Capital is a leading American-based finance company that is also operating business in Canada and Australia. The business enterprises in any of these countries can have privilege of OnDeck loans. The company is known for tailor-made finance plans for small and medium business enterprises. The loans offered by this company are online, quick, and hassle-free. The company doesn’t have to do with your credit score, maybe it’s too bad. Your loan application will be quickly processed on company’s server. Just apply with OnDeck, and next day your bank account will have enough funds to streamline your business operations.
OnDeck company is quite efficient and you can check online ondeck reviews before you deal with the company. This will reflect the credibility of this company to make worth of your small business by offering instant credit at the time of your need.