Jacob Wilson always had a knack for science, and thus, he decided to take a student loan and study engineering. Looking at the kind of job opportunities industrial engineers had, he was certain he could pay back the bank without much hassle.
Jacob graduated from the University of New South Wales with decent grades. Within four months, he landed a job with Siemens, working on one of their energy projects. As luck would have it, Jacob met with an accident and lost the use of his left foot. Disillusioned with the job, and with a new-found fear of construction, Jacob left his job.
Read Jacob journey with his Retail Business
He was saddled with debt but managed to bootstrap his way into the retail business with a little help from his parents. In 2012, he opened his first retail electronics store. For five years, his turnover increased steadily, and he even developed goodwill with some of his neighbours, who would only purchase from him.
However, Jacob was facing growing competition not only from other physical retailers but from online retailers as well, who had a seemingly unlimited catalogue of products to offer. In order to compete with them, Jacob needed to expand his product line, and fast.
Jacob decided to approach local banks in order to secure a small business loan. The banks were sympathetic to Jacob’s requirements at first, but they soon became unwilling. Even though Jacob had managed to pay off his student loans, they had left him with a very poor credit score.
Jacob had also neglected to maintain proper records of the early years of his business, and such a state of affairs did not meet the bank’s stringent criteria for processing his small business loan application. The banks either refused to process his bad credit business loan or saddled him with so many requirements that Jacob was forced to withdraw his simple business loan application.
Also Read: How to get a business with poor credit?
Jacob was running out of time fast, as he needed to expand his business quickly in order to meet the changing needs of his customers. The electronics business was especially susceptible to change every couple of years. He needed a way to get a quick loan with bad credit, but the banks were hearing none of it.
In desperation, Jacob turned online for answers, and that is when he found out about new alternative financing companies who were providing simple business loans to people who were exactly like him, facing similar predicaments.
They did not have a long grocery list of criteria that needed to be fulfilled and promised to process his loan within a day. These alternative financing companies were willing to loan his business money despite Jacob failing to keep certain business records and having a poor credit record.
How Jacob was helped with Bad Credit Business Loan from Alternative Lenders?
Jacob decided to apply for a bad credit business loan, even though he doubted the veracity of the claims this finance company was making. In just under two days, from the time he sent his application, Jacob’s loan was processed, and he received the money in his bank account.
This was not the only great part. The repayment plan for the loan was much more flexible than what he could have hoped for at a regular bank. Instead of worrying about repayment as soon as he got the loan, Jacob could afford to make the running and expansion of his business his primary concern.
With the help of the quick loan with bad credit, Jacob managed to rent a warehouse and buy more inventory. He managed to start selling electronics online through one of the big online platforms, which greatly increased the footprint of his business.
With the easy repayment loan, Jacob was able to find customers not just in his hometown, but throughout Australia.