July 20, 2017
Did you know that 97% of Kansas City businesses are small businesses? That’s according to recent data from the US Census Bureau. What constitutes a small business? Well, for the Census Bureau, a small business is one with fewer than 100 employees. What do all these businesses have in common? One thing is that all of them require working capital in order to sell their products, pay their employees or contractors, and keep the business operating as it should on a day-to-day basis. Working capital is the money used in everyday operations, what keeps the lights on in the office, buys supplies, repairs or replaces broken equipment, and so on. But even the most successful businesses occasionally fall short of the working capital they need to cover all their day-to-day expenses, and when that happens, bad credit title loans can often bail small businesses out of a bind.
There are all sorts of reasons why a business—especially a small business or one that is still getting established—might temporarily fall short of the capital needed for day-to-day operations. It could be a miscalculation on the cost of goods or of profit margin, an over-investment in any aspect off the business, or an underestimation of the demand for a particular product or service. It could be as simple as a downturn in the market, or clients who don’t pay their invoices on time.
Whatever the reason, small businesses, which tend to work on narrower margins than bigger corporations, are particularly susceptible to these sorts of market forces. But at the end of the day, any business can run up against a shortfall of working capital, and when that happens, it can be tough to keep the business afloat unless you can leverage credit or other financial assistance.
Compounding the problem is that many small businesses, especially those that are just starting out, don’t necessarily have a robust credit history. After all, approximately 57% of people under the age of 30 have a below average credit score, often because they simply haven’t had the time to build up good credit. So, when small businesses find themselves short of capital and without good credit to rely on, a bad credit title loan can help keep the business running until the flow of working capital picks back up.
While many traditional lending institutions may be leery of extending a loan to a business with bad credit or no credit, a bad credit title loan requires no credit check and can get you a loan ranging from $150 to $5,000 based on the value of your lien-free vehicle. That can be a lifesaver when payroll or the office utility bills come due.
Plus, because it uses your vehicle’s title as collateral, you can keep your car while you pay off a bad credit title loan. All you need is a vehicle with a lien-free title and a photo ID, and you can get yourself and your business back on the road in as few as twenty minutes. To learn more contact Midwest Title Loans in Kansas City today, or fill out our Online Title Loan Information Sheet to get started!