Tired of dealing with traditional lenders that ask for collateral, tax returns, balance sheets and pretty much everything under the sun?

While micro business loans have become a viable alternative for small business owners there’s a new type of micro loan credit card that lenders like Applied Bank have been introducing into the marketplace.

You may be familiar with Applied’s secured credit card that helps rebuild your personal credit but now it also offers a credit card exclusively for business owners called the Small Business Micro Loan Visa Card.

With credit limits available up to $750 its a new breed of card specifically designed for small business owners like you.

After speaking with one of their credit specialists I was told that only in the event of default will they report to your personal credit files. So if you’re

As far as underwriting Applied Bank will pull a personal credit check from both Transunion and Experian and as long as your credit scores are in the 600 range then you should be able to qualify.

During the online application process youll need to confirm the posting of a small credit (less than a $1.00) that Applied Bank will place in your checking account for verification purposes.

All you need to do is follow the simple instructions to verify ownership of your checking account.

This credit will be submitted within two business days of receipt of your application. For your protection, verification of your checking account must be completed before your application can be approved.

Keep in mind there are several fees that Applied Bank charges which is an Account Origination Fee and a Monthly Maintenance Fee.

When your account is opened you will be charged these fees so your initial credit availability will be $134.95 less than your approved Credit Limit.

Here is a quick overview of the Small Business Micro Loan Visa Card:

• One-Time Origination Fee $125
• Annual Percentage Rate (APR) for Purchases is 23.99%
• Monthly Maintenance Fee $9.95 ($119.40 Annually)
• Credit Limits available to $750
• Keep Business Expenses Separate from Personal Expenses
• Does not report to personal credit reports

In my opinion this small business micro credit card is a good option if you dont have good credit and you don’t want your business purchases and revolving debts reporting to your personal credit files.

However, before you apply you should first consider if the benefits far outweigh the fees and interest rates associated with this card.

In today’s ever changing business climate you will start to see that more and more lenders and banks will introduce new and diverse credit products specifically designed for small business owners like you.

What type of credit products or cards would you like to see being offered?

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