Pros : Offers a higher funding amount at $500,000 · No-cost application, Cons : High annual sales requirement to qualify for the loan
$5k- $5M ; Interest rate ; 1 business day ; Interest rate · 1.03 - 1.52 Factor Rate ; Fastest funding · 1 business day
We researched the best small business loans for bad credit borrowers based on rates, terms, and more. If your credit score is preventing funding, this guide will help.
How to get a business credit card with bad credit ; Best business cards for bad credit ; Look into loans
BusinessLoans.com ; Loan amounts · $5,000 to $3,000,000 ; APR range · Varies by product ; Minimum Credit Score · 550
Key takeaways ; It can be hard to qualify for a business loan if you have a FICO Score under 670 ; Different types of bad credit business loans, such as short-term loans, business lines of credit and SBA microloans, can improve your chances of approval ; You can improve your chances of getting approved for a business loan with bad credit by updating your business plan, choosing the right loan and lender, finding a co-signer and showing strong finances
Annual Fee · $49 ; Regular APR · 14.74% (Variable) ; Intro Bonus · N/A ; Recommended Credit Score · Poor – Limited – No Credit
Key takeaways ; Maximum interest rates for bad credit business loans can range from 25.00 to 99.00 percent, unless you’re able to get an SBA loan ; Factors that influence bad credit business loan rates include cash flow, credit score, the current market, the lender and time in business ; When comparing bad credit business loans, pay attention to the APR or factor rate, fees, loan amount and repayment terms.
Oct 2, 2024 12:39 p.m. PDT ; Written by Kelsey Sheehy · Senior Writer ; Edited by Ryan Lane · Assigning Editor · Fact Checked
Business vs. corporate card · Key differences · How to decide · Making the switch