You Can Apply for These Small Business Loans with Bad Credit #business #game
#business loans for bad credit
You Can Apply for These Small Business Loans with Bad Credit
Small business owners are often turned away by lenders when they have poor credit. That’s because a bad credit score implies you have not managed your finances properly in the past.
Luckily, it’s possible to secure small business loans with poor credit.
A number of alternative lenders are offering loan solutions for bad credit today. These lenders place more importance on the operating history and strength of your business. In other words, they do not focus solely on your credit score when they consider your loan application.
Here are some loans for bad credit options worth exploring.
Small Business Loans with Bad Credit
The best thing about Kabbage is that it does not require a minimum credit score to qualify. It does, however, check your credit history. If you are looking for some short-term working capital, Kabbage is worth trying. You can borrow from its line of credit and repay on an as-needed basis.
To qualify, you should have minimum annual revenue of $50,000 and have been in business for at least a year. You must also have a business checking account, bookkeeping software or an online payment platform.
It takes only a few minutes to complete the online application process and if approved you can get funds in just a couple of days.
Fundbox does not have a minimum credit score or minimum annual revenue requirement. Instead, it takes the value of your invoices and ability to repay the loan into consideration.
Funding is prompt and takes up to just three business days.
To qualify, you must use bookkeeping software or online accounting that can link to Fundbox and have a minimum of six months’ activity in one of these software applications.
OnDeck offers both term loans and lines of credit. You can go for the term loan if you are looking for some quick cash to expand. If you want to manage your cash flow and working capital, a line of credit is your best option.
To qualify for OnDeck’s term loan, you must have a personal credit score of 500 or higher. For a line of credit, your personal credit score should be at least 600.
Once you complete the online application process, you’ll get a decision within a few minutes and funding as soon as the following day.
Interestingly, OnDeck reports your payment activity to the three credit bureaus, which means paying off your loan on time can boost your credit score.
If you lack collateral, have poor credit and unpaid invoices, you may consider BlueVine. The lender offers an advance based on the value of your invoices. Approval is based on the strength of your cash flow and the financial strength of your debtors.
You do need to have a personal credit score of 530 or more to qualify. Also you should have at least $120,000 in annual revenue and have been in business for at least three months.
If you have a new business, StreetShares is a good option to explore. The lender requires a minimum of one year in business and $25,000 in annual revenue. But even if you have been in business for only six months and you can qualify with $100,000 in revenue.
You need to have a minimum personal credit score of 600 or more and a strong cash flow to be eligible.
Dealstruck is a good option if you are looking for different loan products. The lender offers a term loan for expansion, an asset-based line of credit for businesses with unpaid invoices and an inventory line of credit for businesses that have recurring inventory purchase requirements.
To qualify, you need to have a minimum credit score of 600, although company CEO Ethan Senturia has said that the company accepts scores in the 500 range. You also need at least $150,000 in annual revenue and need to have been in business for at least a year.
A bad credit score may create problems for you when you try securing funds for your business, but it shouldn t stop you from exploring options. You need to understand your needs and look for options that meet your requirements.
Shubhomita Bose is a Staff Writer for Small Business Trends. She covers key studies and surveys about the small business market, along with general small business news. She draws on 8 years of experience in copywriting, marketing and communications, having worked extensively on creating content for small and medium sized enterprises.
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