Do you think that you can not get a loan if you have bad credit? Well, let us tell you that you can still get a loan and improve your credit score in the long run. There are still some options left for you, and we will discuss them in this article today.
So stay tuned to find out various options for small business loans when you have bad credit below.
Ondeck is one of the most famous and the best small business loan lender available for you if you have bad credit. They also accept a Credit score that is as low as 600 and offer same-day funding. If you have been in business for more than one year and have a business bank account, then you can quickly get this small business loan for whatever reason you need it.
2. Paypal Loan Builder
As is clear from its name, it is a service by PayPal, and they offer the best short-term loans to businesses having bad credit. The short-term loan which they offer is between 13 and 52 weeks. If your minimum credit score is 550, you can quickly get a small business loan from them instantly. It can also happen on the same day and the next business day, depending upon your requirements.
It is remarkable is the option you have left if you have a bad credit score and you need flexible financing to support your small business with a loan. If you have a 560 minimum credit score, you can get a loan from them for your small business. The advantage of using this service is that the application process takes only 15 minutes. The only thing you need to make sure of is that the funding might take more than one or two weeks.
BlueVine offer small business loans to business are having a minimum credit score of 530. The advantage is that when your sales grow, your credit limit will also increase. But you need to keep in mind that this service is only available for B2B. Your invoice has to be higher than $500, and the funds will reach your account in less than 24 hours which is very convenient when looking for a small business loan instantly.
5. Rapid Finance
By using this service, you can also borrow up to 1 million dollars, but it will depend upon your monthly revenue and income. You should go with this service because the loan terms are up to 60 months, and it is a very reliable and convenient service for you in the long run for getting small business loans.
Funds get available in your account within a few hours of approval, which is very convenient. The only disadvantage of using this service is that some loans can be required daily or weekly payments, which are not very suitable for you.
If you have a minimum 500 credit score, you can take a small business loan from the service. But you need to make sure that you have a revenue of at least 15000 Dollars per month and then apply for it.