The Best Business Loans for Bad Credit That You Haven’t Heard About Until Now
Many people today have a very bad credit score. Statistics say that close to one-third of Americans have a credit score that is less than 601, click here!. Even if you are in a state where you have bad credit this will not mean the end of the road for your business, but with bad credit looking for business loans for bad credit might be what you will need to keep your business awake. You may have a lot of problems because of the credit score you have, but can you get a lender that you may approach that will be able to give you a loan even with that flattering score? The industry has been able to provide some lenders whereby you can get a loan with a low credit score. The following are some of the most reliable business loans for bad credit that you probably did not know you could find them easily now!.
Among the many loan lenders, you will get in the market who are very promising to loan seekers in need of a bad credit business loan in OnDeck. In case you have a new business and you need a short term loan that will help you, you may consider choosing OnDeck as the lender you will need to inject some funds for you. The amount of money that you qualify to borrow when you approach OnDeck ranges from $5,000 and $500,000. A very low credit score may disqualify you from getting this loan but you can still go ahead and apply for it if the situation you are in is critical. A credit score of at least 600, 1 year in the business and $100,000 in annual revenue qualifies you to get this loan. You are also looking at paying an interest of 9% to 9.99% depending on the period you will be repaying the loan.
BlueVine is another lender that suits businesses that have cash flow gaps and do not have inventory to borrow against. BlueVine uses invoice factoring to give B2B businesses cash they need when they can’t wait for their customers to pay their invoices, click for more. A business that as a credit score of 530, 3 months in operation and monthly revenue of $10,000 can get this loan.
You can also request for accounts receivable financing even if you have bad credit. Accounts receivable financing is a proven method where you can get money when your business needs working capital.
To summarize, the above are some business loans you can get when having bad credit that will solve your capital problems.
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