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. Some credit scores are very low, but can you get a lender that will be willing to give you a loan even with that poor score? The industry has been able to provide some lenders whereby you can get a loan with a low credit score. Continue reading the content below now to uncover some of the top business loans for bad credit that you did not know about them or where to get the loan from.
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. For a person that has a new business and needs a short term loan to keep the business running, he or she can approach OnDeck to help them in that situation. If you are using OnDeck, you can be able to borrow between $5,000 to $500,000, read more. If you have an extremely bad credit score, you may not be viable to get this loan but if it is hurting you may be able to get this loan, read more now. The requirements for loans at OnDeck are you have a credit of minimum 600, you have been operating the business for at least 1 year and the annual revenue you earn adds up to $100,000. Interest rates at OnDeck vary between 9% and 9.99% depending on the term of the loan.
BlueVine is another lender that suits businesses that have cash flow gaps and do not have inventory to borrow against. Invoice factoring is what BlueVine uses to give B2B businesses the money they require if they can’t want for clients to pay their invoices. For a business to get this loan, the requirements are a 530 or higher credit score, at least 3 months in the business and $10,000 monthly revenue.
Another option if you need a business loan for bad credit is accounts receivable financing, discover more. Accounts receivable financing is a proven method where you can get money when your business needs working capital.
In summation, as you opt for business loans for bad credit, the above are some of them.