There are a lot of people that have a poor credit score, see this website. Statistics say that close to one-third of Americans have a credit score that is less than 601, click here!. When you have a poor credit score which limits you from getting a loan from money lenders and you need to keep your business running, you can look for a business loan for bad credit, view here. Some credit mistakes can leave you with a lot of regrets for many years, so will you be able to find a loan lender that will take their chance and provide you with the loan to help your business? There exist some lenders in this website that are willing to give you a loan even with extremely poor credit scores. 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!.
One of the best loan lenders that keep their word when it comes to giving business loans for bad credit is OnDeck, see this site. 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. One that has really bad credit score may be unable to get this loan but if you are really challenged, you can be able to push for it. You can get this loan if you have at least a 600 credit score, 1 year in the business and your annual revenue at $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. If a business cannot wait for their client to pay their invoice, BlueVine will use invoice factoring to give B2B businesses the money they need. You qualify for this loan with at least a 530 credit score, 3 months in the business and $10,000 monthly revenue, learn more and check it out!
You can also request for accounts receivable financing even if you have bad credit. If your business needs working capital, this is one of the loans you can get to keep cash flowing throughout without going into debt.