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The majority of the items featured here are provided by our partners, who pay us. This could affect the products we write about as well as where and how they appear on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our affiliates, and this is how we get paid.
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Here are 7 bad credit business loans
Here are 7 bad credit business loans
Best for Working capital loan for bad credit
Best for Short-term business loan for bad credit
Best for Business line of credit for bad credit
Best for Fast business loan for bad credit
Best for Unsecured business loan for bad credit
Best for Equipment loan for bad credit
Best for SBA loan for bad credit
Working capital loan for bad credit
A working capital loan of up to $750,000 may be available to you if your credit score is 550 or higher. You can manage cash flow gaps, make payroll, or buy inventory using a loan from Fora Financial.
Fora Financial – Online term loan
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Qualifications:
Short-term business loan for bad credit
Your eligibility for an OnDeck loan of up to $250,000 may be determined by your credit score, which must be at least 625. These short-term business loans are good for specific, one-time purchases.
OnDeck – Online term loan
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Qualifications:
May fund quickly
Business line of credit for bad credit
If you have a credit score of at least 600, Fundbox might be able to offer you a business line of credit. When compared to a term loan, you have more flexibility with a credit line because you only pay interest on the money you actually use.
Fundbox – Line of credit
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Qualifications:
May fund quickly
Fast business loan for bad credit
In as little as 24 hours, Bluevine can approve applications and provide financing. You’ll need a minimum credit score of 625 to qualify.
Bluevine – Line of credit
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Qualifications:
May fund quickly
Unsecured business loan for bad credit
You are not required to provide tangible collateral to OnDeck in order to secure your loan. But the lender will encumber your company’s assets and demand that you sign a personal guarantee.
OnDeck – Line of credit
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Qualifications:
May fund quickly
Equipment loan for bad credit
With this type of financing, the equipment you buy serves as collateral for the loan, so online lenders may be more lenient with their credit requirements.
Triton Capital – Equipment financing
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Qualifications:
SBA loan for bad credit
Nonprofit, community-based organizations that provide microloans may be more willing to work with borrowers with poor to fair credit than other lenders.
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Qualifications:
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The Associated Press, U.S. News & World Report, and NerdWallet have all highlighted the work of Ryan Lane, an assistant assigning editor. S. News & World Report and USA Today.
A writer for small businesses, Randa Kriss joined NerdWallet in 2020. Previously, she was a writer for Fundera, where she wrote about a variety of small-business issues, such as banking and loan products. The Washington Post, The Associated Press, and Nasdaq, among others, have all featured her work. At Iona College, Randa received a bachelor’s degree in both English and Spanish. Email: rkriss@nerdwallet. com.
FAQ
Can you get a SBA loan with 500 credit score?
No minimum credit score is specified by the Small Business Association (SBA) in order to qualify for an SBA loan. However, lenders that offer SBA loans may have minimum score requirements. Typically, this minimum is about 620. But the higher your score, the more likely it is that you will be accepted.
What is the minimum credit score for an SBA loan?
Usually, a 680 credit score is required for SBA and term loans. If you fall on the lower end of this spectrum, you’ll probably need to demonstrate very strong business credentials, such as several years of operation or a sizable annual revenue, in order to be considered.
What is the easiest SBA loan to get approved for?
What type of SBA loan is the simplest to obtain? SBA microloans are among the simplest SBA loans to obtain. SBA microloans are provided by nonprofit community lenders, who (with some SBA guidance) set their own rates and eligibility standards.
Can you get a SBA disaster loan with bad credit?
The SBA will still take into account other factors, such as recent income and your history of rent, utility, insurance, and other payments, to determine whether you qualify for an SBA disaster loan even if you have poor credit or your small business credit score isn’t stellar. Also, consider other business loan options.