Are you questioning yourself about how you can get a loan despite having a bad credit then this article has got you covered?
you might already be aware that getting a small business loan is not an easy task as business owners get turns down when due to poor credit. Bad credit implies that in the past you have not been able to manage your finances properly.
But you do not have to crease your forehead as low employment rate means more lenders are offering load to startups having bad credits. Below are a few of the lenders who are offering start-up business loans.
If you are wondering where to go for a loan with bad credit then this is a place to go.
Kabbage for start-up business loans
This company does not require a start-up to have a minimum credit score which is a piece of great news for businesses who want to qualify.
They do not require the score but they will be accessing the credit history. This company is best for anyone who wants a short term capital.
For qualification, you will need a minimum annual revenue of $50,000 and the other requirement is that you should be there in business for at least a year. Other additional requirements that Kabbage seeks are bookkeeping software, online payment platform, and business checking account.
You just need to invest a few minutes to complete the online application process. After the application approval, the process of funds transfer is usually a couple of days.
Then you can avail Fundbox which does not require from a small business owner any minimum credit score like Kabbage. But, the best part is that this company does not require you even any minimum annual revenue.
It just takes the value of the business’s invoices and assesses the business on its ability of repaying the loan. As far as funding is considered, then is it prompt and gets process within three business days. For qualifying, you should be making use of bookkeeping software.
If your company does not have bookkeeping software then it must have an online account which must get linked to Fundbox. The online accounting or any such application should have a minimum activity for the past six months.
Lastly, start-up business loans are offered by Ondeck. If you need quick cash for expansion then you can ask for a term loan. But if you have a different purpose, for instance, you want to manage the cash flow then a line of credit is your bet.
The qualification criteria for start-up business loans is that you must have a personal credit score of a minimum of 500. Just fill out their online application and wait for the decision.
The best part is that you do not have to wait for long to hear back, rather you will be informed with a few minutes of filling the application and then the funding will start to get processed the very day.