Where to get a Small-Business loan with bad credit?
Bad credit to most business loan lenders is a borrower with a FICO score of 625 or less. Borrowers with low credit scores are considered high-risk borrowers, which explains why traditional lenders reject so many business loan applications. Luckily small business loans offered through companies like GetMoney.com are not credit score sensitive.
Bad credit business loans available in 2019
- Small business loans
- Working capital loans
- Merchant cash advances
- Short term business loans
- Invoice financing
- Purchase Order financing
Best business loans for bad credit, 525+ FICO score
If you are looking for a loan between $5,000 and $500,000 to expand your business, consolidate business debt, refinance existing debt, and other general purposes, GetMoney.com can help.
Small business loans for bad credit are based on the health of your business. Thus, your credit score isn’t the primary factor in getting approved for a small business loan.
Traditional lenders that work with small business owners are very conservative with strict guidelines. Alternative small business loan lenders have flexible guidelines that allow them to focus on the revenue generated and expected future cash flow.
Alternative business loans get approved with only 3 months of bank statements, making these loans a go-to source for access to immediate cash.
How do you get approved for a business loan with bad credit?
Just because you have a few blemishes on your credit history, it doesn’t mean your business isn’t thriving.
Find a financing company that offers business loans for business owners with poor or bad credit. GetMoney.com is an excellent option for these loans. When you complete the request, be sure to have 3 months of bank statements and a copy of your government-issued id ready to send out to your loan adviser. Yes, it’s that simple, and that’s all that you’ll need.
Best alternatives to business loans for bad credit
The best alternative is a business line of credit. Business lines of credit normally have favorable rates to business loans and are easy to use. If you don’t have an open business line of credit, get creative.
One option is to see if your credit cards are offering promotional rates. The zero-interest checks and zero balance transfers are ideal.
The other options are invoice financing and purchase order financing. These loans are available if you have invoices that you expect to get paid on, or if you have purchase orders.
Neither loan requires a monthly payment as long as your client or vendor pays their invoices on time. Unlike business loans for bad credit, these loans are not based on your credit, which could translate into a low-cost alternative.
Required time in business is less than one year!
Yes, you read that correctly! Business loans for bad credit offered through GetMoney.com only require a business to be in business for six months. If you have at least $10,000 per month in revenue, you have an excellent chance of getting approved for a small business loan.
Home-based incorporated businesses are OK.
Business financing for business owners with a 525 and higher credit is available. To see what your options are, request a business loan today and you could have the funds in as little as two working days.
If you don’t know what to do or have questions, schedule a call with a business loan adviser to review your options. This is a complimentary service offered by GetMoney.com.