Best Loans For Women With Bad Credit In United States: Even if you have a low credit score, you can still get a loan for a small business. Because your credit score is not as important as the overall financial health of your business. Most lenders require a minimum credit score of 500-600, a minimum of six months of business, and annual revenue of $ 40,000.
When you have less credit as a business owner, you can expect higher fees and interest rates. When you take out a loan, such as an invoice factoring loan or a merchant cash advance, these loans depend on future sales or money already invoiced but still received.
We reviewed 5 different small business lenders to determine the best options available for those with bad credit. The terms and conditions of the loan should be reasonable, so these are important considerations in our valuation. We also looked at actual customer reviews, credit score requirements, and available loan amounts.
Table Of Content
Best Small Loans For Women With Bad Credit
Lendio Small Loans For Bad Credit
Launched in 2011, Lendio is a small business lending marketplace that matches businesses with 75+ different lenders to secure the funds they need. Since Lendio does not generate debt, you get many offers and you can choose the one that suits your needs. This is the best credit option for small business owners with low credit as you only need a 560 credit score and there is no obligation to use all your funds. Plus, you’ll be getting rid of clutter you don’t need.
| Pros | Cons |
| 560 min. credit score $50,000 min. annual revenue 6 mos. min. time in business | High-interest rates on some loans Reports of hard credit inquiries |
OnDeck Small Business Loans For Bad Credit
OnDeck is a publicly-traded small business lender launched in 2006 that operates online and by phone. This is the best small business lender for bad credit because you only need a minimum credit score of 600, which is lower than what many providers allow. Moreover, after loan approval, you can get your funds as early as possible on the same day and get more money after paying off half of your loan.
| Pros | Cons |
| 600 minimum credit score Same-day funding is possible Apply for more money when you’ve paid back half of your original loan | Repaying the loan early will not save money Requires daily or weekly repayment Cannot lend to businesses in Nevada, North Dakota, and in certain industries |
PayPal Small Loans With Bad Credit
PayPal is an online payment system that now offers short-term small business loans called LoanBuilder. This loan is also known as the PayPal business loan. Lending is done by a subsidiary, Swift Financial, LLC. This is one of the best short-term small business loan providers for bad credit. Because you only need a credit score of 550 to qualify. And the loan terms are a maximum of 52 weeks.
| Pros | Cons |
| 550 minimum credit score Loan terms between 13 and 52 weeks Receive funds as soon as the next business day | Must have business revenue of $42,000 or more per year No financial benefit for paying the loan off early as the full fee is due at payoff Unavailable for startups |
Rapid Finance Small Loans Business
Rapid Finance is a partner of Quicken Loan and offers lending solutions to small and medium-sized businesses. It contains some of the best reviews of all the borrowers we have considered, requires a minimum credit score of 500, and offers one of the longest business loan terms in 60 months (most lenders are two years or less). These reasons make it the best small business loan option for long-term financing with bad credit. Furthermore, when you apply for a loan, you can often get approval and funding within hours.
| Pros | Cons |
| Loan terms up to 60 months Looks at overall business health and not just a credit score Funds available within hours after approval | Some loans require daily or weekly repayments Monthly fee instead of an APR Does not work with businesses in New Jersey, Rhode Island, Montana, Vermont, South Dakota, or Nevada; nor does it work with sole proprietorships in Pennsylvania or Oklahoma |
Fundbox
| Pros | Cons |
| Financing is available within one business day after approval. Simple application with minimal documentation required. Startup-friendly—accepts borrowers with a minimum of six months in business. 600 credit score requirement. | Rates are high compared to traditional banks. May require a personal guarantee. Can’t be used to build business credit. Weekly repayments are required over a short term (maximum of 24 weeks). |
BlueVine
| Pros | Cons |
| 530 min. credit score $10,000 min. monthly revenue 3 mos. min. time in business Simple, quick process Large loans available | Limited availability in some states Potentially large fees |
Disclaimer
At Marathistore4u.in, our research is meant to offer general product and service recommendations. We don’t guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services.