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A business loan for bad credit can provide small business owners with much-needed financing. These loans can help purchase equipment, fund day-to-day operations or expand your business.
2. Choose the right type of bad credit business loan. You have a wealth of bad credit business loan options at your fingertips, and different types of loans can be used for multiple purposes.
Key takeaways. Bank loans are great for low interest rates, but online lenders may be more accessible to self-employed business owners. Lenders look for steady revenue, often at least $100,000 ...
What credit score do I need to get a business loanThough requirements vary from lender to lender, you’ll generally need a score of at least 500 to get a bad credit business loan.
Self-employed, unemployed, seasonal workers, and new immigrants generally struggle to meet strict requirements to qualify for loans. A loan with few to no documentation or credit history requirements is easier to qualify for, but generally carries a significantly higher interest rate. [2]
To get a business loan with bad credit, explore online lenders, microlenders, CDFIs and MDIs, which may have low or no credit score requirements. Finding a business loan with no money can be tricky.
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