Whether you’re a small business or a sole proprietor, if you have bad credit, then your financing options could be restricted. After all, credit is a measure of your displayed creditworthiness and, unfortunately, the tally begins once you turn 18 years old. In the following, we’ll show you ways to get business loans with good terms and fees that you can afford, despite your traditionally bad credit. No longer do you need to go after those legal loan sharks, payday lenders, who take advantage of you with stratospheric rates. 

Lending Options for Businesses

1. Credibly

The credit score requirements are quite accepting at 500; Credibly will then provide you with working capital via a loan, and with reasonable rates. A bonus: it only takes about 48 hours to receive your loan or cash advance once approved.

2. LoanBuilder

Owned by PayPal and so eminently trustworthy, LoanBuilder accepts credit scores as low as 550 and specializes in the creation of short-term small business loans. You can also search for “PayPal Business Loans” to find more information.

3. Lendio

Different from the others, this is more of a resource than a direct lender. Here, you can find all types of financing – lines of credits, short-term loans, medium-term loans and merchant lines of credit. Put in a search query, and use the site function to compare and contrast the different loan results that pop up for those with bad credit.

4. Kabbage

When it comes to financing, Kabbage is quite possibly the best one on the list for solving cash flow issues. The best way to find out if you qualify is to run a test on the website since they don’t publish specific credit score requirements.

5. Fundbox

If you have a personal credit score as low as 500 and can show a minimum of two months of business activity, then FundBox just might be your best financing bet. You do need to have a business revenue of $50,000 or more per year to apply, however.

Having bad credit should not be a death sentence in the financial realm – and today, with the multitude of options available, you can find a new life for your small business designs. For a more detailed overview and expert advice, contact Commercial Capital Funding today.