Top 5 Best Business Loans For Bad Credit

When your credit score is low, you’ll struggle to find good rates for a business loan. However, there are now many more options for business financing than before. So, while finding any old loan with bad credit is easy, finding the best business loans for bad credit is harder.

If you have bad credit, some lenders will just reject you. This is most common among banks, because they have a minimum credit score requirement for providing a loan. But alternative business lenders will often lend to borrowers with very poor credit scores and just offer higher rates. These lenders care more about factors other than your credit score. So, let’s look at the best poor-credit loans offered by the lenders.

The 5 Best Business Loans For Bad Credit Borrowers

Main Street Financial Group Line Of Credit

Main Street Financial Group offers a line of credit that doesn’t have a minimum credit score requirement. The company will work with any company that makes over $10,000 in revenue per month and has been in business for at least one year.

Lines of credit are a great option for you if you have a low credit score. First, they offer you more freedom in how you use them. You can choose when to draw funds and how much you draw. When you control your draw amounts, you also control your repayment amounts. This makes bad credit lines of credit a great way to rebuild your credit score.

There is a potential downside with Main Street Financial Group loans. Their loan sums come with a high minimum at $5,000. But, you can be approved for a line of credit of up to $100,000 with them. Although, the lower your credit score is, the less they will be willing to offer you.

Sky Bridge Debt Consolidation

If you’re in debt and have bad credit, a debt consolidation loan is a potential answer to your problems. Sky Bridge offers debt consolidation for borrowers with low credit scores through their Fast Track program. In fact, one of the purposes of their debt consolidation loans is to help you repair your credit score.

Fast Track can help you pay your other debts off in a few short weeks. Then, you can repay them with one simple debt with a longer repayment period. This way, you can save your credit score from taking a dive while saving more money during the next few months.

National Funding Merchant Cash Advance

National Funding is one of the oldest online alternative lenders. They offer short-term business loans and MCAs, but their MCAs are usually faster and easier to get.

To qualify for a National Funding MCA, you just need a credit score of 500 or more. Apart from that you need:

• One year in business
• At least $100,000 in annual revenue
• $3,000 per month in credit card sales

If you meet these requirements, you can get an advance quickly. National Funding offers each lender time with a loan specialist who makes sure they understand the terms of their loan. If you have any questions or concerns, you can always ask your loan specialist.

Not sure you’ll get approved for one of the best business loans for bad credit? Try Become Financial

Lastly, you have Become. While they are a business lending matchmaker, not a direct lender, they can find you several options for low credit business loans.

Become can match you with the best business loans for bad credit that you qualify for. All you need to do is sign up for their platform. When you do, they will collect the information they need to prequalify you with their partners. So, when you look for a business loan, they will match you with the best one.

Searching for a loan on Become is free and doesn’t carry any commitments. So, you can shop around and compare different lenders on their platform. They offer everything from Small Business Administration loans to merchant cash advances for low credit borrowers. Furthermore, there are no credit score requirements for using their platform. You should be able to find a loan with them, even if your credit score is very low.

Quickly compare marketplace lenders to find the best low credit business loans: