If you have a checkered credit history, traditional banks or credit unions may be unwilling to approve a business loan. Luckily, alternative lenders, which provide options outside of conventional banks, offer small-business loans if you have a bad credit score.
Some of these lenders set no minimum credit score requirements and consider factors such as revenue or time in business for approval.
When you know how bad credit small-business loans work, you can find the best bad-credit business loan to start or expand your small business. What you’ll learn here:
- What is bad credit?
- Can you get a business loan with bad credit?
- How can you get a small-business loan?
What Are the Best Bad Credit Small-Business Loans of 2020?
U.S. News conducted an in-depth review of the leading bad credit small-business loan companies, researching key factors, including customer service ratings, qualification requirements and loan options.
- Loan types: invoice factoring, lines of credit, term loans
- Minimum FICO credit score: 530
- Maximum loan amount: $5 million
- Better Business Bureau rating: A+