Time to Funds
Get Funding for Your Business With Low or No Credit Score
Successfully running a business is no mean feat and the odds are even greater if you have bad credit. But where banks and many financial institutions will turn down your loan application over poor credit, United Business Loans can help you get the funding you need. We know too well that having bad credit does not necessarily indicate declining revenues. And that’s why we offer special bad credit business loans to help meet your business’ immediate needs.
Will your business qualify for a bad credit business loan?
Qualifying for a bad credit business loan is a pretty straightforward process. You’ll need to furnish important documents, including bank statements, credit card processing statements, credit score, and business tax returns, among others. Your business should also meet the following conditions:
At least 3 months old
Located in the US
$50k revenue in the last 12 months
Personal credit score of 500 or higher
You’ll be pleased to know that bad credit business loans usually have more relaxed requirements so it’s relatively easier to get approved by any of our 50+ approved lenders.
Get A Business Loan… Even with Bad Credit
Did you know that you don’t need excellent (or even fair) credit scores to get a business loan? There are lenders willing to lend you money with bad credit. Once you get approved, you can:
- Use the loan as an opportunity to increase your credit score
- Obtain investment for business purchases
- Qualify for a wider range of loans down the line
A bad credit business loan is also a great option for newly established businesses working to build their credit. And just like your business term loan, the term length can be anywhere from 6 months to 10 years.
How to apply
Applying for a bad credit business loan with United Business Loans is as simple as filling out and submitting an online application form. Our experienced, knowledgeable loan specialist will get in touch with you and discuss all the details and accompanying requirements.
Get access to over 50 leading lenders and agree on terms. Once your application is approved, you will receive the funds in your account within 24 hours and you can start using it to expand your business further.
What to Check When Selecting A Bad Credit Business Loan?
Proper financial management is important when taking out any loan. Is a bad credit business loan right for you? Consider the following:
Monthly Payment Rates
Can your business afford the monthly payments? If not, you may be digging a deeper credit score hole for yourself and your business.
Balance is key here. If the term length is too short, the monthly payments may be too pricey for the business. On the other hand, if it’s too long, you’re likely to be paying higher interest charges.
Approved Loan Amount
If you’re taking out a loan with the sole intention of improving your credit score, then there’s probably no reason to worry. If you’re going to make a purchase with the funds, however, you’ll want to make sure the loan will adequately cover what you need.
Remember a bad credit score isn’t the end. You can still borrow money and improve your score by promptly paying your debt obligations. Get started with United Business Loans today!