Best 8 Bad Credit Business Loan Providers 2020

Credibly specializes in offering secured small business expansion and working capital loans. The established bad credit business loan provider tops our list not just because of its relatively attractive high loan limits of up to $250,000 but also because of their highly competitive interest rates that range from 9.99% to 36% p.a. The lender is also quite speedy with loan processing and promises to have the loan deposited into your bank account within 24 hours of loan approval. The loan application is wholly online and takes no more than ten minutes to fill their pre-qualification form. It is important to note that while Credibly is quite flexible when it comes to assessing your creditworthiness, they will only fund a business that has been inactive operation for over six months and deposited not less than $10,000 in the bank account in the last three months.

Lendio describes itself as a one-stop-shop for small business loans. It sets itself apart from the rest of the bad credit business loan providers in the sense that it is not a direct lender but a financing platform that works by connecting you with big-name bad credit business loan lenders. Here, you only have to fill a relatively straightforward application form with Lendio taking over the process of matching your business financing needs with a suitable lender. And while the platform doesn’t originate business loans they will match you with lenders who are willing to advance you between $1,000 and $500,000 even when you have a 550 credit score. You can expect to have the funds deposited into your account within 2 and 7 days after the loan application. You will then have between 12 and 24 months to repay the principal amounts and interests of between 8 and 24% p.a.

If you have a less than perfect credit score of below 600 points, OnDeck will still advance you up to $500,000 to boost your small business operations. The interest rates and loan APRs are highly customized but they often average between 9% and 49%. You can apply for the business loan by filling the application form online that will then be processed and if approved, the funds will be disbursed to your account within three days. You then have between 12 and 36 months to repay the fixed interest and highly secured loan. Some of the minimum qualification requirements by the lender include the fact that your business must have been in operation for over one year, during which time it recorded revenues above $100,000. You must also be able to repay the 0-5% origination fee for the loan and commit to weekly loan repayments.

First off, Lendza is not a direct lender. Rather, it is a small business loan platform that connects small businesses to a wide range of lenders. You start by filling an online loan application form and wait for the website to pair you with different lenders with whom you can work out loan details. Some of the upsides of the platform are that it not only presents with several loan options but also markets your business to a pool of lenders ready to fund a wide range of business loans. The maximum loan anyone can apply here is capped at $350,000 with an extended repayment period of up to 25 years depending on the type of loan. The interests charged here are also highly dependent on such factors as the nature and viability of your business but range between 4.25% and 60%. You, however, might want to be a little patient with their application process as it may take anywhere between 2 days and nine months to have the loaned funds deposited into your account.

Fundbox is most suitable for small and medium enterprises seeking immediate cash access to address time-sensitive business needs. This is premised on the fact that the lender has some of the fastest turnarounds to loan application processing and funding. The lender maintains a maximum loan limit of $100,000 that they promise to deposit into your bank account within 24 hours of loan application and approval. Unlike most other lenders that offer full blow loan services, Fundbox opens a line of credit for your business whose interest ranges from 10% to 79%. Loan repayments are weekly and you have to repay the loan in 12 to 24 weeks. Some of the factors set Fundbox apart from the competition include the fact that they don’t charge origination fees or penalties for late payments. You, however, must have been in business for at least six months and report annual revenue of $50,000.

Kabbage specializes in small business working capital funding by helping them open a business line of credit of up $250,000. But you will need a credit score of above 550 points to qualify for the cabbage business loan. Your small business must also have been in operation for over one year and reported minimum annual revenue of $50,000 or $4,200 for the past three months. Kabbage also maintains some of the fastest loan application processing and funding policies given that its online loan application process takes no more than 10 minutes and that you can expect to receive these funds within 24 hours. You then have between 6, 12, and 18 months to repay this loan depending on the loaned amounts with the loan costs standing at between 24% and 99% APR.

To qualify for a small business loan with Loan Builder, you will need a minimum credit score of 550 points. You also must have been in business for the past 12 months with an annual revenue of $100,000. The lender maintains an attractive loan limit of $500,000 but you must commit to repaying the loan within 52 weeks. The loan APR here ranges from 12% to 136%. Some of the factors that make LoanBuilder stand out from competition to include the fact that the lender will avail the funds to you within 3 days after application and don’t impose additional fees and charges on the loaned amounts.