The 5 Best Small Business Loans For Bad Credit

Get Started With BusinessLoans.com

Pros

No minimum credit score required
A variety of bad credit loan types are available
Available in all 50 states
Funding amounts as large as $3 million

Cons

Minimal fee information disclosed on the website

Why We Chose BusinessLoans.com For Businesses With Bad Credit

BusinessLoans.com is an online lending marketplace with multiple types of business loans available to businesses with bad credit via the free service’s network of partnered lenders. Some of these loan types include short-term loans (STL), merchant cash advances (MCA), lines of credit (LOC), invoice factoring, equipment financing, and others.

Importantly, BusinessLoans.com does not require any minimum credit score to apply. Different lenders in its network may have different qualifications they desire in applicants, but BusinessLoans.com will try to find you with a matching offer, even if your credit is bad.

BusinessLoans.com Rates & Fees

BusinessLoans.com does not disclose much information about rates and fees on its website. However, BusinessLoans.com does estimate that payback fees on MCAs will equal 20% to 40% of the total advance amount (typical for an MCA).

BusinessLoans.com Eligibility Requirements

Business loan requirements for loans obtained through BusinessLoans.com vary, but the following requirements apply generally:

Time In Business	6 months
Business Revenue	$100,000 per year
Personal Credit Score	N/A

2. Revenued: Best Business Credit Card With No Credit Check

Revenued Business Card

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Get Started With Revenued Business Card

Annual Fee

Minimum Recommended Credit

N/A

Rewards Rate

3% cash back on eligible purchases

Pros

No FICO score or credit check
No monthly or annual fee
3% cash back on all purchases
$500 welcome offer

Cons

Cannot carry a balance
Cash advances have high factor rates
It doesn’t help you build credit

Why We Chose Revenued For Businesses With Bad Credit

Revenued is one of the only business credit cards with no minimum FICO but still offers rewards. In fact, Revenued does not conduct any hard credit checks at any point during the application or approval process. Instead, approvals and borrowing limits are based on your business revenue.

Revenued also allows cardholders to withdraw cash advances against their credit line. These no-credit-check business loans can have high factor rates, but they are still in line with industry standards,

As for rewards, you can earn $500 after spending $5,000 within your first three months as a Revenued cardholder and 3% cash back on all purchases thereafter.

Revenued Rates & Fees

You will not incur any fees when using the Revenued business credit card since you cannot carry a balance. For cash advances, Revenued charges customers using a factor rate model, with factor rates ranging from 1.1-1.5.

Revenued Eligibility Requirements

Applicants should meet the following minimum criteria:

Time In Business	6 months
Business Revenue	$15,000 per month
Personal Credit Score	N/A

3. Fundbox: Best LOC For Bad Credit

Fundbox

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Pros

Get approval decision in as little as three minutes
Access funds as soon as the next business day
Apply and draw funds from Fundbox mobile app

Cons

Small credit limits ($150K or less)
Must repay the loan quickly (12 or 24 weeks)

Why We Chose Fundbox Loans For Businesses With Bad Credit

Fundbox offers an easy-to-use business line of credit that is not backed by specific collateral, even with bad credit. Fundbox uses algorithms to gain a holistic view of your business and make quick lending decisions. Most applicants will be able to fill out their applications, learn about their eligibility in a few minutes, and start drawing funds immediately.

Fundbox also made our list of the best unsecured business loans.

Fundbox Rates & Fees

Fundbox rates start at 4.66% for 12-week terms and 8.99% for 24-week terms. Fees are paid automatically every week.

Fundbox Eligibility Requirements

Before you apply to Fundbox, first make sure you meet the following minimum qualifications:

Time In Business	6 months
Business Revenue	$100,000 per year
Personal Credit Score	600

Get Started With Fundbox

4. Lendio: Best For Bad Credit Business Loan Options

Lendio

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Pros

Free service
Saves time by sending your application to multiple lenders at once
A variety of loan types are available
Large lender network

Cons

Not all lenders are bad-credit friendly
Not for brand-new businesses that aren’t making money yet

Why We Chose Lendio For Businesses With Bad Credit

Lendio is not actually a lender. It’s an online loan marketplace you can use to search and apply for business loans of all types, including short-term loans, medium-term loans, lines of credit, and merchant cash advances, among others. Lendio has a vast lender network that includes some lenders that accept applicants with bad credit.

Lendio’s free service lets you prequalify for and compare multiple loan offers so that you can select the best one. Lendio saves you time and ensures you secure a fairly-priced loan, even with bad credit.

Lendio Rates & Fees

Interest rates on loans available through Lendio’s partnered lenders can be as low as 3% for certain types of financing, such as accounts receivable financing. Your offer rate will depend on which type of loan you’re applying for (and how bad your credit score is). Lendio does not charge borrowers any additional fees to use the service.

Lendio Eligibility Requirements

Depending on which type of loan you apply for, Lendio’s borrower requirements vary. For example, you can apply for a business line of credit through Lendio with a credit score as low as 560. For a term loan, you’ll need to have a score in the high 600s.

The company recommends that you at least meet the following minimum requirements:

Time In Business	6 months
Business Revenue	$10,000 per month
Personal Credit Score	560

Get Started With Lendio

5. Credibly: Best Working Capital Loan For Bad Credit

Credibly

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Get Started With Credibly

Pros

Credit score can be as low as 500
Discount for early repayment
Loans as large as $400K

Cons

It can take longer than some other online lenders
Not available in every state

Why We Like Credibly For Businesses With Bad Credit

Credibly offers short-term working capital loans for bad credit, as well as equipment financing and invoice factoring for businesses with poor credit. Lines of credit, SBA loans, and business expansion loans are also available, though these require slightly better credit.

Credibly’s loans are not available in every state, so make sure Credibly serves your state before applying.

Credibly has a relatively easy online application process and good customer service. However, some users say that the application process took longer than expected. Note that the “48-hour funding” that Credibly advertises refers to how long it will take to receive the funds after your application is approved. Still, as long as you’ve got all your documents ready, the entire time from application to funding usually doesn’t exceed five days.

Credibly Rates & Fees

Credibly’s factor rates for STL, MCA, equipment financing, and invoice factoring start at 1.09.

Credibly Borrower Requirements

To qualify for a working capital loan or merchant cash advance, make sure you meet the following minimum borrower requirements before applying:

Time In Business	6 months
Business Revenue	$15,000 per month
Personal Credit Score	500

Credibly’s LOC has a minimum credit score of 560.