All You Need to Know About Getting a Small Business Loan with Bad Credit
Small businesses Add Crazy and start-ups have to deal with a lot of struggles such as not being taken seriously by banks. Most banks like taking as few risks as possible, so ensuring that a business will be successful is crucial for them. This causes them to avoid working with new businesses and small businesses. If your credit score is low, getting approved for a bad credit merchant account becomes even more difficult.
Working without banks is a possibility that many small business owners turn to when banks refuse to work with them. Here are a few ways that you can get your hands on some capital even without a good credit score.
Online Merchant Processors
If you’re in need of a merchant processor to process credit card transactions and business funding, you’ll want to consider high risk merchant processors such as. EMB help most businesses get approved, even if their credit score is low. This allows all business owners to accept credit card payments, which can become a huge boost, especially when you need to get as many sales as possible to get your business off the ground My Update System.
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Online lenders such as OnDeck are willing to provide small business owners with poor credit scores with the ability to get their hands on some funds. OnDeck for instance, accepts businesses that have a minimum credit score of 500 and yearly revenues of at least $100,000. However, you must be cautious when working with such quick loans, because the interest rates can climb to as high as 50% APR.
Low Rate Loans
Low interest rate loans are available to small business owners who have been in business for at least 2 years and have a minimum credit score of 600. SmartBiz offers low interest loans with interest rates as low as 7% APR, which is significantly lower than what most banks and quick lenders can offer.