As a small business owner, securing financing can be a challenge, especially if your credit score isn’t perfect. However, there are still lenders willing to extend loans to borrowers with a credit score of 650 or lower.
In this article, we’ll be taking a closer look at the top lenders offering small business loans for borrowers with a 650 credit score. We’ll discuss the different options available, eligibility requirements, and the application process, so you can make an informed decision.
Kabbage
Kabbage is a popular lender that specializes in providing loans to small businesses. They offer a loan amount ranging from $2,000 to $250,000, and the application process is fast and straightforward.
To be eligible for a Kabbage loan, you need to have been in business for at least one year. You also need to have a minimum credit score of 560, with a minimum annual revenue of $50,000.
Once approved, you can expect to receive the funds within a few days, and you can use them for any business-related expenses.
Funding Circle
Funding Circle is another great option for small businesses looking for financing. They offer loans ranging from $25,000 to $500,000, with competitive interest rates and flexible repayment terms.
To be eligible for a Funding Circle loan, you need to have been in business for at least two years, have a minimum credit score of 620, and have a minimum annual revenue of $150,000.
The application process is straightforward, and you can expect to receive a decision within 24 hours. If approved, you can expect to receive the funds within a few days.
OnDeck
OnDeck is a lender that offers loans ranging from $5,000 to $500,000. They have a quick and easy application process, with funds disbursement in as little as 24 hours.
To be eligible for an OnDeck loan, you need to have been in business for at least one year, have a minimum credit score of 600, and have a minimum annual revenue of $100,000.
Once approved, you can expect to receive the funds within a few days, and you can use them for any business-related expenses.
Conclusion
Securing financing for your small business with a credit score of 650 or lower is possible, as there are lenders willing to extend loans to borrowers with less than perfect credit.
Kabbage, Funding Circle, and OnDeck are some of the top lenders offering small business loans to borrowers with a 650 credit score. However, it’s essential to read the terms and conditions carefully, compare interest rates, and choose a lender that best suits your needs.
Getting a small business loan can help you take your business to the next level, meet your financial needs and goals, and grow your business.
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