If you have a low business or personal credit score, you’re not alone – In fact, nearly one-third of Americans have a credit score below 601! With a low credit score, getting a loan approval from a bank is nearly impossible and even with a good credit score, you may find your business loan application rejected.
Thankfully, National Business Capital offers an array of loans specifically for business owners with bad credit. Plus our approval rating is 90%, meaning that your chances of securing a business loan with low credit is very high!
Two Main Business Loans for Bad Credit
- Small Business Loan
When your business needs funding immediately to pay for an emergency expense or an opportunity, such as buying a new location, a small business loan is the bad credit business loan you need. With no upfront fees, we offer secured and unsecured loans depending on whether you want to secure your loan with collateral. Further, we work with you to determine the best terms and repayment schedule, taking your business model into consideration.
- Business Line of Credit
If you don’t need immediate funding, but recognize that a moment in the future could arise where you need cash quickly, then a business line of credit is the loan for you. National Business Capital will work with you to determine a line of credit amount and then you can draw upon that line of credit when you need it. Unlike a small business loan, you’ll only pay once you receive cash from the line of credit and you only pay for the amount you used (i.e. if you draw $20,000 from an $100,000 line of credit, you will only have to repay the $20,000).
While most business owners with bad credit will want a small business loan or a business line of credit, National Business Capital does offer specialized loans for unique situations. Here’s a quick idea of what we offer:
- Equipment Financing & Leasing Services
- Accounts Receivable Financing
- Commercial Mortgage & Real Estate Loans
- Franchise Financing
- Purchase Order Financing
If you’re looking for funding and your low credit score has affected your approvals elsewhere, we’d encourage you to fill out our two-minute application for one of these business loans for bad credit. With no upfront fees and an approval decision within 24 hours, there’s no risk or pressure when seeing your options. National Business Capital maintains a 90% approval rating when it comes to funding businesses, showing that we really do work with businesses of all sizes, in many unique situations! Apply today and see the funding options we can offer your business: