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August 26, 2013 9:25 pm Published by Leave your thoughts

Qualifying for a business loan when you have bad credit can be difficult but not impossible. As shown above, there are plenty of lenders willing to overlook bad credit if you are strong in other areas like cash flow. Traditional lenders like credit unions and banks prioritize credit scores in their applications so you likely won’t be able to qualify if you have a credit score below 680.

Most businesses will find their financing needs best met by term loans, business lines of credit or business credit cards. These three products will usually provide the most flexible spending terms and options. If you can’t qualify for financing at a bank because you have bad credit or don’t have the cash reserves, apply for financing with an online lender as they tend to be far more lenient than traditional lenders.

Types of business loans for poor credit offered by alternative lenders include:

  • Short-Term Loans. …
  • Short-Term Business Line of Credit. …
  • Collateralized Loans. …
  • Merchant Cash Advances. …
  • Working Capital Loans. …
  • The Relationship of Personal Credit to Business Loan Approval. …
  • The Relationship Between Credit Scores and Interest Rates
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