Finding a Business Loan with Bad Credit

By: First Union


Finding a Business Loan with Bad Credit

Where You can Find Business Loans for Bad Credit Borrowers

Historically speaking, trying to procure a business loan when you have bad credit can be an incredibly difficult task. A decade ago, it wouldn't have been possible. You would have been faced with finding ways other than through a lender to get the cash you need. Today, however, there are alternatives available, even for those whose credit may not be where it otherwise would need to be.

Online lenders tend to have more flexible terms and less stringent standards than banks or other such financial organizations. Fortunately, this opens up a whole new world of small business funding for those plagued by less than ideal credit. In fact, working with an online or alternative lender, you also get the added bonus of helping to rebuild your credit.

So where exactly are these loans and what are some things you should know as you seek to get working capital, a small business loan or line of credit…Below are a few ideassources you can check out if your credit score falls into that "bad" range:

Top Bad Credit Loans Available:

  • Short-Term Loans: This is a terrific way to get a one-time influx of money in order to cover your critical business needs. These generally have higher interest rates (ranging from 15% - 80%/) but credit tends to be less of a factor than with more traditional loans.

  • Short-Term Business Lines of Credit: With these, you get more flexible access to the funds you need. The cash can be spent on a variety of things, so you're not tied into one type of financing.

  • **Invoice Financing:**** If you have outstanding invoices, accounts receivable, etc., invoice financing may be a great option for you. This gives you the cash you need from customer payments that might otherwise take a lot longer to come in. The lender is primarily concerned with the customer's payback as opposed to your credit score, so bad credit is often fine

You don't have to be discouraged if your credit score is on the lower side. There are products available. At First Union, we make it our business to help small businesses get the money they need regardless of credit score.

Becky: Hi! Let's find the best loan option for you

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First Union Lending LLC is a dually licensed Lender/Broker with its main offices located at 4900 Millenia Blvd First Floor Orlando, FL 32839. First Union Lending LLC and its ads are meant for continental United States, including Alaska and Hawaii small business owners. Business Loans offered by First Union Lending LLC have varying rates and terms that can range from 30 - 120 payments and all rates and terms are based on eligibility of the business and its owners. The actual terms are based on credit, business history, industry, amount and terms. As an example, a $5,000 loan paid over 5 years at 8% would have a total repayment of $6,082.92 over the life of the loan. We use the latest encryption to protect sensitive information transmitted online, as well as run our own secure server network to ensure your information is protected offline as well. California loans made pursuant to the California Financing Law, Division 9 (commencing with Section 22000) of the Finance Code. All such loans made through VBJ Consulting, LLC, a licensed finance lender/broker, California Financing Law License No. CFL#60DBO78163

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