Best for bad credit
Credibly
4.6
Bankrate Rating = 4.6/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Interest will typically be quoted as an annual percentage rate (APR), which reflects interest rate and any other charges and fees you may have to pay.
on BusinessLoans.com
Marketing Bullets:
- Full financing application takes just ~10 minutes
- Enjoy some of the most competitive pricing in the alternative lending space
- Factor rates* as low as 1.11
- Daily, weekly, and monthly** payment and remittance options
- Approvals as fast as 4 hours
Disclosures:
*Factor rates are included in your daily estimate to simplify remittances and account monitoring. Best factor rates available to merchants with excellent credit and financial strength.
**Some products are made available through Credibly’s network of external funding partners
Pros
- Potential early repayment discount
- Prequalify in as little as 10 minutes
- Funds in as little as one day
Cons
- Unavailable in 13 states
- High minimum revenue requirement
- High minimum borrowing amount
WHAT TO KNOW
For Credibly’s working capital loan, your business needs at least $25,000 in average monthly deposits for the last three months. Applicants must total at least a 51% stake in the business. Payments can be made daily or weekly. Credibly charges a 2.5% origination fee.
This loan is unavailable in the following states: CO, DE, GA, Ml, MT, NV, NJ, ND, OK, OR, SD, TX and VT.
Business credit score:N/AThere are four companies that assess business credit scores: Dunn & Bradstreet (D&B), Experian, Equifax and FICO. Each calculates their own scores based on various scales. D&B and Experian rank on a 1-100 scale. FICO scores on a 0-300 scale. Equifax generates 3 separate scores based on business payment index (1-100), business credit risk (101-992), and business failure (1,000 - 1,880).
Personal credit score:550A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator of the loans you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Personal guarantee requirement?:NoThis is a form of protection for lenders requiring the borrower to repay the loan from their personal assets if the business defaults. A personal guarantee can help some businesses access credit that typically wouldn't qualify.
Minimum time in business requirement:6 monthsMinimum business annual revenue:$300,000
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