Best for bad credit
4.5
Bankrate Rating = 4.5/5
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:
- Fixed terms - up to 16 months to repay - make the Small Business Loan a hassle-free lending solution for growing businesses that need fast working capital for expansion, cash flow management, or other business operations
- No collateral required
- Prepayment discounts
- Soft credit pulls for approvals
- Borrow $5,000 to $1.4 million
Disclosures:
Fora Financial provides business capital, including business loans and Revenue Based Financing, directly and through a network of unaffiliated third-party funding providers. All offers will depend on your business meeting at the time of submission our prequalification and/or underwriting criteria, which includes, but is not limited to, business & personal credit history, time in business, cash flow, revenue consistency, industry-specific underwriting rules. Business loans are offered by Fora Financial Business Loans LLC or, in California, by Fora Financial West LLC, a licensed California Finance Lender, License No. 603J080. Revenue Based Financing is offered by Fora Financial Advance LLC.
Pros
- Low FICO score requirement
- Only requires 3 months in business
- Large loan limit
Cons
- Higher factor rates than other lenders
- Limited repayment terms
- Payments not reported to credit bureaus
Fora Financial charges a one-time processing fee and a one-time wire-transfer fee. The company reserves the right to file a UCC lien. Small business loans are available in all states.
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:500A 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:3 monthsMinimum business annual revenue:N/A