Today we’re going to talk about if you can get a business loan with a 500 credit score. Now we’re going to go over the lowest credit score needed for a business loan and we’re going to show you two options that you can get within the same day or a couple of days, even if you have bad credit. Here’s the answer to Can I Get a Business Loan with a 500 Credit Score.
Can I Get a Business Loan with a 500 Credit Score?
If you’re new here, hit that subscribe button, and let’s dive into it right now. So NerdWallet says that if you have a 700 or above, you will be put about more than just about any business loan option on the table. 700 will put just about any loan option on the table. I can’t speak yet. An excellent credit score of 750 or higher opens up business loan options like traditional bank loans. So what they’re saying basically is you need a 750 to even get a traditional bank loan.
Can I Get a Business Loan with Poor Credit?
In fact, bank loans are only the approval rate for bank loans is only 14.7% according to biz2credit and that was the new numbers just last month, so that’s up to date. You need a high credit score to even get a bank loan.
640 to 700: That’s another range. It’s not great. You still might qualify possibly for an SBA loan, but SBA loans can take 60 to 90 days to get approved, and it might even take longer than that to get the money.
What is the Minimum Credit Score for a Small Business Loan?
So we’re gonna go over two options that are very quick. You can have bad credit, you don’t need collateral and you can get the money within the same day or up to five days, even if you’re looking for a million dollars or more.
So let’s go over the two options. The first one is our largest loan program up to $2 million. Rule of thumb is you can get one to two times your monthly revenue. So if you’re doing 100,000 a month revenue, then you can probably get up to $200,000, if your other requirements are satisfactory,
Our requirements are very lax compared to other lenders. You only need to be in business for four months or longer. You need to be doing at least $15,000 a month with your business the last three months. For high risk industries you might have to show one year of steady revenue of 15,000 or more.
The business owner has to have a 500+ Fico. So the minimum is 500. So if you have great revenue, and it’s consistent for the last year, and you’re providing us with your profit loss statement and showing last year’s tax return and you have all your documents ready, you don’t have any other outstanding loans. You don’t have any felonies, you could probably get the money within one to five days.
There’s other stipulations: I’m not an underwriter. I cannot guarantee that you’ll get funded. This video or article is for educational purposes. But this is one of our most popular programs.
We work with over 80 lenders to get you the best rates and the fastest lenders times. The terms are four to 24 months. There’s no penalty to pay it off sooner. The payments automatically come out through ACH on a weekly or daily basis. Such an excellent program, especially if you’re doing over 15,000 a month. You do have to have a business checking account.
Best Small Business Loan with No Credit Check
But our next loan is an instant cash advance: you only need a personal checking account. So let’s dive into that one. This one you only need a personal checking account or a business checking account.
This one is amazing because we do not even look at your FICO. All right. We do not look at your FICO because this is based on your monthly sales. This is great for independent contractors, 1099 workers, the gig worker, like DoorDash drivers, Uber drivers,
Any person that gets a 1099 at the end of the year, who’s doing $3000 a month or more in sales and getting at least four business deposits a month into their checking account can apply for this instant business advance.
Instant Working Capital for Independent Contractors
So if you’re working for let’s say DoorDash and they only pay twice a month, you cannot qualify for this. But if you’re doing Uber and Lyft like so many drivers are doing in the cities, you could qualify for this because you have the four deposits a month.
The other thing is you cannot have more than five negative bank days in the last three months. The terms are three to six months with automatic weekly payment.
This one you can literally get up to $5,000 in 10 minutes, the application and the underwriting are completely automated. The rule of thumb though, is we can give you up to 25% of your monthly revenue. So if you’re doing $5000 a month with your driver business, you can look forward to getting up to $1,250.
With this advance, you can apply for this 24/7 365 days a year. So if you get a flat tire on a Saturday night and you don’t have any extra money in your bank, you could qualify for this advance if you meet the other requirements.
Best Same Day or Instant Business Loans with 500 FICO or Less
So that is how you get a loan. Those are two of the best options if you have a 500 FICO score. Click the link under the article to apply. The application will redirect you to the loan program that is suited to your requirements and your qualifications. Share this all around so other business owners can find out that they can also get funding even if they have a 550 or a 500 credit score. Thank you for reading and God Bless!
Erik C. Johnson