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2. Choose the right type of bad credit business loan. You have a wealth of bad credit business loan options at your fingertips, and different types of loans can be used for multiple purposes.
A business loan for bad credit can provide small business owners with much-needed financing. These loans can help purchase equipment, fund day-to-day operations or expand your business.
Open to business owners with bad credit: MCAs focus primarily on your past debit and credit card sales instead of your credit score. Fast funding: Once approved, many MCA companies can provide ...
Bankrate insight. Some high-risk business loans use factor rates instead of interest rates to calculate the cost of a loan. Factor rates typically range from 1.1 to 1.5 and are fixed costs that ...
What credit score do I need to get a business loanThough requirements vary from lender to lender, you’ll generally need a score of at least 500 to get a bad credit business loan.
If you’re just finding your footing as a business or need to cover small expenses, a business credit card is a solid place to start. You typically need a good credit score of 670 or higher, but ...
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