![]() Out of all the lenders considered, the four that made our list excelled in areas across the following categories (with weightings): loan details (20%), loan cost (20%), eligibility and accessibility (35%), customer service (15%) and application process (15%). Our expert writers and editors have reviewed and researched seven popular lenders to help you find the best business loan for bad credit. The lenders that scored lower also do not advertise any perks or discounts to their customers. The reasons for this were mainly due to not publicly disclosing information like time-in-operation requirements and funding speeds. Of the seven business loan lenders that we reviewed, just over half made the cut. Fundbox will also assess a late fee and a non-sufficient funds fee (if applicable) for missed payments. Its standard line of credit also comes with weekly fees, though these can be waived if you repay your outstanding balance ahead of schedule. Note that Fundbox doesn’t disclose its interest rates online, so you’ll need to reach out to the lender to see what your costs will be before applying. You can also upgrade your account to Fundbox Plus to take advantage of 20% lower fees, longer repayment terms and other benefits - though this will cost you $99 per month. ![]() You can also take advantage of additional perks if you sign up for Fundbox Flex Pay - such as getting an extra three days to make your payments with no fees if you pay by automated clearing house (ACH) or debit card (credit card payments will incur a small processing fee). Your business must also have been in operation for a minimum of six months with at least $100,000 in annual revenue. To qualify, you must have a credit score of at least 600. ![]() Its lines of credit range up to $150,000 with 12- or 24-week repayment terms. If you’d prefer to have access to a revolving line of credit rather than taking out a one-time installment loan, consider Fundbox. Its loans also come with an origination fee that could increase your overall costs. However, this lender doesn’t disclose its maximum possible factor rate online. This is essentially a flat fee that you’ll pay upfront instead of interest that you’d pay over time. Note that like many business lenders, National Funding charges a factor rate. Considering this as well as the high annual sales requirement, National Funding could be a good fit for established companies experiencing temporary cash-flow problems. If you’re approved, you could get your funds as soon as the next day.Īdditionally, if you pay off your loan ahead of schedule, you can qualify for an early repayment discount. Your business must also have been in operation for at least six months with a minimum annual revenue of $250,000. To be eligible for a business loan from National Funding, you’ll need a credit score of at least 600. You’ll have four months to two years to repay a short-term loan while the longer equipment financing loans come with terms from two to five years. National Funding offers both short- and long-term loans from $5,000 to $400,000 as well as equipment financing loans of up to $150,000.
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