How to Get a Small Business Loan With Bad Credit
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Is a Business Credit Score Required for a Small Business Loan?
Your personal credit score. This looks at your personal payment history. How much debt do you have and how much credit is still available to you? Are you paying your bills on time each month? How many inquiries do you have on your credit report? All of these factors help determine your personal credit score. The three primary personal credit bureaus that maintain personal credit reports are Equifax, Experian, and TransUnion. The companies with which you have credit cards, as well as any lenders of personal loans or auto loans you have, will report your activity and debts to these bureaus, which will use that information to determine your personal credit score. Your business’s credit score. This is, as you might have guessed, a credit score for your business. Scores like these look at how you’re managing your business finances and how much debt your business takes on. Your business’s financial activity is typically reported to the business credit bureaus Dun & Bradstreet, Equifax, and Experian.
What's Considered Bad Credit?
Exceptional: 800-850 Very Good: 740-799 Good: 670-739 Fair: 580-669 Poor: 300-579
How to Get Approved for a Small Business Loan With Bad Credit
1: Know Your Credit Scores
2: Explore Your Options
3: Review Requirements
4: Have a Plan for the Money
Types of Small Business Loans for Bad Credit
Business Credit Cards
Invoice Financing and Factoring
What Can You Do if You Can't Get Approved?
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