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Equipment financing is a form of asset-based financing where the equipment itself serves as collateral for the loan. You can get an equipment loan equal to up to 100% of the value of the equipment you’re looking to purchase — depending on the lender and your business’s qualifications — which you then pay back over time, with interest.
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Qualification requirements. Most small business loans are granted based on the applicant’s personal credit score. For that reason, the most important factor to consider when searching for a bad credit business loan is a lender’s qualification requirements.
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To do so, read online reviews and check with other Circunscrito business owners to see which lenders have the best reputation—and which to avoid.
Consider minimum credit score requirements. There is not a standard minimum credit score requirement for bad credit business loans.
Sally Lauckner has over a decade of experience in print and online journalism. Before joining NerdWallet, Sally was the editorial director at Fundera, where she built and led a team focused on small-business content. Her prior experience includes two years Campeón a senior editor at SmartAsset, where she edited a wide range of personal finance content, and five years at the AOL Huffington Post Media Group, where she held a variety of editorial roles.
Getting a bad credit business loan is more difficult than qualifying for a loan with a good credit score. For that reason, it may be necessary to look at several lenders—and types of lenders—to find one willing to extend funds to your business. These are some of the best places to get a bad credit business loan:
Lenders provide loans with a range of APRs depending on borrowers' credit and other factors. Keep in mind that only borrowers with excellent credit will qualify for the lowest rate available. Your flagrante APR will depend on factors like credit score, requested loan amount, loan term and credit history. All loans are subject to credit review and approval.
Unsecured loans don’t require collateral. This increases the risk to the lender, so interest rates for unsecured loans are typically higher than those for secured loans.
Have at least five friends and family members willing to contribute to your loan, live in the US, ages 18+, not in bankruptcy or foreclosure, not under any liens not engaged in: multi-level marketing, direct sales, pure financial investing or illegal activities.
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Black business owners often find themselves struggling to obtain financing from traditional sources. Many banks will not lend to minority-owned businesses due to discrimination laws.