Credit bureaus generally consider scores below 580 as bad credit. Scores between 670-739 are considered good. 740-799 is very good and 800+ is excellent.
Yes, you can still potentially qualify for a retail business loan even with poor credit. Online lenders may offer more flexibility than traditional banks when it comes to credit requirements.
To apply for a small business loan, you will likely need to provide personal and business tax returns, bank statements, profit and loss statements, a business plan, and details about any collateral.
Putting up collateral like business equipment, accounts receivables, or personal assets can help compensate for bad credit and improve the chances of loan approval.
Yes, steadily improving your personal and business credit scores over time will open up better financing options with more favorable interest rates.
Online installment loans tend to offer faster approvals and funding than traditional bank loans. Short-term loans are also easier to qualify for.
While less likely, some alternative lenders provide “no doc” business loans without requiring tax returns or extensive documentation.
