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You Can Apply for These Small Specific Business Loans With Bad Credit – Updated for 2017 Lenders

Securing a business loan with a bad credit can be tough. Most lenders turn away all borrowers with a credit score of below 629. This is because a bad credit is assumed to mean that you don’t manage your finances well even though that is not always the case.

However, no matter your credit score, there are lenders willing to give you business loans. These lenders don’t focus more on your credit score but on the strength and performance of your business. Here are some of the lenders you should consider if you fall into the bad credit category.


If you are looking for a loan to buy machinery or equipment for your business, then Currency is your best choice. Currency will even approve a big loan to buy expensive equipment. They can give you a loan of up to $15 million regardless of your bad credit scores. You only need a credit score of about 475 to apply for their short-term loan. Currency has also partnered with eBay. So, if you are an eBay user, you can apply for the loan on eBay’s website. This comes with good benefits as the loan can be approved in as little as three minutes. When the loan is approved, everything you wanted to buy on eBay is paid for by Currency.

  • Loan terms – from 3 to 72 months
  • Loan limit – up to $15 million
  • Approved as fast as in a day
  • 3% – 35% APRs


The awesome thing about this lender is that they don’t require a minimum credit score. Anybody can apply for a loan from Kabbage. Unlike other lenders that focus on your credit score, Kabbage looks at your real-time business data. The better your business is doing, the better your chances of being approved. Your business needs to have a minimum annual revenue of $50,000 and be running for the past year to qualify. Your business should also have a business checking or online payment platform such as a verified PayPal account. If you meet that requirement, the application and approval processes become significantly fast. You can get the funds in about three days, which is faster than most lenders. If you apply through PayPal, you can get the funds within minutes.

• 20% – 80% APRs
• Loan terms – 6 or 12 months
• Loan limit – up to $100,000
• A short application process and a fast approval


For borrowers with a credit score of at least 600, Dealstruck could be your best option if you’re looking for a loan. The loans come in two different forms. You can either get an inventory line of credit or an accounts receivable line of credit. For inventory, you can get as much as $350,000 and for accounts receivable, you can get up to $500,000. To qualify for these loans, you will also need a business that makes an annual revenue of at least $150,000. The business should also be at least one year old. If you qualify, you can apply for this loan. The loan is approved fast and you can get your funds within two days.

• 15.49% – 25.49% APRs
• Loan terms – up to 6 months
• Loans limit – up to $500,000
• Approval in as fast as two days


To qualify for this loan, you are required to have a credit score of at least 500. Your business also needs to be making an annual revenue of at least $100,000 and it should be at least one year old. The best thing about OnDeck is their speed. The application and approval process is fast; you can get the funds within 24 hours after application. Another added benefit of borrowing from OnDeck is that they record and report all your payment activities to credit bureaus. That means that as you are paying off your loan, they are helping you to boost your credit score at the same time.

  • Loans limit – up to $500,000
  • Loan terms – up to 36 months
  • Credit Requirements: 500+ credit Score
  • Approval in as fast as 24 hours
  • APRs 7.3% – 98.4%

As you choose your financing option, consider the following tips

• For borrowers with very low credit scores, the annual interest rates and other borrowing fees may be high for you. So, as you look for a loan find the one that offers fair rates.

• Before borrowing the funds, ask yourself how much you need the funds. If it is not a matter of life and death, then you can hold on and focus on improving your credit score first. With a good credit score, your options will be better.

Having a poor credit history should not necessarily spell doom. You can still qualify for small business loans as you work to improve your credit score.