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Key takeaways. Most lenders use credit checks to determine whether you can repay a loan. It's possible to find no-credit-check business loans, though it depends on the lender and loan type. Expand ...
Key takeaways. You can get many types of unsecured business loans, including term loans, business lines of credit and an SBA loan of $50,000 or less. You can use an unsecured loan to purchase ...
This is a promise to pay the loan back out of personal funds if the company defaults on the loan. Other types of unsecured business loans have more relaxed eligibility requirements and limited ...
Origination fee. Typically charged as a percentage of the loan amount, lenders charge an origination fee when you initially take out the loan. The fee is typically 2% to 5% of the loan amount, but ...
SBA loans: The U.S. Small Business Administration offers several loans and does not require collateral for loans under $25,000. Secured lines of credit : Lines of credit are a type of revolving ...
Business credit cards: These cards operate like personal credit cards. You can use the revolving line of credit as short-term lending for projects and to pay vendors.
Minimum requirements. Online lenders. Traditional banks and credit unions. Time in business. Six months to two years. Two years. Personal credit score. Around 600, but as low as 500
Bank lenders often require at least a 670 FICO score, 2 years in business and $150,000 to $250,000 in revenue annually. These factors assess whether your business can handle the loan payments ...