How to get a business loan with a poor credit score

How to Get a Business Loan with a Poor Credit Score

© WordChapter.com

Having a good credit score is very critical to getting a loan approval.

Š WordChapter.com

Different lending institutions will ask for different documents from your business.

Š WordChapter.com

A credit score of 600 is usually the minimum for banks to consider a loan application.

Š WordChapter.com

Alternative lenders are easier to convince with a bad credit score.

Š WordChapter.com

A bad credit score will tag you as a potential defaulter.

Š WordChapter.com

Family and friends are probably the only ones that will not make use of your business credit score.

Š WordChapter.com

Microloans are easy to get because of the small size of it.

Š WordChapter.com

You can use your annual revenue record to source for loans.

Š WordChapter.com

Family and friends may withhold their funds if your business is viewed as risky.

Š WordChapter.com

Businesses less than three years old can use their business plan to source for loans.

Š WordChapter.com

Read the full article: https://businessloans.wordchapter.com/howto-get-a-business-loan-with-a-poor-creditscore/

Š WordChapter.com