Friday 31 May 2024

"Unlock Your Startup's Potential: 5 Accessible Startup Loans for New Businesses Regardless of Circumstances"


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Funding Options for Startups with Bad Credit

As a Credit Specialist, I'm here to share five lenders that can provide funding for your startup, regardless of your credit score. Let's dive in:

Lindera

- Offers free freelance cash advances up to $20,000 - Interest rates as low as 20%, with terms up to 18 months - Criteria: Annual revenue over $25,000, 550+ credit score - Soft credit checks through third-party bureaus

Yendo

- Provides lines of credit using your car as collateral - Credit score doesn't matter; focuses on equity in your vehicle - Line of credit range: $450 to $10,000 - Reports to Experian, Transunion, and Equifax to help build personal credit

Fundo

- Offers merchant cash advances up to $110,000 - Targets freelancers, small businesses, contractors, sellers, and franchises - Minimum requirements: Active bank account, 90+ days in business, $1,500+ monthly revenue - **Note:** Certain states like California and New York are not eligible

Giggle Finance

- Provides funding up to $5,000 - Caters to app-based freelancers, ride-share drivers, handymen, and more - Requires at least 3 months in business and $1,200-$1,500 monthly revenue

Fair Figure

- Offers a subscription-based business credit program - Provides access to your business and personal credit files - Includes a business credit card/line of credit ($500 to $250,000) - **Key Tip:** Consistent usage and monthly payments are crucial for building your business credit profile. Remember, these lenders focus on your revenue and business potential rather than just your personal credit score. By exploring these options, you can secure the funding you need to kickstart your entrepreneurial journey.

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