Explore the best small business loans available for women with bad credit and learn how to secure financing. Discover options from OnDeck, BlueVine, Biz2Credit, Fundbox, Rapid Finance, Credibly, and Kiva.
Best Small Business Loans for Women With Bad Credit
When it comes to accessing funding for their businesses, women with bad credit may face more challenges compared to their male counterparts. However, there are still options available for women entrepreneurs with less-than-perfect credit scores. In this article, we will explore some of the best small business loans for women with bad credit and provide tips on how to compare and secure financing.
( Credit to: Forbes )
OnDeck: Funding for Women Entrepreneurs
OnDeck is a leading provider of business loans, offering both term loans and lines of credit. They have funded over $14 billion to small businesses since their inception in 2006. OnDeck offers term loans ranging from $5,000 to $250,000 with repayment terms of up to 24 months. They also provide lines of credit with credit limits ranging from $6,000 to $100,000, which reset after each withdrawal. While OnDeck serves over 700 industries, they do not lend to businesses in Nevada, North Dakota, or South Dakota.
BlueVine: Flexible Business Lines of Credit
BlueVine specializes in business lines of credit and checking accounts for small businesses. They offer lines of credit from $6,000 to $250,000 with flexible repayment options. BlueVine’s Flex 6 payment structure allows borrowers to make weekly payments over 26 weeks, and after 45 days of payment, borrowers may be eligible for a credit line increase. While BlueVine’s line of credit is available in most U.S. states, it is not available in North and South Dakota, Puerto Rico, and U.S. territories.
Biz2Credit: Digital Funding Platform
Biz2Credit is a digital funding platform that provides financing solutions to small businesses. They offer funding up to $2 million and have less stringent qualification requirements for revenue-based financing. Biz2Credit offers quick online application, approval, and funding process. They also present third-party options to qualified borrowers in case they cannot provide a financial product. However, their traditional term and commercial real estate loans require a minimum credit score of 650, making them less suitable for bad credit borrowers.
Fundbox: Fast Prequalification and Next-Day Funding
Fundbox is an AI-powered business lending platform that offers fast prequalification and next-day funding. They provide revolving business lines of credit up to $150,000 with repayment terms of 12 or 24 weeks. Fundbox allows borrowers to access their available credit as they repay their line of credit. While they have a low minimum credit score requirement, their credit lines may be relatively low compared to other lenders.
Rapid Finance: Wide Variety of Business Financing Options
Rapid Finance is an online lender that offers a wide variety of business financing options, including term loans, lines of credit, merchant cash advances, and invoice factoring. They provide loans up to $1 million with repayment terms ranging from three to 60 months. However, the loan amounts for bad credit borrowers may be lower, and borrowers are required to meet daily or weekly repayment schedules.
Credibly: Range of Business Loans for Bad Credit
Credibly offers a range of business loans for bad credit, including working capital loans, business lines of credit, and merchant cash advances. They have less stringent qualification requirements and offer loans up to $400,000 with terms between six and 18 months. Credibly requires daily or weekly payments, which may be a consideration for some borrowers.
Kiva: Microlender with Unique Crowdfunding Platform
Kiva is a microlender that offers a unique crowdfunding platform for business loans. They allow borrowers to crowdfund loans up to $15,000 with terms up to 36 months. Kiva loans have no minimum credit score requirement and do not require collateral. However, loan funds are distributed and repaid through PayPal or Kiva’s Field Partners, and the funding process may be longer compared to traditional lenders.
Conclusion: Accessing Funding for Women Entrepreneurs
While women entrepreneurs with bad credit may face challenges in securing business loans, there are lenders and financing options available to support their ventures. By understanding the loan options, comparing lenders, and preparing a strong application, women with bad credit can access the funding they need to grow their businesses.
