What is The Interest Rate For a Business Loan With Bad Credit - Interest rates on bad credit business loans can vary significantly based on the lender, your credit risk, and the specific terms of the loan.
Here are some insights:
Average Rates: Generally, interest rates for bad credit business loans commonly range from 25% and upward. However, keep in mind that these rates can be higher depending on individual circumstances.
Lender-Specific Rates:
- OnDeck: Offers business loans ranging from $5,000 to $250,000, but the specific interest rate is not disclosed.
- BlueVine: Provides loans from $6,000 to $250,000, with undisclosed interest rates for their Flex 6 plan.
- Biz2Credit: Offers loans from $25,000 to $500,000, but the interest rates are not publicly disclosed.
- Fundbox: Provides loans from $1,000 to $150,000, starting at 4.66% interest.
- Rapid Finance: Offers loans ranging from $5,000 to $1 million, with undisclosed interest rates.
- Credibly: Provides loans from $5,000 to $400,000, with factor rates as low as 1.11.
- Kiva: Offers loans up to $15,000 at 0% interest, with no specific credit score requirement.
- Credit Score Impact: Remember that while bad credit may lead to higher interest rates, it’s essential to explore options that align with your business needs and financial situation. Consider minimum credit score requirements when evaluating lenders.
Keep in mind that the lowest rates are typically available to the most qualified borrowers, and business owners with bad credit may be offered rates near the top of the APR range. Choose a lender whose loan aligns with your credit score qualifications and business goals