/Primary_Image-715e6dcb60264c418923b53dffa49a69.jpg "The best small business loans for bad credit for 2021")
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On the bridge
OnDeck is the best overall small business bad credit lender because it accepts minimum credit scores of 600 and same day financing is possible. As long as you’ve been in business for more than a year, have a business bank account, and have an annual income of at least $ 100,000, you can apply for a loan.
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Paying off the loan early won’t save money
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Requires daily or weekly repayment
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Cannot lend to businesses in Nevada, North Dakota, and some industries
Launched in 2006, OnDeck is a publicly traded small business lender that works online and over the phone. This is the best overall small business lender for bad credit because to qualify for a loan you only need a minimum credit score of 600 which is lower than many providers. authorize. Plus, after loan approval, you can receive your funds the same day and receive more money after you’ve paid off half of your loan.
You can borrow from $ 5,000 to $ 250,000 and lines of credit from $ 6,000 to $ 100,000. The amount available to borrow depends on your business income.
The repayment terms for term loans are three to 36 months and 12 months for a line of credit. On a term loan, once you have paid off half of the loan, you can ask for more money and you won’t be charged any interest on your existing loan. Unlike most lenders, repayments take place automatically, daily or weekly, based on the business information you provide to OnDeck.
The minimum APR on term loans is 11.89% and 10.99% for line of credit loans. The set-up costs are integrated into the APR and the early repayment of the loan may result in the waiver of your remaining interest. However, this prepayment advantage option will result in a higher APR. OnDeck will also take a global lien on all business assets and will require a personal guarantee.
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