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Credit

Best business loans for a 500 credit score

500 is the most common score we see on files that still fund. It usually means old damage, not current trouble.

✓ Checking what you qualify for does not affect your credit score.

500Your score
500sPlaced routinely
$10K–$350KRange
Same dayDecision

What a 500 actually means

500 is the most common score we see on files that still fund. It usually means old damage, not current trouble.

Placed routinely. The account decides the structure and the term.

The trade-off at this level

You will not see the 1%-per-month line of credit at this level, but weekly-payment structures are open.

The fastest lift is utilisation on any revolving account, which reports monthly.

Average daily balance of $5,000, or 10% of monthly revenue, whichever is greater. Up to 3 negative days a month, 9 per six months and up to 6 NSFs a month, 24 per six months.

What the account needs to show

$60,000+ revenue and a $800 minimum daily balance is the shape that gets a yes.

The score decides which product the file is read against. The statements decide the rest.

Line of credit and term loan: 650 FICO, 3 years in business, $300,000 a year or $25,000 a month, 8+ monthly deposits
Revenue-based funding: 600 FICO, 6 months in business, $60,000 revenue, $800 minimum daily balance
Renewal: 550 FICO, 2 years in business, once 50% of the original balance is repaid
Restricted regardless of score: new residential construction, residential remodelling, long-distance (TL or LTL) trucking, used car dealers, and real estate agents, brokers, managers or lessors. Funding in all 50 US states.

Where this sits against everything else

The minimum FICO is 500. The 650/600/550 tiers are product criteria that decide which product a file is read against, not a floor on the business. Scores in the 500s are placed routinely and are read on revenue, deposit consistency and time in business rather than on the score alone.

Questions

Can I get a business loan with a 500 credit score?

Placed routinely. The account decides the structure and the term. The minimum FICO is 500. The 650/600/550 tiers are product criteria that decide which product a file is read against, not a floor on the business. Scores in the 500s are placed routinely and are read on revenue, deposit consistency and time in business rather than on the score alone.

What would move me up a tier from 500?

The fastest lift is utilisation on any revolving account, which reports monthly.

How fast is a decision?

Same day on a complete file — the application plus three months of business bank statements.

Will checking affect my credit?

No. Checking what you qualify for does not affect your credit score.

See what you qualify for

Same-day decision. Applying takes a few minutes and will not affect your credit score.

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