Credit

Best business loans for a 550 credit score

550 clears the published renewal tier — the first tier with a number attached.

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

What a 550 actually means

550 clears the published renewal tier — the first tier with a number attached.

Renewal pricing on an existing facility once 50% of the original balance is repaid, plus revenue-based funding.

The trade-off at this level

Renewal terms are meaningfully better than a first advance. Getting in is the hard part; staying in is not.

At this level the score is no longer the constraint. Time in business and revenue are.

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

2 years in business is the renewal requirement alongside the 550.

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 550 credit score?

Renewal pricing on an existing facility once 50% of the original balance is repaid, plus revenue-based funding. 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 550?

At this level the score is no longer the constraint. Time in business and revenue are.

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.