Credit

Best business loans for a 640 credit score

640 is ten points under the Tier 1 line. Usually the closest near-miss we see.

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

What a 640 actually means

640 is ten points under the Tier 1 line. Usually the closest near-miss we see.

Revenue-based funding now; Tier 1 within reach.

The trade-off at this level

Ten points separates a factor rate from 1% per month on a drawn balance. That gap is worth a cycle of patience.

Utilisation is almost always what is holding a 640 down. It 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

Tier 1 also needs 3 years in business, $300,000 a year or $25,000 a month, and 8+ deposits.

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 640 credit score?

Revenue-based funding now; Tier 1 within reach. 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 640?

Utilisation is almost always what is holding a 640 down. It 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.