How do you get a business loan if you have bad credit?
Securing a business loan with poor personal credit or low FICO score can make getting a business loan more difficult. In any case, it almost always raises the cost of borrowing through higher interest rates, higher fees or both. However, having poor credit does not mean you can't get a loan.
Getting a business loan with bad credit in 2018.
There was a time when bad personal credit would exclude a business owner from securing a business loan. With many alternatives to traditional banks, including online funders, getting a business loan with bad credit is not only possible, it is now very common.
Once again, it is important to remember that many small business loans rely upon the creditworthiness of the owners. If you have a poor credit history or a low FICO score, you can expect to pay more for your loan.