Unlock Your Dream: 5 Effortless Startup Loan Options for New Businesses, Regardless of Circumstances

5 Lenders that Offer Startup Funding for Businesses with Bad Credit

As a Credit Specialist, I'm here to share five lenders that can provide funding for your business, even if your credit score is less than ideal. These options are ideal for startups or businesses struggling to secure traditional financing.

1. Lendesa

• Loan Amount: Up to $20,000
• Terms: Up to 18 months
• Interest Rates: As low as 20%
• Eligibility: 1099 workers or self-employed with annual revenue over $25,000 and a credit score of 550+
• Credit Check: Lendesa uses third-party credit bureaus, not your personal credit, to evaluate your application

2. Yendo

• Loan Amount: $450 to $10,000
• Eligibility: Own a car with equity, regardless of credit score
• Credit Impact: Yendo reports to Experian, Transunion, and Equifax, helping to build your personal credit

3. Fundo

• Loan Amount: Up to $110,000
• Eligibility: Freelancers, small businesses, contractors, sellers, and franchises with a minimum of $1,500 in monthly revenue and 90 days in business
• Credit Check: Fundo does not consider your credit score

4. Giggle Finance

• Loan Amount: $5,000
• Eligibility: App-based freelancers, rideshare drivers, handymen, and more with a minimum of 3 months in business
• Credit Check: Giggle Finance does not have credit requirements

5. Fair Credit

• Subscription: Provides access to your business and personal credit files, as well as a Vantage score
• Line of Credit: $500 to $250,000, based on your business income of $2,500 to $250,000
• Credit Reporting: The subscription and line of credit are reported to your business credit file

Remember, these lenders often have higher interest rates due to the nature of their services. However, they can be a valuable resource for startups and businesses with poor credit to secure the funding they need to get off the ground or expand. Be sure to carefully review the terms and conditions of each lender before applying.

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