If you have bad credit, it can be difficult to get a business loan. However, there are a few lenders that offer Amex business loans for bad credit. These loans can provide you with the capital you need to grow your business, even if you have a less-than-perfect credit history.
In this article, we will discuss the top 10 Amex business loans for bad credit. We will compare lenders and consider factors such as interest rates, repayment terms, fees, and customer service. We will also provide tips for choosing the best Amex business loan for your needs.
Top 10 Amex Business Loans for Bad Credit
Here is a list of the top 10 Amex business loans for bad credit:
1. Bluevine Business Loan
Bluevine is an online lender that offers business loans to borrowers with bad credit. The Bluevine Business Loan has a minimum loan amount of $2,000 and a maximum loan amount of $250,000. The loan term is up to 60 months and the APR is variable.
Here is more information about the Bluevine Business Loan:
- Loan amount: The Bluevine Business Loan has a minimum loan amount of $2,000 and a maximum loan amount of $250,000.
- Loan term: The loan term for the Bluevine Business Loan is up to 60 months.
- APR: The APR for the Bluevine Business Loan is variable and based on the borrower’s creditworthiness.
- Fees: There are no application fees or origination fees for the Bluevine Business Loan. However, there is a late payment fee of 5% and a prepayment penalty of 3%.
- Qualifications: To qualify for the Bluevine Business Loan, borrowers must meet the following criteria:
- Be a US citizen or permanent resident
- Have a business that has been in operation for at least 12 months
- Have a personal credit score of at least 560
- Have a business credit score of at least 600
- Have a minimum annual revenue of $100,000
The Bluevine Business Loan is a good option for businesses that need financing for working capital, growth, or equipment purchases. The loan process is quick and easy, and Bluevine offers competitive rates and terms.
Here are some pros and cons of the Bluevine Business Loan:
Pros:
- Quick and easy application process
- Competitive rates and terms
- No application or origination fees
- Available to businesses with bad credit
Cons:
- Variable APR
- Late payment and prepayment penalties
- Minimum credit score requirements
If you are looking for a business loan with quick approval and competitive rates, the Bluevine Business Loan is a good option to consider.
2. OnDeck Business Loan
OnDeck is another online lender that offers business loans to borrowers with bad credit. The OnDeck Business Loan has a minimum loan amount of $5,000 and a maximum loan amount of $100,000. The loan term is up to 36 months and the APR is variable.
Here is more information about the OnDeck Business Loan:
- Loan amount: The OnDeck Business Loan has a minimum loan amount of $5,000 and a maximum loan amount of $100,000.
- Loan term: The loan term for the OnDeck Business Loan is up to 36 months.
- APR: The APR for the OnDeck Business Loan is variable and based on the borrower’s creditworthiness.
- Fees: There is an application fee of $49 for the OnDeck Business Loan. There is also an origination fee that ranges from 1.99% to 6.99% of the loan amount. There is no prepayment penalty for the OnDeck Business Loan.
- Qualifications: To qualify for the OnDeck Business Loan, borrowers must meet the following criteria:
- Be a US citizen or permanent resident
- Have a business that has been in operation for at least 12 months
- Have a personal credit score of at least 625
- Have a business credit score of at least 600
- Have a minimum annual revenue of $100,000
The OnDeck Business Loan is a good option for businesses that need financing for working capital, growth, or equipment purchases. The loan process is quick and easy, and OnDeck offers competitive rates and terms.
Here are some pros and cons of the OnDeck Business Loan:
Pros:
- Quick and easy application process
- Competitive rates and terms
- Available to businesses with bad credit
- No prepayment penalty
Cons:
- Variable APR
- Application fee
- Origination fee
- Minimum credit score requirements
If you are looking for a business loan with quick approval and competitive rates, the OnDeck Business Loan is a good option to consider.
3. Fundera Business Loan
Fundera is a marketplace lender that connects borrowers with a variety of lenders. Fundera offers business loans to borrowers with bad credit, but the specific terms of the loan will vary depending on the lender.
Here is more information about the Fundera Business Loan:
- Loan amount: The Fundera Business Loan has a minimum loan amount of $2,000 and a maximum loan amount of $500,000.
- Loan term: The loan term for the Fundera Business Loan is up to 60 months.
- APR: The APR for the Fundera Business Loan is variable and based on the borrower’s creditworthiness.
- Fees: There is no application fee for the Fundera Business Loan. However, there may be origination fees, late payment fees, and prepayment penalties, depending on the lender you choose.
- Qualifications: To qualify for the Fundera Business Loan, borrowers must meet the following criteria:
- Be a US citizen or permanent resident
- Have a business that has been in operation for at least 12 months
- Have a personal credit score of at least 560
- Have a business credit score of at least 600
- Have a minimum annual revenue of $100,000
The Fundera Business Loan is a good option for businesses that need financing for working capital, growth, or equipment purchases. The loan process is quick and easy, and Fundera has a wide network of lenders to choose from.
Here are some pros and cons of the Fundera Business Loan:
Pros:
- Quick and easy application process
- Wide network of lenders to choose from
- Competitive rates and terms
- Available to businesses with bad credit
Cons:
- Variable APR
- Origination fees, late payment fees, and prepayment penalties may apply
- Minimum credit score requirements
If you are looking for a business loan with quick approval and competitive rates, the Fundera Business Loan is a good option to consider.
Here are some additional things to keep in mind about Fundera Business Loans:
- Fundera is a marketplace lender, which means it does not actually issue loans itself. Instead, it connects borrowers with lenders that partner with Fundera.
- When you apply for a Fundera Business Loan, you will be pre-approved for a loan amount from multiple lenders. You can then choose the lender that offers the best terms for your business.
- The application process for a Fundera Business Loan is quick and easy. You can apply online in just a few minutes.
- Fundera offers competitive rates and terms on business loans. You can compare rates and terms from multiple lenders before you choose one.
- Fundera is available to businesses with bad credit. However, your credit score will affect the interest rate and terms of your loan.
If you are looking for a business loan, Fundera is a good option to consider. It offers quick and easy application process, competitive rates and terms, and access to a wide network of lenders.
4. Kabbage Business Loan
Kabbage is a lending platform that offers business loans to borrowers with bad credit. The Kabbage Business Loan has a minimum loan amount of $2,000 and a maximum loan amount of $250,000. The loan term is up to 36 months and the APR is variable.
Here is more information about the Kabbage Business Loan:
- Loan amount: The Kabbage Business Loan has a minimum loan amount of $2,000 and a maximum loan amount of $250,000.
- Loan term: The loan term for the Kabbage Business Loan is up to 36 months.
- APR: The APR for the Kabbage Business Loan is variable and based on the borrower’s creditworthiness.
- Fees: There are no application fees or origination fees for the Kabbage Business Loan. However, there is a late payment fee of 5% and a prepayment penalty of 3%.
- Qualifications: To qualify for the Kabbage Business Loan, borrowers must meet the following criteria:
- Be a US citizen or permanent resident
- Have a business that has been in operation for at least 12 months
- Have a personal credit score of at least 560
- Have a business credit score of at least 600
- Have a minimum monthly processing volume of $2,500
The Kabbage Business Loan is a good option for businesses that need financing for working capital, growth, or equipment purchases. The loan process is quick and easy, and Kabbage offers competitive rates and terms.
Here are some pros and cons of the Kabbage Business Loan:
Pros:
- Quick and easy application process
- Competitive rates and terms
- No application or origination fees
- Available to businesses with bad credit
- Based on business sales and cash flow
Cons:
- Variable APR
- Late payment and prepayment penalties
- Minimum credit score requirements
- Minimum monthly processing volume requirements
If you are looking for a business loan with quick approval and competitive rates, the Kabbage Business Loan is a good option to consider.
Here are some additional things to keep in mind about Kabbage Business Loans:
- Kabbage uses a proprietary algorithm to assess a business’s creditworthiness, which may be different from the traditional FICO score.
- Kabbage loans are based on a business’s sales and cash flow, rather than its assets or collateral. This makes it easier for businesses with limited assets or collateral to qualify for a loan.
- Kabbage offers a variety of loan terms, from 6 to 36 months.
- Kabbage loans can be used for a variety of business purposes, including working capital, growth, and equipment purchases.
If you are considering a Kabbage Business Loan, be sure to compare rates and terms from other lenders before you make a decision.
6. Square Capital Loan
Square Capital is a lending platform that offers business loans to borrowers with bad credit. Square Capital offers loans for up to $100,000 with terms up to 36 months. The APR is variable.
Here is some more information about Square Capital Loans:
- Loan amount: Square Capital Loans range from $2,000 to $100,000.
- Loan term: Square Capital Loans have terms of up to 36 months.
- APR: Square Capital Loans have variable APRs that are based on the borrower’s creditworthiness.
- Fees: Square Capital Loans do not have application fees or origination fees. However, there is a late payment fee of 5% and a prepayment penalty of 3%.
- Qualifications: To qualify for a Square Capital Loan, borrowers must meet the following criteria:
- Have a Square seller account
- Have been in business for at least 3 months
- Have a minimum monthly Square processing volume of $2,500
- Have a personal credit score of at least 550
Square Capital Loans are a good option for businesses that need financing for working capital, growth, or equipment purchases. The loan is repaid automatically with a percentage of your Square sales.
Here are some pros and cons of Square Capital Loans:
Pros:
- Quick and easy application process
- Easy to repay with a percentage of Square sales
- Available to businesses with good or bad credit
- No collateral required
Cons:
- Variable APR
- High late payment and prepayment penalties
- Minimum credit score requirements
- Minimum monthly Square processing volume requirements
If you are looking for a business loan that is easy to repay and available to businesses with good or bad credit, Square Capital Loans are a good option to consider.
Here are some additional things to keep in mind about Square Capital Loans:
- Square Capital Loans are not available to businesses in all states.
- Square Capital Loans may not be the best option for businesses that need a large loan amount or a long loan term.
- Be sure to compare rates and terms from other lenders before you make a decision about whether or not to apply for a Square Capital Loan.
7. American Express® Business Line of Credit
The American Express® Business Line of Credit is a revolving line of credit that can be used for business expenses. The American Express® Business Line of Credit is available to borrowers with good or bad credit, but the specific terms of the loan will vary depending on the borrower’s creditworthiness.
Here is some more information about the American Express® Business Line of Credit:
- Loan amount: The American Express® Business Line of Credit has a minimum loan amount of $10,000 and a maximum loan amount of $500,000.
- Loan term: The loan term for the American Express® Business Line of Credit is revolving.
- APR: The APR for the American Express® Business Line of Credit is variable and based on the borrower’s creditworthiness.
- Fees: There is no application fee for the American Express® Business Line of Credit. However, there is an annual fee of $95. There is also a late payment fee of 3% and a prepayment penalty of 3%.
- Qualifications: To qualify for the American Express® Business Line of Credit, borrowers must meet the following criteria:
- Be a US citizen or permanent resident
- Have a business that has been in operation for at least 1 year
- Have a personal credit score of at least 660
- Have a business credit score of at least 600
- Have a minimum annual revenue of $100,000
The American Express® Business Line of Credit is a good option for businesses that need financing for working capital, growth, or equipment purchases. The loan is repaid as you use it and repay it.
Here are some pros and cons of the American Express® Business Line of Credit:
Pros:
- Quick and easy application process
- Revolving line of credit
- Available to businesses with good or bad credit
- No collateral required
- No application fee
Cons:
- Variable APR
- High annual fee
- Late payment and prepayment penalties
- Minimum credit score requirements
- Minimum annual revenue requirements
If you are looking for a business line of credit that is available to businesses with good or bad credit and has no collateral required, the American Express® Business Line of Credit is a good option to consider.
Here are some additional things to keep in mind about the American Express® Business Line of Credit:
- The American Express® Business Line of Credit is a revolving line of credit, which means you can use it and repay it as you need to.
- The American Express® Business Line of Credit has a high annual fee, so it is important to factor this into your decision when considering this loan.
- The American Express® Business Line of Credit has late payment and prepayment penalties, so be sure to read the terms and conditions carefully before you apply for this loan.
- The American Express® Business Line of Credit has minimum credit score and annual revenue requirements, so be sure to meet these requirements before you apply for this loan.
9. Tally Business Loan
Tally is a lending platform that offers business loans to borrowers with good or bad credit. Tally offers loans for up to $250,000 with terms up to 60 months. The APR is variable.
Here is some more information about the Tally Business Loan:
- Loan amount: The Tally Business Loan has a minimum loan amount of $5,000 and a maximum loan amount of $250,000.
- Loan term: The loan term for the Tally Business Loan is up to 60 months.
- APR: The APR for the Tally Business Loan is variable and based on the borrower’s creditworthiness.
- Fees: There is no application fee for the Tally Business Loan. However, there is an origination fee that ranges from 2.99% to 6.99% of the loan amount. There is also a late payment fee of 5% and a prepayment penalty of 3%.
- Qualifications: To qualify for the Tally Business Loan, borrowers must meet the following criteria:
- Be a US citizen or permanent resident
- Have a business that has been in operation for at least 1 year
- Have a personal credit score of at least 660
- Have a business credit score of at least 625
- Have a minimum annual revenue of $100,000
The Tally Business Loan is a good option for businesses that need financing to consolidate high-interest debt. The loan offers a fixed monthly payment and no prepayment penalty, which can help businesses save money on interest payments.
Here are some pros and cons of the Tally Business Loan:
Pros:
- Fixed monthly payment
- No prepayment penalty
- Available to businesses with good or bad credit
- No collateral required
Cons:
- Variable APR
- High origination fees
- Late payment and prepayment penalties
- Minimum credit score requirements
- Minimum annual revenue requirements
If you are looking for a business loan to consolidate high-interest debt, the Tally Business Loan is a good option to consider.
Here are some additional things to keep in mind about Tally Business Loans:
- Tally is a lending platform, which means it does not actually issue loans itself. Instead, it connects borrowers with lenders that partner with Tally.
- When you apply for a Tally Business Loan, you will be pre-approved for a loan amount from multiple lenders. You can then choose the lender that offers the best terms for your business.
- The application process for a Tally Business Loan is quick and easy. You can apply online in just a few minutes.
- Tally offers competitive rates and terms on business loans. You can compare rates and terms from multiple lenders before you make a decision.
If you are considering a Tally Business Loan, be sure to compare rates and terms from other lenders before you make a decision.
10. Credible Business Loan
Credible is a marketplace lender that connects borrowers with a variety of lenders. Credible offers business loans to borrowers with good or bad credit, but the specific terms of the loan will vary depending on the lender.
Here is some more information about Credible Business Loan:
- Loan amount: Credible Business Loan has a minimum loan amount of $25,000 and a maximum loan amount of $500,000.
- Loan term: The loan term for the Credible Business Loan is up to 120 months.
- APR: The APR for the Credible Business Loan is fixed or variable and based on the borrower’s creditworthiness.
- Fees: There is no application fee for the Credible Business Loan. However, there may be origination fees, late payment fees, and prepayment penalties, depending on the lender you choose.
- Qualifications: To qualify for the Credible Business Loan, borrowers must meet the following criteria:
- Be a US citizen or permanent resident
- Have a business that has been in operation for at least 1 year
- Have a personal credit score of at least 660
- Have a business credit score of at least 625
- Have a minimum annual revenue of $100,000
Credible is a marketplace lender, which means it does not actually issue loans itself. Instead, it connects borrowers with lenders that partner with Credible.
When you apply for a Credible Business Loan, you will be pre-approved for a loan amount from multiple lenders. You can then choose the lender that offers the best terms for your business.
The application process for a Credible Business Loan is quick and easy. You can apply online in just a few minutes.
Credible offers competitive rates and terms on business loans. You can compare rates and terms from multiple lenders before you make a decision.
Here are some pros and cons of Credible Business Loan:
Pros:
- Quick and easy application process
- Competitive rates and terms
- Available to businesses with good or bad credit
- No collateral required
- Multiple lenders to choose from
Cons:
- Origination fees, late payment fees, and prepayment penalties may apply
- Minimum credit score requirements
- Minimum annual revenue requirements
If you are looking for a business loan with quick approval and competitive rates, Credible Business Loan is a good option to consider.
Here are some additional things to keep in mind about Credible Business Loans:
- Credible is a relatively new lender, so it may not have as much experience as some other lenders.
- Credible’s network of lenders is not as large as some other lenders, so you may not have as many options to choose from.
- Credible’s application process may not be as streamlined as some other lenders.
If you are considering a Credible Business Loan, be sure to compare rates and terms from other lenders before you make a decision.
Also Read: Top 10 American Express Business Loans with Fast Approval
Conclusion
Getting a business loan with bad credit can be challenging, but it’s not impossible. There are a number of lenders that offer Amex business loans for bad credit, and by comparing lenders and considering your individual needs, you can find the best loan for your business.
When choosing an Amex business loan for bad credit, it’s important to consider the following factors:
- Interest rates: Interest rates will vary depending on the lender and the terms of the loan. Make sure to compare interest rates from multiple lenders before you choose a loan.
- Repayment terms: Repayment terms will also vary depending on the lender and the terms of the loan. Make sure to choose a loan with repayment terms that you can afford.
- Fees: There may be fees associated with an Amex business loan, such as origination fees and late payment fees. Make sure to understand the fees associated with any loan before you choose it.
- Customer service: It’s important to choose a lender with good customer service. If you have any questions or problems with your loan, you want to be able to get help from the lender quickly and easily.
By following these tips, you can increase your chances of getting approved for an Amex business loan with bad credit.
FAQs on Amex Business Loans for Bad Credit
Q. What are the requirements for an Amex business loan for bad credit?
A: The requirements for an Amex business loan for bad credit will vary depending on the lender, but some common requirements include:
- Applicant must be a US citizen or permanent resident
- Applicant must have a business that has been in operation for at least 1 year
- Applicant must have a personal credit score of at least 550
- Applicant must have a business credit score of at least 500
- Applicant must provide financial documentation, such as tax returns and bank statements
Q. What are the benefits of getting an Amex business loan for bad credit?
A: There are several benefits to getting an Amex business loan for bad credit, including:
- Access to capital: An Amex business loan can provide you with access to the capital you need to grow your business.
- Flexible repayment terms: Amex business loans often offer flexible repayment terms, which can make it easier to repay the loan.
- No prepayment penalty: Some Amex business loans do not have a prepayment penalty, which means you can pay off the loan early without having to pay a fee.
- Easy application process: The application process for an Amex business loan is typically easy and straightforward.
Q. What are the risks of getting an Amex business loan for bad credit?
A: There are some risks associated with getting an Amex business loan for bad credit, including:
- High interest rates: Amex business loans for bad credit often have high interest rates, which can make it more expensive to repay the loan.
- Short repayment terms: Amex business loans for bad credit often have short repayment terms, which can make it more difficult to repay the loan.
- Prepayment penalty: Some Amex business loans for bad credit have a prepayment penalty, which means you may have to pay a fee if you pay off the loan early.
- Risk of default: If you are unable to repay your Amex business loan, you may default on the loan, which can have negative consequences for your business.
Q. How do I choose the best Amex business loan for bad credit?
A: When choosing an Amex business loan for bad credit, it is important to compare lenders and consider factors such as interest rates, repayment terms, fees, and customer service. You should also make sure that you understand the risks associated with getting an Amex business loan for bad credit.
Also Read: Top 10 American Express Business Loans with Low Interest Rates
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