An alternative lending company, Small Business Loans Depot does not require high credit scores. The company dedicates itself to different types of loans, placing it at an advantage when it comes to funding a variety of different industries. In fact, the list of industries includes dentistry, banking, construction, and the medical field. The company's most popular loan is the Asset-Based Loan, providing companies with equipment, too. Consumers who choose Small Business Loans Depot should remember that they must have a credit score of 550 or higher.
To qualify for the Asset Based Loan, the website states that you must:
The website also mentions that the average transaction ranges from $20,000 to $50,000, allowing more businesses to qualify. The company does offer anywhere from $5,000 to $500,000. Although certain business programs are available to those with bad credit, the higher your credit, the more likely the possibility for higher funding. Certain programs require a business to have been running for a minimum of nine months.
Although most of the programs at this alternative lending firm do require a credit score of at least 650, there is an alternative option for those with a poor credit score.
If you only receive, for instance, $50,000 from a certain program, the company allows you to apply and see if you qualify for another program. This will allow you to possibly receive another $50,000, averaging out the $100,000 that few companies are able to receive.
Possible factors include the following:
Essentially, what is important is that the company offers a few key loan programs — a perfect fit for many different industries. However, the key is that the companies must not be looking to expand too much with these loans, as it is hard to obtain a large amount of capital. But if you are looking into shorter-term loans, Small Business Loans Depot might just offer what you're looking for.
Because the company's website posts are written very unprofessionally, one may assume that it is not as well established as other lending institutions. Capitalization issues are found frequently on the website, which might deter people during this process.
The website also shows a lack of concern in terms of accessibility. Applications are difficult to manage.
Small Business Loans Depot has term options of 12, 24, 36, 48, or 60 months, ranging between one to five years. However, since $500,000 is the absolute maximum acquisition, it might be a sufficient time period. While the few loan options offered are versatile, the company should have a larger variety of deals to accomodate different customers' needs.
Even though they company might accept credit scores below 650, it will still have to check it in the first place in order for you to qualify. This might compromise your credit even further; it is up to you to decide if it is worth it.