Best startup business loans of 2024 (2024)

Fox Money is a personal finance hub featuring content generated by Credible Operations, Inc. (Credible), which is majority-owned indirectly by Fox Corporation. The Fox Money content is created and reviewed independent of Fox News Media. Credible is solely responsible for this content and the services it provides.

A startup business loan could be the key to turning your business idea into a reality. In fact, in 2022, 40% of small businesses applied for various funding sources such as loans and lines of credit, according to a survey conducted by Fed Small Business.

When taking out a startup business loan, you’ll want to find one that not only has the funds you need, but also repayment terms that fit your situation.

We examined several key features — including APRs, loan terms, and funding times — to find the best startup business loans from top lenders.

Compare personal loan rates

Advertiser Disclosure

3.93.9

Fox Money rating

Fixed (APR)

6.40% - 35.99%

Loan Amounts

$1000 to $50000

Min. Credit Score

620

on Credible’s website

View Details

Overview

Upstart has the lowest available APRs of any Credible partner lenders and of all non-partners we reviewed, making it a good choice for well-qualified applicants. However, it's also is one of few lenders that doesn't have a minimum credit score requirement (if you apply on the lender's website), which makes it an option if you have bad credit or no credit history. Upstart may charge an origination fee as high as 12%, but good-credit borrowers may not be charged one at all.

Trustpilot gives Upstart 4.9 stars, which is the highest of all lenders we reviewed.

Loan amount

$1,000 to $50,000

Fees

Origination fee

Discounts

None

Eligibility

Available nationwide

Min. income

$12,000

Customer service

Phone, email

Soft credit check

Yes

Time to get funds

As soon as 1 to 3 business days

Loan uses

Pay off credit cards, consolidate debt, relocate, make a large purchase, and other purposes

Read full review

4.54.5

Fox Money rating

Fixed (APR)

8.49% - 35.99%

Loan Amounts

$1000 to $50000

Min. Credit Score

600

on Credible’s website

View Details

Overview

Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you don't need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.

However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.

Loan amount

$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)

Repayment terms

2 to 7 years

Fees

Origination fee

Discounts

Autopay and direct pay

Eligibility

Available in all states

Min. income

Does not disclose

Customer service

Email

Soft credit check

Yes

Time to get funds

1 business day

Loan uses

Credit card refinancing, debt consolidation, home improvement, major purchase, other

Read full review

44

Fox Money rating

Fixed (APR)

9.57% - 35.99%

Loan Amounts

$1000 to $40000

Min. Credit Score

660

on Credible’s website

View Details

Overview

LendingClub is a solid lender for good credit borrowers and some fair credit borrowers that apply directly on its website. It's easy to prequalify with LendingClub, especially if you're uncomfortable providing your Social Security number, as the company doesn't require it at the prequalification stage. (You will need to provide it if you move forward with a full application.)

While prequalification is not a guarantee that you'll be approved for a loan, LendingClub does a better job than most other Credible partner lenders at approving applicants that have successfully prequalified. In other words, you're less likely to have your application declined once you apply (if you've already prequalified). LendingClub may charge an origination fee between 3% and 6%.

Loan amount

$1,000 to $40,000

Fees

Origination fee

Discounts

None

Eligibility

Available in all 50 states

Min. income

None

Customer service

Phone, email

Soft credit check

Yes

Time to get funds

Usually takes about 2 days

Loan uses

Debt consolidation, paying off credit cards

Read full review

3.93.9

Fox Money rating

Fixed (APR)

9.95% - 35.99%

Loan Amounts

$2000 to $35000

Min. Credit Score

550

on Credible’s website

View Details

Overview

Avant personal loans are a good choice for borrowers with bad credit looking for small- to moderate-sized personal loans. Loans are available up to $35,000 and you could get the money as soon as the next business day after approval. Plus, Avant is more likely than some lenders to approve the applications of borrowers who've prequalified with Avant. However, the lender charges an origination fee up to 4.75%, and its top-range interest rates are among the highest of the lenders we reviewed.

Loan amount

$2,000 to $35,000**

Fees

Origination fee, late fee, dishonored payment fee

Discounts

None

Eligibility

Available in all states except HI, IA, MA, ME, NY, VT, and WV

Min. income

$1,200 monthly

Customer service

Phone, email

Soft credit check

Yes

Time to get funds

As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)

Loan uses

Debt consolidation, emergency expense, life event, home improvement, and other purposes

Repayment terms

1 to 5 years (2 to 5 years through Credible)

Read full review

Overview

BHG Money stands out for offering the largest loan amounts up to $200,000 of any Credible partner lenders. Simply put, if you need an unsecured personal loan over $100,000, there are very few places to look, but BHG is one. You'll have up to 10 years to repay the loan, but you'll need an annual income of at least $100,000 to qualify and a FICO score that's 660 or higher. However, if you have a cosigner that meets these requirements, BHG will consider your application.

Loan amounts start at $20,000, so look elsewhere for small loans. And BHG charges a modest origination fee between 2% and 4%, depending on your financial profile. Loan funds are available within three to 14 days of loan approval. Note that you can't prequalify with BHG.

Loan amount

$20,000 - $200,000

Repayment terms

3 - 10 years

Fees

Origination fees, late fees

Discounts

None

Eligibility

Available in all states except Maryland and Illinois

Min. income

$100,000

Customer service

Email, phone

Soft credit check

Not on lender's site

Time to get funds

In as few as 5 days

Loan uses

Debt consolidation, baby (adoption), engagement ring financing, moving (relocation), business, home improvement, special occasion, cosmetic procedures, major purchase, taxes, credit card refinancing, medical expenses, vacation, wedding, other

Read full review

Terms | Privacy Policy

Fox Business does not make or arrange loans.

Best startup business loans

Startup business loans can vary, so you’ll want to compare between multiple lenders. Shop around and look at the different APRs, repayment terms, funding times, and fees to help you narrow down your options to find the best fit. The lenders below offer personal loans that can be used to fund your startup, but you may need to apply directly on their websites.

personal loans for fair credit

Upgrade

4.5

Fox Money rating

on Credible’s website

Est. APR

8.49 - 35.99%

Loan Amount

$1000 to $50000

Min. Credit Score

600

Pros and cons

Best startup business loans of 2024 (1)

Autopay and direct pay discounts

Best startup business loans of 2024 (2)

Can fund in as little as 1 business day

Best startup business loans of 2024 (3)

Longer loan terms available

Best startup business loans of 2024 (4)

High maximum origination fee

Best startup business loans of 2024 (5)

Cosigners not accepted

More details

Overview

Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you don't need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.

However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.

Loan amount

$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)

Repayment terms

2 to 7 years

Fees

Origination fee

Discounts

Autopay and direct pay

Eligibility

Available in all states

Min. income

Does not disclose

Customer service

Email

Soft credit check

Yes

Time to get funds

1 business day

Loan uses

Credit card refinancing, debt consolidation, home improvement, major purchase, other

online experience

LendingClub

4

Fox Money rating

on Credible’s website

Est. APR

9.57 - 35.99%

Loan Amount

$1000 to $40000

Min. Credit Score

660

Pros and cons

Best startup business loans of 2024 (6)

Mobile app

Best startup business loans of 2024 (7)

Low minimum income requirement

Best startup business loans of 2024 (8)

High close rate on loans made through Credible

Best startup business loans of 2024 (9)

Available in all states

Best startup business loans of 2024 (10)

Origination fee

Best startup business loans of 2024 (11)

No discounts

Best startup business loans of 2024 (12)

Only 3- and 5-year repayment terms available

More details

Overview

LendingClub is a solid lender for good credit borrowers and some fair credit borrowers that apply directly on its website. It's easy to prequalify with LendingClub, especially if you're uncomfortable providing your Social Security number, as the company doesn't require it at the prequalification stage. (You will need to provide it if you move forward with a full application.)

While prequalification is not a guarantee that you'll be approved for a loan, LendingClub does a better job than most other Credible partner lenders at approving applicants that have successfully prequalified. In other words, you're less likely to have your application declined once you apply (if you've already prequalified). LendingClub may charge an origination fee between 3% and 6%.

Loan amount

$1,000 to $40,000

Discounts

None

Eligibility

Available in all 50 states

Min. income

None

Customer service

Phone, email

Soft credit check

Yes

Time to get funds

Usually takes about 2 days

Loan uses

Debt consolidation, paying off credit cards

Large personal loans

BHG Money

4

Fox Money rating

on Credible’s website

Est. APR

-

Loan Amount

$20000 to $200000

Min. Credit Score

660

Pros and cons

Best startup business loans of 2024 (13)

Eligible applicants can borrow up to $200,000

Best startup business loans of 2024 (14)

Considers borrowers with fair credit

Best startup business loans of 2024 (15)

Long repayment terms

Best startup business loans of 2024 (16)

Cosigners allowed

Best startup business loans of 2024 (17)

Not available in MD or IL

Best startup business loans of 2024 (18)

No discounts

Best startup business loans of 2024 (19)

Minimum income required of $100,000 annually

More details

Overview

BHG Money stands out for offering the largest loan amounts up to $200,000 of any Credible partner lenders. Simply put, if you need an unsecured personal loan over $100,000, there are very few places to look, but BHG is one. You'll have up to 10 years to repay the loan, but you'll need an annual income of at least $100,000 to qualify and a FICO score that's 660 or higher. However, if you have a cosigner that meets these requirements, BHG will consider your application.

Loan amounts start at $20,000, so look elsewhere for small loans. And BHG charges a modest origination fee between 2% and 4%, depending on your financial profile. Loan funds are available within three to 14 days of loan approval. Note that you can't prequalify with BHG.

Loan amount

$20,000 - $200,000

Repayment terms

3 - 10 years

Fees

Origination fees, late fees

Discounts

None

Eligibility

Available in all states except Maryland and Illinois

Min. income

$100,000

Customer service

Email, phone

Soft credit check

Not on lender's site

Time to get funds

In as few as 5 days

Loan uses

Debt consolidation, baby (adoption), engagement ring financing, moving (relocation), business, home improvement, special occasion, cosmetic procedures, major purchase, taxes, credit card refinancing, medical expenses, vacation, wedding, other

Fast personal loans for all credit types

Upstart

3.9

Fox Money rating

on Credible’s website

Est. APR

6.40 - 35.99%

Loan Amount

$1000 to $50000

Min. Credit Score

620

Pros and cons

Best startup business loans of 2024 (20)

May fund in 1 business day

Best startup business loans of 2024 (21)

No minimum credit score requirement on lender site

Best startup business loans of 2024 (22)

Low minimum APR

Best startup business loans of 2024 (23)

Trustpilot score of 4.9/5 stars

Best startup business loans of 2024 (24)

May charge a high origination fee

Best startup business loans of 2024 (25)

No discounts offered

More details

Overview

Upstart has the lowest available APRs of any Credible partner lenders and of all non-partners we reviewed, making it a good choice for well-qualified applicants. However, it's also is one of few lenders that doesn't have a minimum credit score requirement (if you apply on the lender's website), which makes it an option if you have bad credit or no credit history. Upstart may charge an origination fee as high as 12%, but good-credit borrowers may not be charged one at all.

Trustpilot gives Upstart 4.9 stars, which is the highest of all lenders we reviewed.

Loan amount

$1,000 to $50,000

Fees

Origination fee

Discounts

None

Eligibility

Available nationwide

Min. income

$12,000

Customer service

Phone, email

Soft credit check

Yes

Time to get funds

As soon as 1 to 3 business days

Loan uses

Pay off credit cards, consolidate debt, relocate, make a large purchase, and other purposes

Low origination fees

Axos

3.9

Fox Money rating

on Credible’s website

Est. APR

11.79 - 20.84%

Loan Amount

$10000 to $50000

Min. Credit Score

730

Pros and cons

Best startup business loans of 2024 (26)

Long loan terms available

Best startup business loans of 2024 (27)

May fund in 1 to 2 days

Best startup business loans of 2024 (28)

Low minimum income requirement

Best startup business loans of 2024 (29)

Available in all states

Best startup business loans of 2024 (30)

Trustpilot score of 4.9/5 stars

Best startup business loans of 2024 (31)

High minimum loan amount

Best startup business loans of 2024 (32)

Origination fee

Best startup business loans of 2024 (33)

No discounts

Best startup business loans of 2024 (34)

Good credit required

More details

Overview

Axos is one of few lenders that offers loans for business purposes. Plus, it has a low minimum income requirement, offers repayment terms up to 7 years, and is available in all states. But If you need a loan under $10,000, you'll need to look elsewhere. While this lender may charge an origination fee, it's fees are on the low side, topping out at 3%. You'll also want to have good credit to apply for a loan with Axos. You can expect to receive funds 1 to 2 business days after the loan is approved.

Loan amount

$10,000 to $50,000

Repayment terms

3, 4, 5, 6, 7 years

Fees

No prepayment penalty

Discounts

None

Eligibility

Available in all 50 states

Min. income

Does not disclose

Customer service

Phone

Soft credit check

Yes

Time to get funds

As soon as the next business day after successful verification

Loan uses

Debt consolidation, home improvement, self-employment, and other purposes

low origination fees for bad credit

Avant

3.9

Fox Money rating

on Credible’s website

Est. APR

9.95 - 35.99%

Loan Amount

$2000 to $35000

Min. Credit Score

550

Pros and cons

Best startup business loans of 2024 (35)

Borrowers with bad credit considered

Best startup business loans of 2024 (36)

Funds as soon as the next business day

Best startup business loans of 2024 (37)

1-year loan terms available on Avant's website

Best startup business loans of 2024 (38)

Low maximum origination fee

Best startup business loans of 2024 (39)

No discounts offered

Best startup business loans of 2024 (40)

Origination fee

Best startup business loans of 2024 (41)

Not available in HI, IA, MA, ME, NY, VT, or WV

More details

Overview

Avant personal loans are a good choice for borrowers with bad credit looking for small- to moderate-sized personal loans. Loans are available up to $35,000 and you could get the money as soon as the next business day after approval. Plus, Avant is more likely than some lenders to approve the applications of borrowers who've prequalified with Avant. However, the lender charges an origination fee up to 4.75%, and its top-range interest rates are among the highest of the lenders we reviewed.

Loan amount

$2,000 to $35,000**

Fees

Origination fee, late fee, dishonored payment fee

Discounts

None

Eligibility

Available in all states except HI, IA, MA, ME, NY, VT, and WV

Min. income

$1,200 monthly

Customer service

Phone, email

Soft credit check

Yes

Time to get funds

As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)

Loan uses

Debt consolidation, emergency expense, life event, home improvement, and other purposes

Repayment terms

1 to 5 years (2 to 5 years through Credible)

Methodology

We evaluated the best personal loan lenders for startups based on factors such as customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms, fees, discounts, and whether cosigners are accepted. Our team of experts gathered information from each lender’s website, customer service department, directly from our partners, and via email support. Each data point was verified by a third party to make sure it was accurate and up to date.

How to compare startup business loans

Here’s what to look for when comparing:

  • Examine the available terms: Your repayment terms, including the annual percentage rate (APR), which takes into account the interest rate plus upfront fees, will dictate not only how much you pay per month, but also your total borrowing costs. A loan calculator can help you determine total and monthly costs according to your preferred terms with each lender.
  • Fees: These also contribute to your overall costs, so you’ll want to look closely at the fee schedule included with each lender. Be on the lookout for origination fees, which can range from 1% to 12% of the loan amount.
  • Minimum requirements: Examine the minimum credit score and income requirements for each lender. If possible, use prequalification to see if you’re likely to qualify and, if so, what terms you may be eligible for without damaging your credit score. This helps you weed out lenders that likely aren’t a good fit. Prequalification is not an offer of credit, though, and your final rate may be higher. The lender will conduct a hard credit inquiry when you formally apply, which can temporarily lower your score by a few points.
  • Maximum loan amounts: When comparing, make sure that lenders offer loan amounts that could provide enough funding for your startup. After all, each application you submit results in a hard credit pull that could temporarily lower your score, so it’s better to apply for a single, larger loan than several small loans.

Startup business loan options

Before choosing which type of business loan or loans you should apply for, consider your options:

SBA loans

The Small Business Administration (SBA) helps small businesses get off the ground, offering loan amounts from $500 to $5.5 million. However, depending on the type, there are some restrictions in how you can use the funds. There are various eligibility requirements to qualify for different types of SBA loans. But, in general, you must share information on how your business receives income, where it operates, and it must have a sound business purpose. Here are the three types of loans you can expect:

  • 7(a) loans: These are loans for businesses with special requirements (such as purchasing real estate), and can provide up to $5 million in funds. Rates can be variable or fixed. It’s the most common loan program offered by the SBA.
  • 504 loans: This program provides “long-term, fixed-rate financing for major fixed assets that promote business growth and job creation.” It can provide up to $5.5 million (though some applicants may be able to get up to three loans, for a maximum of $16.5 million). You just can’t use these funds for working capital or inventory, debt consolidation/repayment, or rental real estate. Terms range from 10 to 25 years.
  • Microloans: These are small loans, typically averaging $13,000 (though they can range up to $50,000). The terms and requirements vary based on the lender you select, but you can generally expect interest rates ranging from 8% to 13%. These have a maximum term of 6 years.

Best startup business loans of 2024 (42)

Good to know

Even if you have bad credit, you may qualify for an SBA loan. Check with the lender for a list of specific eligibility requirements.

Personal loans for business

You can also use a personal loan to start your business. You won’t need to share your business plan like you would with an SBA loan. Instead, personal loans are based on your personal credit history and finances.

Personal loans for business can be secured or unsecured. Secured loans require collateral, such as your house or car, to back the loan. Since unsecured loans don’t need collateral, lenders may charge higher APRs to offset the increased risk. Even if your loan is unsecured, the lender may require a personal guarantee that you’ll repay if your business fails to produce the revenue needed to pay back the loan.

Loan amounts range from less than $1,000 up to $200,000, in some cases, depending on the lender. The amount you’ll qualify for, though, depends heavily on your credit and income. Repayment terms are typically from one to seven years. You can get a personal loan from a traditional online lender, bank, or credit union and can use the funds to hire contractors, purchase inventory, or cover startup expenses.

Longer terms typically come with smaller monthly payments, but you’ll pay more in interest over the life of the loan. To save on interest, it’s generally wise to aim for the shortest term with a monthly payment you can comfortably afford.

Business credit cards and lines of credit

A business credit card can only be used for business-related purchases. So, one can help differentiate between business and personal expenses, but it can also provide a way to continually make business purchases, paying them off as you go. If you can pay off the balance before interest charges occur, you can essentially get a 0% interest rate on those purchases. Of course, the major downside is that failing to do so would mean paying a much higher rate than you might with other options.

A small business line of credit works similarly to a credit card, except credit limits tend to be higher, and rates lower. However, the application process may also be longer and more involved.

Crowdfunding

This can be a riskier option, since there is no guarantee that funds will be made available. However, if people want to see your business get off the ground, this option can be one way to come up with startup costs. And it may not even require you to have any existing credit to do it, which can be a major plus compared to traditional lenders.

Some types of crowdfunding you may want to consider include:

  • Peer-to-peer lending: These loans are made up of funds from individuals, and require repayment with interest.
  • Donation-based crowdfunding: Individuals donate to fund a project with no expectation to receive the funds back.
  • Rewards-based crowdfunding: In this form of crowdfunding, people are incentivized to donate with the expectation of receiving a predetermined benefit or tangible reward, like a product, in the future.
  • Profit-sharing or revenue-sharing: You’d get immediate funding from investors and repay it as an ongoing percentage of profits or revenue later on.

Venture capital and angel investors

With venture capital (VC), firms provide investments to businesses in exchange for equity — meaning the firm would own part of the business — often taking a minority stake of 50% or less. Because the funds are essentially traded for equity, there’s no traditional repayment. Instead, firms invest with a big-picture view, hoping to see large returns if the company goes public or is acquired.

Similarly, angel investors are private investors who can provide startup funds, in this case via their own net worth, in exchange for equity in that business.

Best startup business loans of 2024 (44)

Keep in mind

A Venture Capital firm’s or angel investor’s equity means they could have a say in how your business is run, as determined by the shareholders’ agreement.

Equipment financing

This is another type of loan, but the funds are specifically used for equipment for your business, which can include pretty much any tangible asset (excluding real estate). So these loans are a bit more limited in that way.

But for those whose only startup costs are tangible assets, it can be a solid option. Typically, these loans can provide up to 80% of the equipment value (though it can go higher). Rates and terms can vary widely, so you’ll need to shop around to find the best option.

Borrowing money from friends and family

If your friends or family are in a position to lend you some startup funds, this can provide a much more affordable option. Of course, you’ll have to pitch your business and talk repayment terms to ensure that all parties feel the agreement is fair. This option can lead to strained relationships if the business doesn’t do well, however, so it’s best used with caution.

Grants

Depending on the type of business you’re trying to launch, you may be able to find small business grants that can provide startup funds.

You can find federal grants under the Small Business Innovation Research and the Small Business Technology Transfer programs for businesses that engage in scientific research and development.

You may also want to search for local and state grants, as well as industry-related grants from private organizations. For example, America’s Seed Fund invests up to $2 million in startups that focus on developing technologies.

How to qualify for a startup business loan

The first step here is to select the type of funding that works best for your business. This dictates exactly what you’ll need to do or have to qualify for funding. Often, that involves putting together a business plan.

For traditional small business loans (and many options that involve a loan or line of credit), you’ll also want to have a FICO credit score of at least 670, but higher is typically better. Lenders want to see that you’re likely to repay the loan on time, and your credit is one way they evaluate this.

How to get a startup business loan

Here are the steps to get a personal loan for startup funds:

  1. Gather your core business documents: Many online lending providers need basic information, such as your name, address, and Social Security number.
  2. Check your credit: This is a major factor for getting a loan, so you’ll want to make sure that your credit score is high enough to qualify. If not, you may want to spend time working to improve it by doing things such as signing up for autopay on debt payments. You can check your credit with free credit reports from AnnualCreditReport.com.
  3. Compare your options: There are many options when it comes to startup loans, as well as alternatives. So it’s important to closely examine them to find one that you’ll not only qualify for, but that meets your needs.
  4. Prequalify: You can often prequalify with multiple lenders to compare amounts, rates, and terms you may be eligible for. .
  5. Apply: Once you find your ideal lender or source of funds, you’ll need to complete the application and formally apply. This is the part in the process where you’ll undergo a hard credit check, which affects your credit temporarily. If you’re approved, you’ll sign the loan documents to receive your business loan.
  6. Receive your funds: You can sometimes expect to receive your funds as soon as the same or next business day after approval, though this varies by lender. Other types of startup loan funding times can also vary.

Best startup business loans FAQ

How can I increase my chances of getting approved for a startup business loan?

Raising your credit score is one major way that you can increase your chances of qualifying for a startup loan. This can mean doing things like paying off (or down) revolving credit, setting up autopay, or checking your credit for any inaccuracies.

Are there any government-backed startup business loans available?

The SBA backs several types of loans for small businesses, which can include startups. These include 7(a) loans, 504 loans, and microloans. Each comes with its own terms and requirements, so they may not all be suitable for your type of business.

Can startups obtain loans without collateral?

Yes, many types of startup loans don’t require collateral, including options such as an SBA loan, lines of credit, and peer-to-peer lending. However, it may be harder to qualify, since it would be considered a riskier option for lenders. Additionally, you may receive a higher APR if you get an unsecured personal loan.

What if I get denied a startup business loan?

If you’re denied, you can contact the lender to find out why your application was denied. That will help you figure out your next move, whether that’s trying to raise your credit score or revising your business plan. You might also want to seek out other lenders that may be more flexible.

Can I get a startup business loan with bad credit?

If you have bad credit, you may still be able to qualify, depending on the lender you select. However, keep in mind that a lower credit score often results in a higher APR. You may also only qualify for a lower loan amount than you originally requested. But if you’re able to put up collateral, which is an asset you own, like a car or house, you may increase your odds of qualifying. A word of caution about collateral, though: If you default, you will be at risk of losing your asset. The lender has a right to seize it.

Meet the contributor:

Devon Delfino

Best startup business loans of 2024 (45)

Devon Delfino is an independent writer specializing in personal finance. Her work has been featured in publications such as the L.A. Times, U.S. News and World Report, Mashable, The Startup, Business Insider, Forbes, MarketWatch, CNBC, and USA Today, among others.

Best startup business loans of 2024 (2024)
Top Articles
Latest Posts
Article information

Author: Velia Krajcik

Last Updated:

Views: 6201

Rating: 4.3 / 5 (74 voted)

Reviews: 89% of readers found this page helpful

Author information

Name: Velia Krajcik

Birthday: 1996-07-27

Address: 520 Balistreri Mount, South Armand, OR 60528

Phone: +466880739437

Job: Future Retail Associate

Hobby: Polo, Scouting, Worldbuilding, Cosplaying, Photography, Rowing, Nordic skating

Introduction: My name is Velia Krajcik, I am a handsome, clean, lucky, gleaming, magnificent, proud, glorious person who loves writing and wants to share my knowledge and understanding with you.