If you're short on cash, a food truck loan seems like a great idea. However, payday loans can be an expensive type of short-term loan to raise money for a purchase. Bad truck loans from credit bureaus are one of the most difficult stages of life. In fact, that's a shame, but this situation can be remedied.
The following online lenders offer some financing solutions even if you have bad credit.
Credibly offers up to $400,000 as a working loan with a repayment period of 6 to 18 months. A credibly working loan can be used for a variety of purposes, including inventory purchases, employee payments, and daily operating expense payments. To qualify, the borrower must have a minimum credit score of 500 and six months of business activity. Credible raises the factor rate since 1.15. In particular, credibly charging a fee of 2.5% of the loan balance at the time of the loan
Best for: Low-credit business owners that need quick access to a working capital loan.
Loan amounts up to $400,000
Fora Financial is ideal for food truck owners with low credit and minimal driving history. Applicants must have a minimum credit rating of 600600640620660675620620600620 and have been open for at least 6 months. Fora Financial also requires a minimum of $12,000 in monthly sales. Loans range from $5,000 to $500,000 and have short-term loans of up to 15 months. Covered costs include trucks, marketing materials, and staff maintenance. Fora Financials' starting factor rate starts at 1.10 and there is a 2.5% fee for all credit approvals.
Recommended for: New food truck businesses with low monthly revenue.
Loan amounts of $5,000-$500,000
Loan terms of up to 15 months* Simple eligibility criteria
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Cox Business News staff Writer
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The Editor In Chief of Cox Business News