Here is a summary of the key points from the video, presented in a professional tone with bullet points, bold phrases, and headings:
5 Lenders for Startups with Bad Credit
As a Credit Specialist, I'd like to share five lenders that can provide funding for startups with poor credit scores. Let's dive in:Lender #1: Lendesa
- **Lendesa** offers **free freelance cash advances** up to $20,000 with **interest rates as low as 20%** and **terms up to 18 months**. - To qualify, you'll need **annual revenue over $25,000** (around $1,200-$1,500 monthly) and a **credit score of 550 or higher**. - They perform a **soft credit check** using third-party bureaus like Clarity, DataX, and Lexus Nexus, focusing on your business history rather than personal credit.Lender #2: Yendo
- **Yendo** allows you to use your **car as collateral** to obtain a line of credit from $450 to $10,000. - **Bad or no credit is not an issue** as long as you meet their other approval criteria, such as owning a car with equity. - They report to **Experian, Transunion, and Equifax**, helping you build your personal credit.Lender #3: Fundo
- **Fundo** offers **merchant cash advances up to $110,000**, catering to freelancers, small businesses, contractors, sellers, and franchises. - The minimum requirements include **an active business bank account, 90 days in business, and $1,500 in monthly revenue**. - They work with a wide range of entities, including **MLMs and online sellers**, which may not qualify for traditional SBA loans.Lender #4: Giggle Finance
- **Giggle Finance** provides **up to $5,000** in funding with **no credit requirements**, targeting app-based freelancers, gig workers, and small businesses. - To qualify, you'll need **at least 3 months in business** and **monthly revenue of $1,200-$1,500**.Lender #5: Fair Credit
- **Fair Credit** offers a **business credit file** and **access to your personal credit scores**, as well as a **business credit card or line of credit** (up to $500,000) based on your business income. - The **minimum income requirement is $2,500-$250,000** per year, and they report to **business and personal credit bureaus**. - It's important to **actively use the services** to ensure the trade lines are reported correctly and in a timely manner. Remember, these lenders may have higher interest rates due to the nature of their products, but they can be valuable options for startups with poor credit. Carefully consider your needs and the terms before making a decision.YouTube Source: https://www.youtube.com/watch?v=ntzPospMeSI
YouTube Channel: https://www.youtube.com/channel/UCwTiSgSSNPiNANoB2cREAAg
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