When your credit score is good — generally defined as 670 to 739 — it opens up a lot more business loan opportunities than what is available to borrowers with lower scores. And if your score is very good to excellent — 740 to 850 — you have the best chance of qualifying for the lowest rates. Of course, you’ll still need to meet the lender’s minimum revenue and time-in-business requirements as well.
The lenders we chose for our list have a wide range of loan options and competitive rates for borrowers with good credit scores.
Methodology: How we choose the best good-credit business lenders
Finder’s editorial experts review dozens of business loan providers before selecting the best lenders for borrowers with good to excellent credit. We pick lenders with a range of loan options, good customer service and competitive rates. We also review each company’s Better Business Bureau (BBB) reviews and Trustpilot ratings.
We weigh lenders and financing companies against these factors:
Time-in-business requirements
Annual revenue requirements
APRs
Fees, such as origination fees
Loan amounts
Repayment terms
Credit score requirements
Turnaround time
State availability
Application process
Lender reputation and customer reviews
What to compare between good-credit lenders
Once you’ve found the type of business loan you need, compare these factors to find the lender that offers the best terms.
Rates. Rates vary widely depending on the lender and loan type. For example, banks often have the most competitive rates, but online lenders can also have some great deals when your credit is good.
Fees. When your credit is good, you may be able to avoid some fees, such as origination fees, but it’s always a smart move to make sure you’re aware of any fees associated with the financing.
Turnaround time. How soon do you need access to capital? If you’re not in a hurry, SBA loans can have very competitive rates, but if you need faster funding, you’ll probably want to consider other options.
Loan terms. Business loans for good credit have terms that range from months to years, which also affects the size of your repayments. Consider how much time you’ll need to repay the loan so the payments fit into your budget.
Lender requirements. Research the minimum requirements for lenders to see if you qualify before applying. Most have specific, credit, revenue and time-in-business requirements you’ll need to meet.
What is a good-credit business loan?
Good-credit business loans are virtually any type of business financing that will give you the most competitive rate based largely on your personal credit score — as long as you meet the other requirements, too, of course.
While borrowers with good credit have access to some of the widest range of funding options available, gearing your search toward traditional bank term loans or lines of credit can help you find the lowest rates and fewest fees. But it’s always worth a look at online lenders as well because some may beat bank rates, especially if your credit is excellent.
Pros and cons of good-credit business loans
Pros
Low rates
Fewer fees
Wider range of loans and lenders to choose from
Cons
Taking on new debt can be risky
Must meet other minimum requirements to qualify
May need a down payment or collateral — even with good credit
Compare other good-credit business loans
Consider these lenders that may have options for good-credit borrowers.
We currently don't have that product, but here are others to consider:
Looking for other options? Check out these similar products.
How we picked these
What is the Finder Score?
The Finder Score crunches 12+ types of business loans across 35+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best business loans for startups loans, you can see how each business loan stacks up against other business loans with the same borrower type, rate type and repayment type.
Retail businesses or others that have a lot of credit card sales
How to qualify for a good-credit business loan
Lenders usually evaluate your credit score, revenue and how long you’ve been in business. You’ll typically need to exceed the lender’s minimum criteria to get the most competitive deal.
Credit score. Borrowers with credit scores of 700 or higher are most likely to qualify for the lowest rates.
Revenue. Revenue requirements vary depending on the lender, the type of loan and how much you want to borrow, but a good rule of thumb is $10,000 or more in monthly revenue.
Time in business. Some lenders may only require six months in business, but you’ll likely qualify for better rates if you’ve been in business for two years or more.
How to apply for a good-credit business loan
Follow these steps to apply:
Define your priorities. Ask yourself questions to figure out what’s most important to you. For example, are low rates more important than speed? Knowing what you want from a lender is key to narrowing down your choices.
Check your budget. Decide what you can afford by calculating your loan payments to make sure you can comfortably afford the financing.
Compare types of lenders. Start your search by comparing different types of business financing and lenders to see which offer the type of financing you need — and which might accept your business.
Compare actual lenders. Rule out any lenders that don’t offer the rates, terms and loan amounts you’re looking for or any provider you definitely can’t qualify with.
Prequalify. Reach out to your top choices to get an estimate of the types of rates you might receive. With some lenders, you can prequalify by filling out an online form. Others might require a phone call.
Apply. Fill out the loan application, submit your documents and wait for a decision. If approved, be sure to review your contract before signing.
Lacey Stark is a freelance personal finance writer for Finder, specializing
in banking, loans, investing, estate planning, and more. She has 20
years of experience writing and editing for magazines, newspapers, and
online publications. A word nerd from childhood, Lacey officially got her
start reporting on live sporting events and moved on to cover topics
such as construction, technology, and travel before finding her niche in
personal finance. Originally from New England, she received her
bachelor’s degree from the University of Denver and completed a
postgraduate journalism program at Metropolitan State University also
in Denver. She currently lives in Chicagoland with her dog Chunk and
likes to read and play golf.
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