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Best $50k Business Loans For Good & Bad Credit

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Best $50k Business Loans For Good & Bad Credit

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Searching for a $50k business loan? If so, you’re in the right place. Whether you are ready to apply now or considering in the near future, we have valuable information you’ll want to know. Read on for a comparison of top online lenders and tips that’ll get you headed in the right direction for your next business loan

Compare Lenders That Offer $50,000 Business Loans

Small business owners can benefit from the competitive nature of the online lending market. With less strict requirements and more accessible options - business owners can access $50k business loan offers in minutes. Here are some top online lenders and what they can offer. 

  • Fundation Term Loans up to $500k

Fundation is an online lender that offers business term loans of any amount from $5,000 to $500,000 for businesses that qualify. Typical loan terms can range from 12 to 48 months. Interest rates can range anywhere from 7.99% to 29.99%, depending on the loan amount, loan term, and the qualifications of the borrower.

  • Credibility Capital Term Loans up to $500k

Credibility Capital is an online lender that offers business term loans of any amount from $50,000 to $500,000 for businesses that qualify. Typical loan terms are for periods of up to 5 years. Interest rates can range anywhere from 8.49% to 17.99%, depending on the loan amount, loan term, and the qualifications of the borrower.

  • Credibly Term Loans up to $400k

Credibly is an online lender that offers business term loans of any amount from $5,000 to $400,000 for businesses that qualify. Typical loan terms can range from 3 to 15 months. Interest rates start at 9.99%.

  • On Deck Term Loans up to $250k

On Deck is an online lender that offers business term loans of any amount from $5,000 to $250,000 for businesses that qualify. Typical loan terms can range from 6 to 24 months. Interest rates are typically around 28.15%. 

Find more business lenders here

Which lender or lenders are the best for $50,000 business loans out of the above list?

So, which lender is best for a $50,000 business loan? Our pick goes to Credibility or Fundation. But, this does not mean you should not consider other lenders. When you evaluate business loan offers, always compare terms and total loan costs. Choose the one that is cost-effective and meets your business needs. MySMBscore can help you understand what you should qualify for, thus taking the guesswork out of identifying the best loan offer. Plus, we can even connect you to lenders that are best for you based on your personal circumstances. 

Where can you get a $50,000 business loan?

When you are looking for a $50,000 business loan for your small business, you may notice that there are many options out there on the lending market. Before you decide where you would like to get your $50,000 business loan, you should first decide what kind of loan you need. Are you looking for a short-term loan or a longer-term loan? What about a business line of credit or a business credit card account? Would an equipment loan be more appropriate? Then you have SBA loans, start-up loans, accounts receivable financing, and merchant cash advances. The loan type is important to determine because then you can only look for lenders who offer the type of commercial financing you need.

Once you determine the loan type, then you have to choose between community or regional banks, large national banks, credit unions, online lenders, microlenders, and the Small Business Administration. Additionally, there are specialized finance companies that may offer accounts receivable financing and merchant cash advances. Each lender is going to have their own criteria for qualifications as well as interest rates, fees, and other terms and conditions of any type of financing that you should review in full detail before agreeing to.  

To narrow down options, starting the search by checking your SMB score and receiving personalized offers can save you time and money. 

How hard is it to get a $50,000 business loan?

If you have a good personal and business credit history, a good amount of revenue with little existing debt, and some years of demonstrated business success, then it should not be hard to get a $50,000 business loan. Additionally, you should have a well-thought-out business plan prepared that can show the lender how you intend to use the funds and what your expected revenues and expenses will be for the next five years. Having a solid business plan in combination with a good credit history, revenue, and demonstrated business experience can greatly increase your chances of qualifying for a $50,000 business loan.

To better understand how a lender will view you as a borrower, check your SMB score. It can be eye opening to recognize the small details that can make a huge difference when it comes to getting a loan. At mySMBscore we can help business owners identify areas of improvement that can make getting a business loan easier and more cost-effective. 

What credit score do you need for a 50k business loan?

Typically, if you are a small business owner, the better your credit score is, the more options you have when it comes to finding a $50,000 business loan. For example, if you are looking for a $50,000 business loan through the Small Business Administration, then you will want to have a minimum credit score of 680. However, a score above 700 is generally better when it comes to SBA loans. SBA loans may have some of the most rigorous criteria for qualifying, but that is because SBA loans are partially backed by the federal government and interest rates are capped. SBA loans often come with the largest amounts, longest repayment periods, and lowest interest rates when compared to other types of commercial financing options. 

If you are looking for a $50,000 conventional business term loan through a bank, credit union, or online lender, then you will want to make sure you have a credit score greater than 640. Many business loan providers find that a credit score in the 640 to 700 range is ok, but not excellent. Nonetheless, it should be enough to qualify if you have the revenue and or assets to back you.

Any score below 640, and you may have to explore secured loan options and alternative loans like equipment financing, business credit cards, accounts receivables financing, and merchant cash advances. 

What is the maximum amount for a business loan?

Generally, the maximum amount for a business loan is $5,000,000 through the SBA 7(a) loan program and $5,500,000 through the SBA 504 loan program. These larger loans can come with terms of up to 20 years. Keep in mind that if you are looking for a $5,000,000 SBA loan, then you are going to need a minimum down payment of $500,000 to qualify. When it comes to conventional business term loans through banks, credit unions, or online lenders, each lender is going to have their own maximum loan amounts, which can be as little as $1,000,000 or as much as $1,000,000. 

How do you apply for a $50k business loan?

The steps for applying for a $50k business loan are simple. These are the general steps that a business owner would have to take to apply for a business loan.

  1. Decide what kind of loan you need.
  2. Check your SMB score. This can help you explore loan options and make improvements that can help you qualify. 
  3. Decide how soon you would need the money. SBA loans can take months and online lenders can take days.
  4. Compare different lenders who offer the loan amount and loan type you need.
  5. Complete a prequalification application to better compare lenders with personalized loan options.
  6. Complete the loan application process directly with the lender.
  7. Wait for approval and funding.
  8. Pay back the loan plus interest making regular payments as dictated by the loan agreement. 

How to get a $50,000 startup loan, is it hard?

Getting a $50,000 loan for a startup with no time in business and little to no revenue may be hard, but it is not impossible. Typically, you can get a $50,000 startup loan by providing some significant collateral to be used to secure the loan. 

How to get a $50,000 business loan with bad credit

If you have bad credit and you are in need of a $50,000 business loan, then you have a few options. You may need to find yourself a co-signer, provide collateral to secure the loan or both. You can look into some no-credit-check business loans as well, but keep in mind that these types of loans are going to come with the highest interest rates and possibly many other additional fees. 

Not sure how to improve your credit? Check your SMB score for personalized recommendations. 

Can I get a $50,000 SBA loan?

Yes, if you meet the Small Business Administration’s lofty requirements, then a $50,000 SBA loan may be one of the cheapest loan options available to you. 

Can I get a $50k line of credit?

Here are two lenders that can offer a 50k business line of credit to qualified business owners.

  1. Rapid Finance: Business lines of credit from $5,000 to $55,000 with factor rates starting at 1.10.
  2. Fora Financial: Business lines of credit from $5,000 to $1,000,000 with factor rates starting at 1.10.

Is it easy to get a $50,000 merchant cash advance?

If you know where to look, getting a merchant cash advance is that much easier. As with any other type of loan or funding, you’ll need to qualify. Familiarize yourself with the MCA company's requirements before applying or enrolling. Here are some companies that can offer a $50,000 merchant cash advance. 

  1. Fundation up to $500k: MCA’s from $5,000 to $ 5,000,000 and APRs from 7.99% to 29.99%.
  2. Credibly up to $400k: MCA’s from $5,000 to $400,000 with factor rates starting at 1.15.
  3. Rapid Finance up to $600k: MCA’s from $5,000 to $600,000 with factor rates starting at
  4. Credibly up to $400k: MCA’s from $5,000 to $400,000 with factor rates starting at 1.15.

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