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When you are applying for a business loan do you have to have really good credit?

Marilu H asked:

Do the banks only base your business loan on your credit and how good it is or does it matter???
Asked on: 2012-12-01 04:45:48


  1. peabody says:

    they base it on credit and quality of the idea for the business and your rates will be much higher with crappy credit

  2. Anjell says:

    Well usually your personal situation is a fairly good indicator of your future business performance, financially speaking.
    You will need personal history for the extension of business credit. Even if your credit is less-than sterling it helps to have healthy cash depsit accounts, collateral (realty, stock, bonds, equipment). It’s also great if you have your accounts in good current standing, like no outrageously overdue credit cards. You may not get a perfect loan right way (higher interest) but with good repayment performance, it will come.

  3. Wade H says:

    These days you “just” have to be a conserfative. Cause just about everyone else is a “de@dbeat dad” and unable to get any loan, making for supply being greater to those left “eligible”, just like gas prices…cause that fell when “we sane few million” were excluded from all economic and transportation issues, didn’t it?

    No? Oh that’s right, you forgot the Communist Chinese that you sold out to only consider themselves worthy of a US loan…your “unjust” not conserfative enough…for them, and you never will be…

  4. Marti says:

    You can have OK credit It does not have to be Perfect! But.. What you really need to seal the deal with your bank is A Business Plan. As long as you have a well thought out business plan with lots of emphasis on how the Business loan is going to help you achieve the Business goals you have enumerated in your Plan you should not have any trouble getting your banker to help you with your loan.

  5. ladydredlox says:

    if you are above 650 and you wrote a plan with spreadsheets,projections and working capitol you will get a loan

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