That largely depends on where you apply for your loan. Traditional lenders only approve about 20% of small business loan applications, so unless you’ve got top-notch credit and some serious business credentials, you’re not likely to qualify.
On the flipside, your chances for success skyrocket if you seek a loan from a lending marketplace like ours. In fact, lending marketplaces get approval for about 60% of loan applications. And those approvals include startups, borrowers with less-than-perfect credit, and struggling businesses. In other words, you don’t have to be perfect to qualify for a small business loan.
How do we do it? Well, for starters, applying through Lendio doesn’t limit you to just one lender - it gives you access to small business loan options from a whopping 75+ lenders. This not only increases your odds of qualification and approval, but also gives you the opportunity to browse several loan options and choose the one that’s best for your business.
If you want to boost your chances of qualifying even more, there are a few steps you can take. First, keep tabs on your personal and business credit and take meaningful steps to build both. Small things like paying your bills on time and correcting errors on your credit reports really do help. It’s also smart to create a compelling business plan, have the required financial documents organized and on hand, and identify any possible collateral that could help you secure the loan.
You’re probably more qualified for a small business loan than you think you are. Just take a deep breath, fill out our 15-minute application, and explore your options.
Watch this quick video to see how easy it can be to qualify for your small business loan.