Does my credit score affect my small business loan?

Do you have a great idea for a first time new business, but lack sufficient backing for a loan? We understand getting new business loans can be challenging, but we may be able to help you and your new business with the loans you need.

Turn to Prosper for access to unsecured loans at great rates. You won’t need to put up any collateral or refinance your home to get the funds you need. Personal loans for small business use are issued to you as an individual, and are dependent on your good credit. Because of this, Prosper can be great help for a new small business.

Need a Personal Loan for your Small Business?

Being your own boss in a small business often isn’t easy — but the rewards can be immeasurable. If you need loans for your small business, you’ve come to the right place.

One of the most difficult roadblocks to overcome can be finding the right small business loan at the great rate you need. And yet, small businesses provide the essential financial backbone in our local communities. At Prosper, we understand this.

Personal loans can be a sensible alternative to small business loans in situations where the small business doesn’t yet have a solid history of profit, or can’t currently provide the documentation and analysis a bank requires to consider a small business loan. The personal loan is issued to an individual—the business owner—based on their credit. It is ultimately their responsibility to pay back the loan.

Can I obtain a loan with bad credit?

If you’re certain you have bad credit, Prosper may not be right for you at this time. Consider taking a few months to improve your credit rating, and then apply.

Do you need perfect credit to obtain a loan through Prosper? Not at all. Few of us have perfect credit. If you have average or above average credit, Prosper can be a terrific place to get access to low interest rate loans for you and your new business.

Don’t believe us? See for yourself: Get rate now.

There may be Prosper investors out there who are specifically targeting start-ups that need new business loans. We want to help you reach your dreams.

Does my credit score affect my loan?

Yes. If you are sure you have bad credit, you may want to consider improving it before you apply. If you are not sure if you’d qualify, we can help you find out now, for free, with no obligation.