Question 1

How do I get a business loan with bad credit?

Accepted Answer

At Slate Financial, we approve businesses with credit scores as low as 500. We focus on your business revenue and bank deposits rather than just your credit score. Options like merchant cash advances, revenue-based financing, and secured loans are available for borrowers with poor credit. Apply online and our team will match you with the best option for your situation.

Question 2

What credit score do you need for a business loan?

Accepted Answer

Traditional banks typically require credit scores of 680 or higher. At Slate Financial, we work with credit scores starting at 500. The minimum score depends on the loan type: term loans generally need 600+, lines of credit need 580+, and merchant cash advances can be approved with scores as low as 500. Your revenue and time in business matter more than your credit score.

Question 3

How fast can I get a business loan?

Accepted Answer

With Slate Financial, you can get funded in as little as 24 hours. Our application takes under 5 minutes, and you can receive approval in as little as 4 hours. Merchant cash advances and lines of credit are the fastest products, often funding same-day. Term loans and SBA loans may take 2-5 business days depending on the amount and documentation required.

Question 4

What documents do I need to apply for a business loan?

Accepted Answer

For most of our business loan products, you only need 4-6 months of business bank statements, a government-issued ID, and a voided business check. Some products like term loans over $150K may require business tax returns and a profit & loss statement. We keep documentation requirements minimal so you can get funded faster.

Question 5

Can I get a business loan with no collateral?

Accepted Answer

Yes. The majority of our business loan products require no collateral. Merchant cash advances, lines of credit, and many term loans are unsecured, meaning you do not need to pledge assets. Equipment financing uses the equipment itself as collateral. We believe your business revenue is the best indicator of your ability to repay.

Question 6

How much can I borrow with a business loan?

Accepted Answer

Slate Financial offers business loans from $5,000 to $5 million depending on the product. Merchant cash advances range from $5K to $2M, term loans from $25K to $5M, lines of credit from $10K to $1M, and equipment financing from $10K to $5M. The amount you qualify for depends on your monthly revenue, time in business, and overall financial profile.

Question 7

What are the interest rates on business loans?

Accepted Answer

Business loan rates vary by product and borrower profile. Term loans start at 7.99% APR for well-qualified borrowers. Lines of credit typically range from 12-36% APR. Merchant cash advances use a factor rate system, typically 1.15 to 1.45. We provide transparent pricing with no hidden fees, and our team shops multiple lenders to find you the best rate.

Business Loans from $20K to $5M — Funded in 24 Hours

Types of Business Loans We Offer

Term Loans

Lines of Credit

Merchant Cash Advance

Equipment Financing

SBA Loans

Commercial Real Estate

Revenue-Based Financing

Invoice Factoring

How to Get a Business Loan

Apply Online

Get Matched

Receive Approval

Get Funded

Business Loan Requirements

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Frequently Asked Questions About Business Loans