how much can i borrow with a 800 credit score

How much can I borrow with a 800 credit score?

Crystal Business Funding provides funding for businesses that have a 800 credit score. Apply Now for quick and easy working capital for your business.

An 800 credit score is a great credit score to have when applying for a business loan. But keep in mind that your credit score is only one of the factors lenders will put into consideration when getting you approved for a business loan. While banks offer loans for your business, they come with lengthy application processes, and have other very strict requirements. Instead, online lenders like Crystal Business Funding can have you easily approved for funding.

This is where online lenders come into play, providing easier financing. Your credit score will put you in a good position to obtain a business loan. 

How Much Can You Borrow with an 800 Credit Score?

The amount you can get approved for depends on how much your business is generating in monthly revenue. So, say you're doing 100k a month in revenue, you can most likely get approved for 75k to 125k. Obviously this number depends on how many years you're in business, and the industry you're in. You can expect to get approved for a loan, depending on several factors:

• Business revenue: Online lenders focus mostly on your businesses monthly revenue. Most online lenders will require a minimum of $20k in revenue maya month.

• Time in business: Lenders will want your business to be at least 1 year in business.

• Industry: Certain industries are considered higher risk than others, for example, trucking and cannabis are more high risk. But Crystal Business Funding will provide working capital to practically every industry.

• Financials: A very important factor that lenders will put into consideration, is the businesses financials such as your cash flow and accounts daily balance.

Why online Lenders 

Banks process business loans very slowly, and frankly speaking - they're outdated. In fact, only 13% of small businesses applying for loans at banks are approved. On the other hand, with Crystal Business Funding, businesses with a good credit score like an 800, have access to much faster approvals. 

Here are some reasons why loans from online lenders are the best solution:

1. With an online lender there is no long wait time just to find out if you got approved or declined. Bank loans can take anywhere from 30-90 days to process. With an online loan, you can receive funds in as little as 24 hours.

2. Some online loans are repaid through a percentage of your daily or weekly sales. So when your sales slow down, your payments reduce automatically.

3. Online lenders usually don't require collateral. And in regards to what documents you'll need, with an online lender all you'll need is the last couple bank statements and a 1 page application.

Businesses with an 800 credit score will not only make it easier to qualify for a business loan, but also potentially get you approved for better loan terms. Even though lenders usually look at a couple different variables, with a great credit score, lenders can look away from things that they normally wouldn't. 

Unlike banks, which have approval rates as low as 30%. Online lenders approve 70-80% of applicants.

Recently online lenders have been growing rapidly, and for good reason. Only 31% of businesses received the funding needed in 2021, compared to 51% in 2019.The point is, the banks are decreasing their approvals on business loans. That's why online lenders are becoming so popular. 42% of business owners now choose online lenders because of the smoothness of the loan process. 

The Benefits for Your Business

At Crystal Business Funding, with an 800 credit score, you can be approved for upto $5 million. Whether you’re expanding, making a purchase, or simply looking for working capital, we will provide you with the flexibility and speed that banks can't offer.