GENERAL LOAN REQUIREMENTS
Your loan consultant will work with you one-on-one to walk you through our loan requirements when you apply. But before you get started, learn about our basic loan requirements below. In general, to qualify for a loan you must:
- Have a credit score of 525 or higher or no credit score
Find out if you are likely to meet this requirement: use MyFico’s Credit Score Estimator for free, or obtain your actual credit score for a small fee at AnnualCreditReport.com - Have sufficient cash flow to support monthly loan payments. Learn More
- Have not declared bankruptcy in the past 12 months or foreclosure in the past 24 months (This requirement is flexible for loans under $2,500)
- Have no more than 4 mortgaged properties
- Have not had any late rent or mortgage payments in the past 12 months (This requirement is flexible for loans under $2,500)
- Not be currently more than 30 days late on any bills, loans, credit cards or other payments totaling over $3,000 (This requirement is flexible for loans under $2,500)
- Additional security may be required depending on strength of application.
Accion cannot consider businesses involved in the following: weapons sales, real estate development, money lending or financing, multi-level marketing programs, illegal or polluting activities, or adult businesses.
SPECIAL REQUIREMENTS FOR START-UP LOANS
Loans up to $10,000 for individuals who are looking to start a home-based business or have had a home-based (or incubator-based) business for less than six months.
- Between zero and six months of business sales
- Business located at home or in an incubator
- Is not currently more than 30 days late on any bills, loans, credit cards or other payments totaling over $500 (This requirement is flexible for loans under $2,500)
- Can present two recent paystubs
- Have a business plan with a 12-month cash flow projection. Learn more
