In this post we’ll discuss the options available when a company is looking to get a business loan with bad credit. We’ll look at the possibilities available, how it works, and how your credit rating may affect your business finance.
Is it possible to get a Business Loan with bad credit?
The great news is that it is absolutely possible to get a Business Loan with bad credit. MoneyGiant have strong relationships with over 150 different lenders, ranging from high street banks to alternative lenders who will take much more of a risk and lend to businesses that may not have a perfect credit rating.
So how does it work?
First, we listen.
This is the most important step to establish exactly what your needs are and why the funds are needed. In this way, we build a strong relationship with you and get a thorough understanding of your business, its pressures, and your goals.
We’ll request some documents and ask you to fill out a simple questionnaire to get some of the finite details and start the process of getting your loan. When we have this information we then speak to the relevant lenders and begin the search for the funding.
Once we’ve received feedback from our lenders, we then contact you, let you know exactly what the terms are and once all relevant paperwork is completed the funds are then transferred.
It’s as simple as that.
Can you get a Business Loan with a CCJ?
It is possible to get a Business Loan with a CCJ. Your options in terms of lenders will be slightly more limited, but we have access to a wide variety of flexible lenders and will work to get you the best business finance terms possible.
Will I Pay More Due To My Adverse Credit?
It may be possible that due to having a poor credit rating lenders will charge slightly higher interest rates; this is to ensure they are protected if you were to default on the loan.
Improve Your Credit Score For Future Borrowings
Once you have been accepted for a Business Loan or any kind of Business Funding, you should keep on top of all payments and make sure these are paid back on time.
This will ensure that your credit score improves as well as a strong relationship being built with ourselves and the lender meaning that if more funds are needed, we are then able to source this.