Bad Credit Business Loans

Getting a business loan is a great way to fund your business - but is it really that straightforward?

Perhaps you want to set up a new business, acquire an already existing business or you’re looking for an immediate cash injection to help your business out with cash flow problems. If so, getting a business loan might sound like the perfect quick fix, but in reality it can take a long time to receive funds and relies on your loan application first being accepted by the lender. 

 

Most lenders set out various criteria that must be satisfied prior to approving any loan. They might require evidence that your business has a good credit history, or seek proof that your business has a strong historical financial performance. If you have poor credit history and you’re looking for a bad credit business loan, it can be difficult to know where to start. The good news is, bad credit business loans are out there for you, providing you know where to look.

 

Our funding partners supply business funding to businesses that might have had their loan application declined elsewhere. They do this by providing asset-backed loans, which rely on security of assets as opposed to the need for stringent criteria being satisfied. This eliminates the lengthy application process and offers guaranteed approval for your business loan. These loans are a popular means to obtaining fast funding with limited paperwork.

 

The following table sets out the typical lending criteria to be successful in an application for a traditional bank loan vs an asset-backed loan:

Typical Lending Criteria

Traditional Bank Loan

Asset-backed Loan

1-5 Years Previous Business Performance

Yes

Last 3 Months Bank Statements

Directorship Experience

Yes

No

Personal Credit History

Yes

No

Personal Credit Score

Yes

No

Business Credit Score

Yes

No

Business Credit History

Yes

No

Your Business Plan

Yes

Only for Start Up Businesses

Previous Business Experience

Yes

Only for Start Up Businesses

Other Business Involvement

Yes

No

Your Business Supply Chain

Yes

No

Your Business Sector

Yes

No

Customer Business Reviews

Yes

No

Quality of Assets for Security

Yes

Yes

 

The above table demonstrates just how difficult it can be to qualify for a traditional bank loan. Asset-backed loans are a fantastic way to obtain fast funding for your business. They avoid the anticipated disappointment often encountered when applying to traditional lenders, because there is no requirement to delve into a long line of credit history and past financial performance.

 

Our partners aim to keep the process as simple as possible and won’t waste time asking questions about credit history, previous credit scores and past business experience. For start-up businesses, they look at the likely success of the business, the people behind the business and whether or not there are suitable business assets that can be used as security for the loan. If the answer is yes, the business funding will be approved.

 

If you wish to avoid the disappointment often associated with traditional loan applications, and the need to delve into your credit history and financial performance, apply for an asset-backed business loan now. All applications are considered online by a specialist lending team. The application process takes just 2 minutes to complete and once accepted, business funds can be released in as little as 24 hours.

 

Our funding partners are there to make sure that you get:

  1. An extremely quick decision;
  2. Funds within 24 hours of acceptance wherever possible; and 
  3. Excellent acceptance rates.

 

For business use only.  Our funding partners do not offer any loans or regulated consumer finance agreements of any kind.  They only provide Secured Finance for Businesses in England & Wales.

 

If you are looking for business funding, look no further. Apply now and get a quick decision. Apply Now!

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