Can I get a business loan with bad credit?

A bad or poor credit score is when a company is predicted to be unable to pay its debt on time, and/or in full, based on its previous history of payments and financial information. This information is collected by credit rating agencies such as Experian, Equifax and Creditsafe. These agencies have access to financial information on companies and some of their history when dealing with creditors.

You maythink that it will be impossible to get any funding for your company if you have bad credit, but it is still possible! Of course, it will be more challenging to borrow and the money you borrow could end up being more expensive, but it is still worth exploring. You may be surprised at how many options you may have.

If you have a business that is looking for funding and has bad credit, it’s important that you don’t apply for multiple loans, as being rejected for them can further harm your credit score. This is because every application you make, even if refused results in a credit check going on the credit file, suggesting that you’re desperate for cash.

If you are in this situation then it would be a good idea to talk to a broker before you start applying. What we could do acting as your broker talks to our funding partners and tell them all about your business, show them your account and tell them what you’re hoping to achieve and they can make a decision without doing a full credit check to get you the funding the company desperately needs.

Need more help or wish to speak to someone real!? Just call our free funding advice hotline now on 020 776 07524