Best Bad Credit Business Loans & Rates 333
Easily check your rates on business loans for bad of credit up to $500k.
How Lend can help with a bad credit business loan 333
Access to specialists lenders
A lot of mainstream business lenders won’t offer finance to customers with bad credit, but we know the ones that do.
Bad credit business loan explained
What is a bad credit business loan?
A bad credit business loan is a short-term loan suitable for borrowers with poor credit or who may not qualify for traditional business finance.
It’s no different to a standard small business loan, but comes with higher interest rates to reflect the added risk to the lender. Loan terms are generally shorter (6 - 36 months) and borrowing amounts are limited compared to standard small business loans or startup loans.
How are bad credit applications assessed
Your personal and business credit history
Lenders will use a credit reporting agency to check your personal and business credit score and history. This will show up any issues like late payments, collections, defaults and bankruptcies. It will also give the lender insights into any steps you have taken to improve your position.
Your business information
Lenders will look into your business trading history, revenue, and your reputation with customers and suppliers. This offers a view of the health of your business right now and its prospects for the future.
Character information
This may include a background check and character references to establish your trustworthiness.
How to apply for a bad credit business loan
Find the right lender
Submitting loan applications with multiple lenders can make your credit score worse. Your Lend SME specialist helps you understand your eligibility with various lenders and decide on the one that is likely to offer you the best terms.
Prepare a business case
This should indicate how much you want to borrow and how you intend to use the funds to grow your business. Include (realistic) financial projections to show how much extra profit you can expect to generate, taking account of borrowing costs.
Submit supporting documents
To assess your trading history and cashflow, the lender will ask for documents that show you meet their criteria, including bank statements, ATO statement of account and notice of assessment, financial records and balance sheet, plus ID documents.
Get approved
A lending advisor may contact you to talk through your application and could ask you to supply additional information. Most online lenders will process applications fairly quickly and you could access funds within a few days.
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