Business Loans with Bad Credit FAQ's
How do I get a business loan with bad credit?
A bad credit history will usually mean that traditional lenders see you as a credit risk and therefore, it will be more difficult to obtain finance. However, the Australian Lending Centre can provide support to those seeking bad credit loans and find the most competitive interest rate with the best terms of repayment available. Contact us on 1300 138 188 for advise or financial support.
How do I fix a bad credit rating?
For those who have bad credit, no credit check loans provide an opportunity to gain finance even if other lenders have said no. They also protect the credit that you do have from declining due to excessive enquiries.
Since your credit score is not checked with this form of finance, no credit check loans do come with their drawbacks. Interest rates are generally higher and you will only be able to borrow smaller amounts of money compared to other types of loans. This is due to the greater level of risk that this form of loan poses since there is no proof that you are a reliable borrower.
No credit check loans do, on the other hand, come with benefits, including:
No Additional Credit Enquiry On Your File
You will not receive a credit enquiry on your file, meaning that you can receive financial support without denting your credit score with a credit enquiry.
Get a Loan, Regardless of Your Credit Score
They enable you to receive a cash injection, no matter how bad your credit score is, or how many other lenders have turned you down.
Gain Approval And Get Fast Cash
You can gain approval and receive cash fast. In some cases, the process of applying to receiving the money in your bank can take as little as 48 hours.
Minimal documentation required
There is minimal documentation required. You must be able to prove you are over 18 years of age, that you have a steady income and provide bank statements.
How do I apply for a loan with a Non-Bank Lender?
A bad credit rating has an impact on your ability to borrow money from traditional lenders. However, there are a number of things you can do to fix your bad credit rating. Here are a few tips we suggest:
Pay Off Your Debts
A bad credit history will never be repaired if you have black marks and outstanding defaults on your credit file.
If you are struggling to pay off your debt, you should consider talking to the Australian Lending Centre about negotiating with your creditors or entering a debt agreement to pay off your debts.
If your debts are already paid off then it might be worth looking more closely at your credit file. We recommend getting in touch with Clean Credit who are the market specialists in this field.
They will be able to talk you through what is on your credit report and the reason behind your bad credit rating. From here, you can go through the process of credit repair and get defaults, judgements and credit inquiries removed from your credit file.
Cut up Your High Interest Credit Cards
Credit cards and store cards are one of the quickest ways to get a bad credit rating. When you miss a few months of payment, your credit card provider can place black marks on your credit report which can take years to be removed.
Credit card debt is one of the easiest ways to get into trouble as many people are accustomed to relying on credit card debt to get them through life when they do no have sufficient funds to finance their lifestyle.
Even when credit cards are paid off, they can be run back up to their limit in very little time.
With such high interest rates on credit card debt and store cards, the best option is to simply cut up your credit cards and stop spending on them.
This means changing your spending habits slightly, for example, using a debit card instead of a credit card.
This may help you prevent another infringement or black mark leading to a bad credit rating.
How much can I borrow in a business loan?
Our loans start from $5,000. We can advise your maximum limit over the phone once we have assessed your individual situation.
How can I get a start up business loan with bad credit?
It’s not always an easy process. It is very obvious that the big banks make start-up funding nearly impossible. To the banks, a new enterprise is placed in the “too hard basket” and under the high-risk category. Banks are more inclined to cater towards more well-established businesses have shown previous profitability and have full financial statements over the past 2-4 years.
Start up business loan is very straightforward, it is one of the most popular products we offer here at Max Funding.
Over 80% of Australians dream about owning their own business. However, the first challenge for many of these new business owners is the lack of funding. Typically business owners don’t have enough business experience and find it difficult to obtain loans from mainstream banks and lenders in Australia.
The Australian Lending Centre have dealt with many successful start-ups, many of whom are now household names. New business owners are faced with a multitude of challenges and cashflow is probably the biggest, followed by tax debt management. Our criteria makes it a lot simpler for new businesses to get a bad credit business loan. Our specialist loan consultants are start-up savvy, unlike traditional banks. We don’t require a business plan or a credit check for our pre-approval.
Our primary focus is on potentially successful new businesses that the banks have turned down. Our belief is that these start-up businesses deserve a fair go. Apply for a bad credit business loan with Australian Lending Centre today so you have the funding you need to launch, with flexible repayment options and competitive interest.
What Is A Business Debt Consolidation Loan?
Yes, whether you want secured or unsecured business loan we aim to find the right fit for your needs. No matter how many debts you’re facing, if you you want to consolidate business debts, we got you covered with our tailored consolidation business loans suitable for your financial situation.
What is the easiest business loan to get?
Applying for a bad credit business loan with Australian Lending Centre is a fast and simple process. Our application form takes less than a minute to fill out. One of our specialist loan consultants with then call for a quick chat to finalise the application often in as little as 24 – 48 hours. Our loan repayments are custom-made with repayments to suit your cash flow cycle.