BUSINESS LOANS EXPLAINED
Can my business borrow with bad credit?
Businesses need access to finance for many different reasons – to break into new markets, to invest in property or machinery, to smooth over cash flow issues or to help get through a difficult trading period. For some, this finance is vital for long-term survival and growth but getting hold of it when previous credit is an issue can be challenging.
As the owner of a small or medium sized enterprise the problem of poor credit can be compounded when many lenders look not only the credit history of the business but also your individual credit profile. If you have had issues with missed payments, defaults or CCJ’s then securing a loan from a mainstream lender can feel all but impossible.
At Tailored Money we enable business owners with bad credit to access the finance they need to grow. We take the time to understand your unique circumstances and recommend a range of funding solutions that could work for you.
The key to our approach is an open and honest dialogue with our customers. We ask you to be clear with us about the challenges that you face and we in turn do everything we can to source a business loan that’s going to be suitable and affordable for you. As with any credit agreement it’s important to understand and feel comfortable with the terms that have been offered. We assign a specialist loan broker to work on your behalf who will recommend a range of solutions and clearly set out the terms and conditions of each. We support businesses of all shapes and sizes including:
Limited Liability Partnerships
Private Limited Companies
Public Limited Companies
One of the main benefits of a business loan over a personal loan is that there are often more lending methods available for businesses. If you opt for a secure loan for example, some of our specialist lenders can look at assets other than your personal property to secure the loan against. This could include plant and machinery, company vehicles or even commercial property. There are also alternative finance methods available to you such as Invoice Factoring, which could be a suitable option if your business has a significant amount of debt owed to it in the form of unsettled invoices.
The most important thing to remember is that – whilst it may feel like your options are extremely limited – there are often more solutions available than you may think. Our specialist loan brokers routinely help businesses with bad credit issues including:
Previous winding orders
One simple way to get an idea of your eligibility for a business loan is to complete our quick and simple online approval tool. It asks you a range of straightforward questions about your credit history before providing you with an early indication of your likely eligibility. Click below to get started today.
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