Business Loans For Bad Credit
Alternative finance for small businesses with poor credit scores
A poor credit score shouldn't stop your small business from securing funding through our alternative, unsecured cash advances.
Learn more about how 365 Business Finance can help grow your business
A new directive by financial regulators states that affordability is now a better indicator of the fiscal positioning of a business, and that credit checks and the information provided by credit reference agencies although important are not truly representative. UK businesses with poor credit history may now be eligible for funding from certain finance providers. Many SMEs have attempted to get a loan with bad credit and the number of providers in the market offering bad credit finance to businesses has been limited, up until now.
In this new environment, if a business can demonstrate strong turnover and robust efficiency over a more immediate period they may still be able to source a loan alternative, even with poor credit. In fact business owners in the UK with bad credit, who have been refused credit in the past because they have a low credit score, are now enjoying the benefits of unsecured business loan alternatives to fund growth and expansion.
A merchant cash advance is the ideal funding alternative for businesses researching how to get a business loan when they have a poor credit history. As it is probably one of the best loan alternatives for businesses with bad Credit. Business cash advance providers consider recent debit and credit card transactions when determining the worthiness of an applicant, and therefore this type of solution is one of the best loans for bad credit, though it is technically an advance and not a loan.
If a business has been trading for more than six months and is doing sales through a terminal, unsecured finance is available to them via a business cash advance; the fact that they may have a low credit score, will not necessarily negatively impact the application. Unsecured loans for bad credit are now a reality for business owners.
With a business cash advance any business that transacts through a debit or credit card terminal and that has been trading for longer than six months is eligible. Even a business with a low credit score can apply for business funding and could receive between £5000 and £200,000, with over 90% of all applications being approved, with no security or business plans required to progress the application.
At a time when financial decisions need to be made quickly and financial challenges are increasing, bad credit business loans in the UK are even more important and a product that offers flexible repayments based on credit and debit card sales is a real alternative for those looking for bad credit finance.
The application process is simple online and takes minutes to complete. In most cases an approval notification is shared with the applicant within 24 hours and after a few further checks, a lump sum is deposited directly into the business owner’s bank account.
Due to its flexibility and the fact that the advance repayments mirror the terminal transactions of the business, managing cash flow is now much easier for a business that has bad credit, as when sales are up repayments are higher but when sales are slow, repayments decrease, making this finance solution one of the best loan alternatives for bad credit.
Businesses in the UK looking for an organization that provides bad credit finance, can now enjoy the same quality of service as businesses with good credit. Dedicated Finance advisors looking after the account helping with growth and planning along with clear transparent pricing are now a reality for businesses looking for unsecured loans with bad credit.
Do I Qualify?
Qualification for our business cash advances is simple: Contact our customer services team to see if you are eligible.
- In business for at least 12 months
- Average monthly credit and debit card turnover of at least £5,000