How to Find an Unsecured Business Loan with Bad Credit
Having something against which you can secure your business loan is useful, certainly, but despite what some lenders might lead you to believe it isn't essential – even if you have a poor credit rating. There are lots of ways to find an unsecured business loan even after your business is up and running, and we've put together this quick and handy guide to a few of the best. If your credit rating has suffered, you might find this a little more difficult than might otherwise be the case – but don’t give up.
• Some banks actually prefer offering unsecured loans to businesses, and almost all have an unsecured loan service. Have a good look through their website and see what you can turn up, though be prepared to accept that your credit rating may make it a little harder.
• Funding Circle and other websites like it are good ways of meeting real investors who want to get involved with your business, and some of them don’t perform credit checks at all. Borrowing this way is fast, simple and personalized – you’ll be working with real people rather than faceless corporations.
• If you need money fast and you’re absolutely certain you can pay it back in time, you might want to look into a payday lender – online moneylenders that are almost designed for people with a poor credit rating. Their APR tends to be enormous, but for a quick fix they can be a godsend. Just make sure you don’t get caught out, as if you end up borrowing repeatedly the repayments become crippling fast. There are also some that specialize in lending to businesses rather than to individuals.
• If your loan is intended to help you launch a new product or service, don’t assume that you can’t use crowd funding just because you’re already established – plenty of existing companies use Kickstarter, Indiegogo or Crowdcube to add something to their repertoire that they can’t afford immediately but know their customers will love. This can also be a great way of expanding your customer base and “going viral”, and never involves a credit check of any sort. If you need help with small business loan for bad credit, visit our site today.
• Some banks actually prefer offering unsecured loans to businesses, and almost all have an unsecured loan service. Have a good look through their website and see what you can turn up, though be prepared to accept that your credit rating may make it a little harder.
• Funding Circle and other websites like it are good ways of meeting real investors who want to get involved with your business, and some of them don’t perform credit checks at all. Borrowing this way is fast, simple and personalized – you’ll be working with real people rather than faceless corporations.
• If you need money fast and you’re absolutely certain you can pay it back in time, you might want to look into a payday lender – online moneylenders that are almost designed for people with a poor credit rating. Their APR tends to be enormous, but for a quick fix they can be a godsend. Just make sure you don’t get caught out, as if you end up borrowing repeatedly the repayments become crippling fast. There are also some that specialize in lending to businesses rather than to individuals.
• If your loan is intended to help you launch a new product or service, don’t assume that you can’t use crowd funding just because you’re already established – plenty of existing companies use Kickstarter, Indiegogo or Crowdcube to add something to their repertoire that they can’t afford immediately but know their customers will love. This can also be a great way of expanding your customer base and “going viral”, and never involves a credit check of any sort. If you need help with small business loan for bad credit, visit our site today.