Instant Business Loans for People with a History of Bad Credit
Running a business is not an easy task as the company operations are not always smooth sailing. At HomeSec, we understand many business owners like you might need immediate funding but get declined by financial institutions like banks. But at HomeSec, we even approve funding if you have bad credit as your credit score is irrelevant to us. That is why we have created the eligibility criteria that every borrower will get treated equally, irrespective of the fact that their credit history is clean or impaired. Since there will be no pre-approval checking for this type of loan, your credit record will also not get affected by this.
It is common for business credit files to have more enquiries compared to the non-business owners as they have greater amounts of money owed to different other companies and businesses. There might also be some incidents in the past which are recorded on a file which can result in a lower credit score. The bad credit score might be due to late payments, default judgments, default in loan payments, and missed payments to some financial commitments. But getting a business loan is sometimes required to keep the business performing. Many business owners go through the struggle and can experience stress trying to obtain finance. That is why HomeSec is always there to find a solution to the business owners’ funding problem with bad credit business loans.
How to apply for a Business Loan with a bad credit record
To apply for bad credit business loans, you have to fill out the pre-approval form and enter the desired loan amount. You have to select the purpose for which the loan is required and how the funds will be used. Shortly after we receive the borrower’s loan application, the team at HomeSec will provide you with the decision to allow you to know whether the application is accepted or rejected. If the application request matches our easy-to-pass-through eligibility criteria, we initiate the verification process. After that, the contract gets signed, and the funds get transferred to the owner’s account within 24 hours.
Unlike traditional funding from the bank, HomeSec does not apply strict restrictions of the mainstream lenders and offers customized services to all types of businesses. We always believe in second chances and are always willing to deliver the required funds to the business owners, even when they have a non-existent or poor credit history.
How to mend the credit history of a business?
It is significant for business owners to establish and repair business credit if they want to thrive and grow in a business. However, there are other ways in which business owners can enhance their credit score, which is as follows.
- Make on-time payments
- Keep a track record of your credit score
- Keep business and personal finance separate
- Talk to the lender if you have difficulty making the repayments.
What is the Interest rate for bad credit business loans from HomeSec?
The interest rate for the business loan with bad credit from HomeSec is as low as 1.50% per month, which is one of the lowest interest rates in Australia. Since the bad credit definition is quite subjective, the definition can change from lender to lender. If your business is currently in receivership or as a Director you are bankrupt, then HomeSec can only assist if these debts are paid from the loan proceeds. However, if you are already discharged from any debt agreement or bankruptcy, the eligibility criteria for the loan can be dependent on the business performance since the discharge date. If you also have a few defaults, these may need to be paid however they do not preclude you from getting a business loan with HomeSec.
Why HomeSec Business loans with bad credit are the best?
Banks always decline the borrowers due to the history of bad credit records. We understand that most of these circumstances are due to court litigations, unpaid invoices, and various other reasons which are usually not under their control. Our experienced and friendly finance specialists are trained to assist business owners just like you. We offer a solution suitable to the needs that fit the business demands, whether for the short or long term.
Speak to one of our lending experts today and find out if you are eligible for the loan.