Money is the driving factor of every business. Lack of cash flow can result in huge losses. A businessman can easily avail loan if he is having a good credit status. But what to do if a businessman is having a bad credit status? The answer is simple, avail bad credit small business loans. Yes, you heard it right. Lenders have introduced bad credit small business loans to provide monetary assistance to businessmen having bad credit history.
This loan is meant for people suffering from bad credit history due to arrears, defaults, CCJ, IVA, bankruptcy etc. These are available in both the traditional formats that are secured and unsecured. While secured bad credit business loans can be availed by placing collateral with the lender, unsecured ones can be availed without placing any security against the loan amount.
Amount and interest
The amount that can be borrowed with such loans depends upon various factors such as value of collateral, credit history of the borrower, repayment ability etc. The loan amount that can be availed with secured form of these loans ranges from £ 5000 to £ 75000 with repayment duration of 5 - 25 years. They carry very low interest rate because lenders have the security of their money in the form of collateral. Amount that can be borrowed with unsecured bad credit business loans ranges from £ 1000 - £ 25000, the repayment duration being up to 10 years. These loans carry slightly higher interest rate because of the risk factor involved.
There are no limitations as to the usage of bad credit business loans is concerned. You can use it to start a new venture, invest in your current business, and buy equipments, for paying business related debts and so on.
There are various banks, lending firms and financial institutions that offer bad credit business loans. To apply you can either visit lenders personally or you can also apply via online method.
With bad credit business loans businessmen can maintain regular cash flow in their ventures. Also they can get rid of bad credit status by paying of the loan installments on due time. Internet is a convenient medium to attain these loans.
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