Accessing financing when you need it to grow your business can be difficult especially if you have bad credit as you are likely to be turned down by most traditional lenders who are risk-averse.
However, there are some lenders who provide loans and financing to businesses that pose higher risks. These financial solutions can be more expensive due to the risks involved and therefore there are fewer options available.
Below we looked at financial service providers that provide loans to businesses with bad credit. However, be aware that many will need some sort of additional security (eg, that you own your own home).
365 Business Finance
Some of the features and benefits of 365 Business Finance Bad Credit Loans.
- Offers loans to many businesses that traditional lenders just won’t
- Cash advance service
- Pay off as your business earns
- Simple and fast application process
- Loans from £5,000 to £200,000
- There are no fixed or reimbursement terms
- Flexible payments
- It does not require any security or business plan
- On the basis of one all-inclusive cost
- Dedicated Relationship Managers
365 Business Finance is a financial provider offering merchant cash advance products to small and medium sized businesses in the UK. The cash advance service allows businesses to borrow money and pay it back with a percentage of their card transactions, which means payments are really flexible and will reflect your business income.
365 Business Finance’s cash advance product features a simple and quick application process for loans that can range from £5,000 to £200,000. Their loans have no terms or fixed repayment amounts as they are paid at the rate at which your business earns income which is why they are so keen to help your business grow.
365 Business Finance website
Aspire
Some of the Features and Benefits of Aspire Business Loans for Bad Credit.
- It offers a variety of financing options and loans for bad credit
- Suitable for any credit type and situation
- Trade for a minimum of 6 months
- Transparent with all costs and conditions explained
- Competitive payment rates
- We specialize in supporting small and start-up projects
- Loans from £5,000 to £300,000
- Repayment terms from 1 to 5 years
- Quick and simple process
- Same day decisions
Aspire is a business loan company focused on providing loans to most businesses that have been trading for more than 6 months and offers loans suitable for any type or credit situation. They will consider all circumstances unlike many traditional lenders.
Aspire Loans are suitable for those with bad credit, and they offer loans ranging from £5,000 to £300,000 for periods of 1 year to 5 years. They claim to have transparent pricing and clear terms so there are no surprises and they claim to have competitive payment rates. They offer a quick and simple loan process with same day decisions.
Aspire website
Fair Finance
Some of the features and benefits of Fair Finance Business Loans for Bad Credit.
- Loans available for those with negative credit
- Designed for small businesses
- Borrow from £10,000 to £30,000
- Terms from 6 months to 36 months
- Simple and fast online application
- Transparent costs
- There are no early settlement fees
- Available to a variety of companies
- A social company that reinvests its profits
- Loan decisions are made by humans, not scoring systems
Fair Finance is a social lending organization that reinvests its profits for the benefit of its members to give everyone a fair chance to get a loan. They offer a variety of financial products designed to help financially excluded people and businesses, including women.
Fair Finance Corporate Loans are available to a variety of small businesses in need of a loan from £10,000 to £30,000 for periods from 6 months to 36 months. They offer loans that they claim are transparent with no hidden fees and no early repayment costs. Their website provides a simple process and quick online quotes and decisions made by people, not cults.
ClearFunder
Some of the features and benefits of ClearFunder Loans:
- Loans taking into account all conditions
- Designed for small and medium sized businesses
- Loans from £10,000 to £100,000
- Payment terms from 6 to 12 months
- Flexible terms
- Competitive prices
- Available to a variety of companies
- Any loan purpose
- A quick and simple financing solution
- Provides instant online quotation
ClearFunder is an alternative financing solutions provider that provides business loans suitable for small and medium-sized businesses. They offer loans to a wide range of business types for any loan purpose. Their website features an online quote tool that offers instant quotes.
ClearFunder Business Loans are available for amounts from £10,000 to £100,000 for periods of 6 months to 12 months. They claim that their business loans have flexible terms and that they offer competitive rates on their loans that can be easily set up and quickly arranged with affordable repayments. They offer dedicated support to help you through the life of the loan.
ClearFunder website
CubeFounder
Some of the features and benefits of bad credit Cubefunder loans:
- Make loans for a variety of bad credit reasons
- Missed payments
- The religion of monotheism
- Bad credit
- It operates on a responsible lending policy
- Available to businesses of all types
- Comprehensive view
- Unsecured loans
- It does not charge higher interest or large late fees
- You didn’t leave a mark on your credit history
Cubefunder is an alternative financing provider that offers a range of bad credit business loans to those with missed payment history, need to consolidate their debts and those with bad credit ratings. They state that they provide responsible lending to a wide range of business types and don’t exclude anyone.
Cubefunder bad credit business loans are designed to be business friendly loans and do not require you to put up assets or provide a loan guarantor as they offer unsecured loans. They also undertake not to impose severe penalties on you if you are unable to make a payment with a higher interest or a large late payment fee.