Small Business Loans for Bad Credit
You can still raise funding even when your credit history is damaged. We can show you can fund your business plans.
GET A PERSONALISED QUOTE
Current Terms Available
- 1 to 60 months
- Secured loans
- Monthly rates starting from 0.35%
- Funding can be available quickly
Designed for your business
- Specialist lenders
- Adverse Credit – no problem
- Fast decisions possible
- Individual arrangements
- Funds for any business purpose
- Invoice funding
- Asset funding
If your business has faced financial problems in the past, it can mean you face real problems securing finance for the future.
If you’re a business owner suffering from a poor personal or business credit score, acquiring finance can become extremely challenging.
Lenders check your business and personal credit rating when you apply for a business loan. A poor credit rating, with County Court Judgments, Winding Up Orders and an underperforming business history will be a red flag for many lenders. If you’ve struggled to pay back a loan in the past, the lender will feel you’re more likely to do so again.
Traditionally, business loans were provided by banks, who have a rigid approach to lending. Fortunately, there are many new lenders who have joined the market and which can adopt a more flexible approach.
They can consider applications from your business, even if you have a less than perfect credit history.
The cost of your loan
Lenders make decisions based on the risk that they might not get their money back. The higher the risk, the higher the rate they charge, and if the risk is too high they won’t lend at all.
A poor credit history increases the risk, and the cost of borrowing.
There are ways to bring the costs back down. One answer is to offer security, something the lender can take if you default on payments. Security can be business assets such as your premises or machinery, or personal assets like your home. Lenders may insist on Secured Loans for borrowers with an imperfect credit history.
They may also require personal guarantees from you and your partners or co-directors. These are agreements that you will be responsible for making repayments if your business is unable to make them.
Why you need Rangewell to arrange the funds your small business needs
Arranging any type of business finance demands expertise. At Rangewell, we help all types of businesses find all types of funding, and we work across the whole UK lending sector.
Our expertise has helped us build working relationships with lenders who can offer funding for businesses with poor credit ratings.
We can work with you to understand the difficulties you have faced in the past, and use our expertise to help find lenders who will be most likely to offer you the funding you need now. We will help you make your application - giving you the best chance that you will be accepted for the funding you need.
REAL EXAMPLES OF WHAT WE CAN DO
Find a secured loan of £15,000 for a company that had only been in business for three months
Source an unsecured loan of £3500 loan to repair a lift for a local garage
Set up a secured loan for a business that was already in a Creditors Voluntary Agreement
Find a small business a loan at a rate 50% lower than its owner could source himself
Find an unsecured loan to help for a small dress shop buy in a new season’s stock
Call us to discuss the solution for bad credit
Our personal connections with lending decision makers can help us secure finance for businesses with adverse credit ratings in a number of sectors.
Of course, arranging this type of funding remains a challenge. To find out more about how we may be able to help, please contact us. We will discuss your circumstances, the kind of lending we may be able to help find, and the costs that lending may involve.
Our service is free and without obligation. If you have a funding need, please contact us.
Helping you build your profits
Specialist lending for bad credit ratingsSome specialist lenders can look past bad credit histories, and can advance funds based on your current business performance.
Easy applicationsMany lenders can accept online applications, with minimum paperwork.
Borrow for any purposeYou can borrow to invest in your business growth, or to deal with a short-term cashflow shortfall. At Rangewell we can help you find the right type of funding for your need.
FlexibleYour repayments can be fixed, so you can budget ahead - but many lenders accept early repayment, which can cut interest costs.
Rebuild your credit ratingTaking out and successfully repaying a business loan can help repair a damaged credit rating.
Fast decisionsArranging a loan can be done in hours. Some lenders can get money into your business account in the same business day that you apply.
Download Rangewell's free and detailed guide to borrowing with impaired credit
How getting the right funding must be part of your turnaround plans
What are the types of business lending – which do you need?
Why not all providers are equal – finding those that can help
How we can help you pay less
The downsides to finance – and how to avoid them
Making arrangements; What paperwork do you need?
Key terms explained
Applications may be more difficultYou may need lenders who specialise in distressed lending to understand your needs and provide suitable funding. The application process may take significantly longer, and require more supporting materials.
Your credit rating may be affectedYour personal, as well as your business credit rating may be further affected if you don’t keep up repayments on a business loan arranged for a recovery situation.
Costs may be highThe costs of lending arrangements may be substantially higher if your business is in a CVA or other arrangement.
Our service is...
ImpartialTransparent and independent, treating all lenders equally, finding the best deals.
In-depthEvery type of finance for every type of business from the entire market - over 300 lenders.
In-personSpecialist Finance Experts support you every step of the way.
FreeWe make no charge of any kind when we help you find the loan you need.