Bad credit business loans


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Bad credit business loans

Applying for business loans and being knocked back on the basis of a bad credit score can be incredibly frustrating.  Often because the lender you’ve approached sometimes won’t even tell you this is the reason. A bad credit rating could be associated with your personal credit check or with a business credit check.

There’s a couple of really important points to understand about what’s really going on behind the scenes, if this is happening to you. First with the vast majority of lenders, anytime you apply for a loan they automatically do a credit check on you. This generates what’s called your credit history, and it gives them what’s known as a ‘credit rating’, or ‘credit score’ for you. They do this because due to type of lending they offer—unsecured loans—they do have to do a risk assessment on you. Secondly, and most people have no idea about this, every time another credit check is done on you it can adversely affect your credit rating, and thus your ability to get a loan approved. Not only do credit checks reduce your credit rating when loan assessors are looking at a loan they will also see a list of all the other companies you have applied through and it’s a huge red flag.

Think of it like a boxer in a fight. You and your business are the boxer and the credit rating system is your opponent. Well, every time you apply for a loan, and get another bad credit score, it’s like another punch being landed. After enough punches, you’re out for the financial count, and can’t get a loan with anybody!

You’d also be surprised how easily you can attract a bad credit rating, and how it can stick to you like glue. It might be some missed payments on a car loan, or literally any number of a thousand purchases you’ve made involving credit over the years.

You could have a thriving healthy business, that will be able to pay back a loan no trouble at all. But unfortunately, the credit check is being done on you as an individual, not on your business.

So, the first piece of advice we’d give you is: if you have applied for a loan with BizLoansFast, or are thinking of applying with us, don’t apply with anyone else.

Now, the reason we don’t have to do a credit check on application is because we’re not assessing your ability to pay back an unsecured loan. We only offer secured loans. And we only secure loans against real estate that you own. And as part of the approval process, we also make sure there’s an exit strategy in place to pay off the loan. That is either a refinancing option, the sale of an asset, or a major cash flow event in your business. If we do a credit check on you it will only be to verify your identity when you are a long way through the loan process with us and things are moving along well. A bad credit rating will not impact your ability to get a business loan with us.

Want some more good news? Apart from worrying about your credit history, there’s also a bunch of other paperwork that other lenders ask for that we don’t. So with BizLoansFast you’re not going to have to provide your business financials, or profit and loss statements, or tax returns, or valuations of your business.

Not having to round up and supply endless documentation is also the reason we can often have your business loan approved, and funds in your account often within 24 hours. So if you’re sick of getting knocked back because of a bad credit history, and you need funds fast to grow your business or deal with an immediate funding crisis—we think we are your best option.

That why we’re called BizLoansFast, it’s because of our legendary fast service, we get things done efficiently and quickly. We get funds into your account, and you back in the game.

Ok, so we don’t need a mountain of paper work, and we don’t care if you have a less than perfect credit history. But what do we actually need to get your loan approval process started?

Those four things are literally all we need you to do, that’s it.

We hope this article has made you feel more positive about getting approved for a loan, even if you been rejected by other lenders previously. If you’d like to get started on an application, or just get more information on what we’re about, feel free to contact us now and chat with one of our friendly, and informed team members, and remember, at BizLoansFast, it’s our pleasure to serve you—and we are here for you every step of the way supporting you in your business life.

Same Day Fast Approval!

Loans up to $5,000,000

Frequently Asked Questions

What do you need to consider when looking for a business loan?

The speed with which a loan will be approved, and funds deposited into your account. BizLoansFast can complete this process in 24 hours.

How much documentation will you have to provide and what will be the cost of sourcing it? Paying valuers to conduct costly valuations on your business and having your accountant generate and collate numerous financial statements, cash flow history reports, and asset and liability statements just to apply for a loan is costly and inefficient. All BizLoansFast needs is a rates notice, a recent mortgage statement, your ID, and our 60 second on-line application filled out and we get to work approving your loan.

Traditional bank Loans vs Online business loans

With bank loans you can often be looking at lengthy approval and loan processing times. They make it clear from the outset you will be operating on their timeframes, not them reacting to your needs. They often request an onerous amount of documentation? They snail mail contracts back to you, taking 2-3 days? They send cheques or deposit funds via internet transfers that take time to clear? Banks were born centuries ago and some still operate like they’re still there!

With an online business loan from BizLoansFast approval letters on loans are issued in 2 hours via email! Once accepted we issue loan contracts in 4 hours! No property or business valuations, no tax returns, no financial records required from you. Once approved your funds are transferred to your account immediately! Our whole process takes 24 hours from start to finish, and our consultants keep you, informed at every moment of the process—we’re here for you—not the other way around!

Simplifying the business loan application process

At BizLoansFast we think we’ve made our loan application the simplest and easiest to complete in the industry. Because we only secure your business loan against real estate you already own and you don’t make any payments on the principal loan amount during the term of the loan, we don’t need multiple statements and records regarding your business. We understand that what you need to focus your time on is your business and not completing lengthy loan applications.

Literally all you need to get a BizLoansFast loan application underway is to either call us on 1300 852 150 or:

Fast business options to meet quick business needs

In business, speed and efficiency can be everything. Often business owners need to pivot, be nimble and act decisively. Sometimes this means having medium to large amounts of funding at your fingertips to take advantage of a commercial opportunity or avert a cash crisis.

Super-fast service understandably comes at a premium, and at BizLoansFast we recognize you are coming to us for a time effective solution, not just a rate.  We have a variety of loan structures to suit your needs. Whether it be a short term business loan, (also known as a caveat or bridging loan) or a fast second mortgage loan. Our team will react to your application and can pre-approve funding in 2 hours, we can email loan contracts in 4 hours, and have funds in your account RTGS payment instantly. We’ve built our reputation on efficiency and speed of service and will find you a solution to meet your timeframe.

Hide and seek with hidden fees

At BizLoansFast our upfront fees are low, and we are transparent in disclosing them. We are not here to waste your time promising you the world as some other lenders do, and then request high fees be transferred to their account before they fund your loan. You should be extremely wary of any lender requesting this, as the costs of processing a loan application just do not warrant it.

Any fees associated with your loan are clearly shown in simple language and you will know exactly what they will be.

BizLoansFast is a founding member of A.S.T.L.A the Australian Short Term Lenders Association and adhere strictly to fee disclosure charters we helped draw up. When borrowing money short term, we advise you only deal with an accredited member of A.S.T.L.A.


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