Business loans for Entrepreneurs with Bad Credit History
At FundSpot, we get it: Late payments can mess with your credit. Unlike banks, we’re here to help you access funds when you need them. Share your story with us before credit check for a quick indicative response on your application’s success rate.
Bad Credit Consider
Regain Credit Worthiness
Scenario Focus
How to improve your credit rating?
Take Charge
Debts aren’t all bad, especially in business where they can be leveraged into profits. But when debt spirals out of control, it impacts everything. Prevention is key—pay debts on time or early, especially credit cards. Don’t fall into the trap of paying just the minimum, as debt can quickly snowball. Manage debt wisely and seek help from an accountant if needed.
Fix Mistakes
Regularly check your credit report for accuracy. If you spot errors, contact relevant companies immediately to rectify them. While lenders can’t remove inquiries, they can correct inaccuracies like debt status, types or amounts.
Avoid Bankruptcy
Many mistakenly think bankruptcy offers a fresh start, but it can have lasting consequences. It closes off funding for 5-7 years, limits job options, and even affects travel plans. Bankruptcy stays on public records for life, impacting your ability to run a business or trade. Consider the real impact and seek professional advice before proceeding. For more information, visit the government website here.
Bad Credit Business Loans - Fact Sheet
| Best suitable For |
|
|---|---|
| Settlement Time* | As quickly as 24 hours subject to scenario complications |
| Loan Term | Up to 36 months with Extension Option |
| Repayment structure |
|
| Loan Amount | From $3000 |
| Asset Eligibility Criteria |
|
| Dedicated Business Manager | Yes |
| Interest Rate | Subject to your business presented scenario |
*Turnaround time is indicative only and after signed loan contract is received. Fund transfer is subject to fund availability and settlement condition satisfied.
Not Sure Which Loan?
Not sure which loan product and features are best for you? Use our comparison
table. Otherwise, reach out to us.
We’re happy to help!
FAQs about Bad Credit Business Loans
Bad credit business loan can be used to repay all business-related expenses and debt. This includes supplies, outstanding invoices, commercial insurance, business loans and business credit cards.
Unfortunately, business loan can only be used to repay business-related debt. The contractual debt must be addressed to the company or the business. FundSpot does not specialize in personal loan and is not licensed to provide any information about personal debt, please contact other financial institutions for assistance.
The definition of bad credit can be quite subjective and the meaning changes depending on the definer. Be sure to discuss with our Business Manager to find out about eligibility. Unfortunately, if you are currently under bankruptcy or public debit agreement, we will not be able to help.
Unlike traditional banks, FundSpot is not bound by the rigid constraints of mainstream lenders, and tailors its services to businesses of all types. FundSpot believes in second chances and is willing to provide funding to businesses even if they have a poor or non-existent credit history.
To apply, simply fill out our application form and ensure to be transparent about your current credit situation for a seamless process. You are always welcome to contact our Business Manager for a quick discussion before submitting any application.
If you currently have a poor credit score, the best way to repair it is to stop it from deteriorating; and overtime your score will improve. This includes making payments on time with existing debt, keeping track of your credit records, arrange payment pla