Be in control
Debts are not all bad, which it is particularly true when running a business where liabilities are often leverage into profits. However when debt is out of control, it starts to negatively affect everything else. Prevention is always the best solution to all problems. This means pay your debt on time or pay them off early if you can especially with credit cards because balance always tends to go up instead of going down. Many falls into the trap of paying the minimum amount rather than paying off the balance, which means the debt can easily go wild and rollover into a much larger amount that you would rather turn a blind eye on it and pretend it never happen. Manage your debt well and consult with an accountant if help is needed.
It is always best to obtain a copy of your credit report regularly to ensure all reported data are accurate. If you believe there are any error listed, you should get contacted with the relevant companies immediately and investigate into rectifying them. Although lenders are unable to remove an enquiry if you have genuinely submitted an application, they would be able to amend error such as any the type of debt or the amount enquired..
Many falsely believe that by entering into bankruptcy, they will be able to start fresh. This short sighted action can have a unreversible damage in the long run. Not only will access to funding to be closed to impossible for at least 5-7 years, and limits your future employment options; and believe it or not, but it also impacts your holiday plan in foreign countries. Even if the bankruptcy status disappears from the credit report, it will remain for life in the public record of National Personal Insolvency Index. As an entrepreneur, you may not be able to appoint as a director of a company or allow to be trading even as a sole trader. It is important to be consider the real impact and speak to a professional before entering into bankruptcy. For more information, visit the government website here.
|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|| |
|Indicative Loan Amount||from $3,000|
|Asset Eligibility Criteria|| |
|Dedicated Account Manager||Yes|
|Interest Rate|| |
Our interest rate is as low as 1.50% per month.
We are very confident that our rate is one of the lowest in the market, if you do find a lower rate, let us know, we will try to beat it.
|Save Interest|| |
*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 product and features are best for you? Use our comparison
table. Otherwise, reach out to us. We’re happy to help!
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