Private (non-bank) bad credit business loan options
If you have a bad (or even an average) credit score, a private business loan may be your only option. Private loans are a legal and fast-growing sector of the Australian lending market. They are ideal for borrowers who can’t meet the strict lending criteria of mainstream lenders, such as having a good credit score. They are provided by private (non-bank) lenders.
How to get a business loan with bad credit
If you’re looking to start-up a business or you need funds to grow, a private loan could be the answer. Private lenders tend to think outside the box and evaluate business opportunities on their merits, not on your credit history.
They also understand that:
- Businesses often need quick and hassle-free finance to capitalise on opportunities.
- Your bad credit score may be the result of your customers not paying you on time. This is a common problem for small to medium-sized businesses in Australia.
- Your credit score may have been affected by uncontrollable events like the COVID-19 business restrictions.
- Your cash flow may fluctuate due to the seasonal nature of your business.