Are there any lenders taking bad credit businesses with guaranteed approval in Australia?
There are a lot of bad credit businesses in Australia that direly need a quick intake of funds. Banks are irrelevant, or perhaps have been irrelevant for a long time, and these business owners are looking for an unsecured business loan from a private lender.
This is not a requirement which is specific to any particular industry or region in Australia. If you look at our business loan industry research you will see that many of the businesses who use the Lending Express financing platform (of which many of are less-than-perfect-credit business) come from all ways of life.
Are there any lenders who would take on any business, regardless of its credit score?
The short answer is no.
There are no bad credit score business loans with guaranteed approval. There aren’t lenders who are in the business of financing to just accept anyone off the street, and provide his company with financing irregardless of whether they believe the debt will be repaid in the future.
The longer answer is that there are plenty of lenders who are happy to take on bad credit businesses, but they won’t take just “any business”. They will inspect other aspects of the business and rely heavily on the average income, while minimizing their risk and make only a small loan of approximately one month of revenue.
We have created a nifty calculator for you to check how likely are you to get the loan you require:
SME Loan Calculator (Click to Close)
What’s the catch?
There isn’t a catch, per se, but there is a downside in comparison to bank loans or to loans that would have been provided to your business if you had an immaculate credit score. It will be costlier, and it could be really costly. This form of finance is a quick cash injection destined to bridge over an unexpected cash gap, and it should be repaid as quickly as possible. Choosing the right lender, or using platforms that submit your quote to multiple lenders, can be another way of improving your chances of being approved as well as receiving multiple quotes to choose from.