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.
Wait, so should I seek a bad credit business loan that will accept me?
That question is really specific to your business. I cannot legally provide any financial advice, and even someone who could would not be able to give you a definite “yes” or “no” without understanding the ins and outs of your business.
Here are some guidelines to follow in order to make a decision whether you should be a looking for a bad credit business loan at all.
- Do you have any alternatives? Probably not, else you would not have typed “small business loans guaranteed approval” on Google.
- Are you able to repay? If you are not sure whether you could repay you loan, you should do it.
- Are you able to repay in a reasonable period of time? as bad credit business loans levy incredibly high fees, dragging on a bad credit high interest business loan for prolonged periods will be very costly and could very well be the demise of your business.
- Do you have a specific need for the advance you’re considering? Are you actually going to improve any aspect of your business by taking this loan?
These are some of the considerations but sorry, that’s all we can provide at this point.
I discovered a lender that is willing to provide a bad credit cash advance to any business.
There are predatory lenders out there on the market who are willing to take everyone and anyone. In fact these lenders won’t even care if you are a business owner or an individual, as their main business is consumer credit, or in other words bad credit loans for individuals, the riskiest and shadiest domain within financing.
These predatory lenders not only don’t care about securities or the state of your business; in fact they would be happy if you fail to pay your business cash advance, or personal cash advance, on time. With an annualized interest rate of 3-figures or more, the more your repayment is delayed, the more they earn. They have very good collection agencies that will make sure whatever money you are able to produce will go back to them, and if your business is struggling you may end up paying them for years and years to come without ever managing to repay the original loan amount.