At Max Funding, we understand that many people just like you are in need of funding but are declined by the banks, and we would like to help business with bad credit. That’s why we have designed our criteria to ensure each client is treated equally whether your credit history is good or bad. Remember, there is no credit check for pre-approval, so your credit score will not be affected at all.
Pre-approval is almost a guaranteed approval (Verification to be completed)
We understand that running a business is not an easy task and the business’ operations are not always smooth sailing. It’s commonly known that business owners tend to have more delinquent entries in their credit file compared to non-business owners, and there could have been uncontrollable events in the past which could lead to a business having less than perfect credit.
If you’ve been previously discharged from bankruptcy or a debt agreement, or perhaps you’ve had a few defaults and court judgements, or maybe even some missed payments with your financial commitments. Then your credit has likely taken a hit and you may have bad credit.
Getting a loan is sometimes necessary to keep the business running, but the dilemma of having bad credit would make it difficult to borrow from the traditional banks (compare with private financial institutions), which would in turn cause the business to suffer. Many small Australian business owners go through this struggle and they sometimes can feel hopeless, which is why Max Funding offers a solution to this problem with our Bad Credit Business Loans.
If you want to start a business, but have a poor or non-existent credit history, you might wonder what options you have, there is a guide to bad credit business loans.
Here at Max Funding, we still welcome applicants that have a bad credit history, and we have catered our loan criteria to try and consider each applicant’s circumstances as a whole. We also understand that our clients may be sensitive about credit checks being added on their file, which is why our application process avoids unnecessary credit checks when providing a pre-approval. On top of this, our account managers will also personally look after your application and offer options and alternatives to maximise your loan eligibility.
Situation: Peter has credit defaulted for $17,000
Solution: Max Funding were able to see his business was performing quite well with stable income and he was able to provide good assets which were enough to support the loan approval.
Situation: Megan discharged from a part 9 debt agreement last June, and was unable to meet the criteria for an approval by herself.
Solution: Max Funding offered her the option of doing a joint application in order to strengthen her case. With Megan and her business partner on the application, they were meet the criteria and were approved for a loan.
Banks have been known to decline business borrowers due to bad credit records. We understand a lot of these situations are due to unpaid invoices, court litigations or many other reasons, and they are not under your control. Our friendly business specialists are trained to assist clients just like you. We take time to understand your circumstances and offer a funding solution that fits your business needs, whether you are a start-up, seek short-term or a long-time funding solution for your business.
There are a variety of reasons that your business could be rejected for a business loan – and bad credit is certainly at the top of this list. Perhaps the business has gone through bankruptcy in the past, or maybe it has missed or been late on previous payments to creditors or vendors. If issues like these are showing up on your company’s credit history, banks will be wary of lending you money.
In some cases, the problem may be as simple as a lack of credit. If the company is a start-up and its operators don’t have a credit history of their own, lenders will essentially look at the enterprise as an unknown entity. With so many organisations applying for loans, they’re going to have a difficult time justifying providing funds to yours.
But at Max Funding, we believe that every business should have an opportunity to thrive. We examine each application on a case-by-case basis, as we’re eager to provide business loans to our clients with bad credit when we believe that they have a strong chance of succeeding.
If you feel that lenders have not given your organisation a chance it deserves, it’s time to turn to Max Funding. You can apply for a bad credit business account right here on our website and receive the capital you need to keep your operations running smoothly.
There are a few ways to improve your credit rating. The first one is the simplest. You should pay your debt on time. This means if you have a credit card and have used it to buy something, then you must pay back the entire amount back to the bank within the due time. In this way, there is no negative impact on your credit rating. Moreover, any debt which is still unpaid or any loan which you have taken from the bank should be repaid as soon as possible. All these points are indicative of your credit history.
If you become aware of any errors in your credit report, then you should rectify it as soon as possible. It is not an easy task and that is why you should seek help from mortgage companies. These companies have the necessary experience in the field and can easily work to rectify any mistakes in your credit history. Another thing that affects your credit history positively is not closing any bank accounts. If you close your account which has some withholding amount to be repaid or abruptly close many accounts, then it would also affect your credit ratings.
If you are a business holder and are going through a rough patch then a lot of people file for bankruptcy. This helps them in the short term, but in the long run, this completely messes with your credit score. So, if you are going through rainy days with regard to your business, try your best to avoid calling for bankruptcy. This would ensure that you do not have any problem in filing for and approval of new loans. These are some of the ways in which you can improve your credit rating.
To apply for a business loan with a bad credit record, simply fill out our pre-approval form and enter the loan amount desired and select for what purpose the loan is intended to be used for.
For more information, head over to our How To Apply page to see just how simple the whole process is.
Shortly after applying for a business loan with bad credit, the team at Max Funding will give you a near-instant decision as to whether your loan application was successful or not.
If your loan application passes our easy-to-be-eligible criteria, once the verification is completed successfully and the contract is signed, the funds will be transferred to your account as fast as 24 hours.
Unlike traditional banks, Max Funding is not bound by the rigid constraints of mainstream lenders, and tailors its services to businesses of all types. Max Funding believes in second chances and is willing to provide funding to businesses even if they have a poor or non-existent credit history.