The good and bad phases are part and parcel of your business activities. Do not worry if you have unfortunately earned a bad credit score during some tight business situations. As a sole proprietor of your business, you have many things to take care of.
A small business is usually restrained by limited resources. This may sometime result in bad credit situations as well. Suppose, you get a big order but you do not have enough resources to make a commitment. What will you do in such circumstances? You do not have any chance of getting loan from a high street bank because of your spoiled credit record. Would you let the order go out of your hands? If you do this, your business capabilities would be doubted in the market. The best way would be to apply for bad credit loans and go ahead with the order.
There is a big sub-prime loan market in the UK. It comprises of many lenders who specially deal with bad credit cases. No doubt, bad credit is a negative remark on your credit report. But, it does not mean that lenders won't entertain you. They will but at higher interest rates. If you are a businessman in need of money, you can opt for bad credit loans.
Bad credit loans can become easy to get if you are ready to put your home as security. With lender getting an assurance in the form of your home, the task may become relatively easy. Usually, bad credit situations take place due to adverse judgments rendered by the County Courts against you, default in loan installments, arrears and bankruptcy. Credit reference agencies like Experian and Equifax keep record of every transaction that gives rise to bad credit situation. So, your credit report will show any default or judgment rendered against you. Bad credit loans can be unsecured also. But, these loans are very hard to get. Very few lenders would be willing to assume so much risk.
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