Poor credit history is a state, which in the past may have broken your probability of getting a loan
. Nevertheless, now the time has changed and so there are chances that you may get a loan with your adverse credit history. May be you need money for your business purpose but you are suffering from bad credit score then bad credit business loans can be best option for you.
Poor credit history is a condition that a person finds himself in, when he didnt paid his past dues in their earlier loans. This makes adverse credit history. But with these loans you get the chance to get the help for your business and also by repaying timely you can make your credit record good. These loans can be used for any reason like expending business, buying machinery or equipment, paying of business debts or for infrastructure etc.
To apply for a bad credit business loan, you must accomplish the basic criteria; like you should be a UK citizen with at least 18 years of age and should have some income on his part as well. The amount which you get depends upon your repayment ability. These loans can be availed in two forms secured and unsecured forms. Secured form of loans demand any thing for security from the borrowers and the money which you can get is ranging from 5000 to 25000 and you can repay the money within the time period of 2 to 25 years.
When it comes to unsecured form of loans then these loans are risk free for the borrowers. There is no need to put any thing as collateral. But the money will be less from secured form and that will be 1000 to 10000 and you can repay it back within the time period of 6 months to 10 years and also interest rate will be higher in this form of loans. Its easy to apply for these loans as lenders have online procedure which takes few minutes to fill out the form.