How to acquire small business loan without a credit history
Small business loans have been designed to help entrepreneurs thrive. With lower interest rates and fixed monthly repayments they can sound a bit too good to be true. If you don’t have credit history, they could be. Here’s how you can finance your small business with no credit.
In recent years, sites like Kickstarter and GoFundMe have become a tangible way to raise funds. They work by offering a multitude of potential investors a product or reward for funding your project. Virtual reality manufacturer Oculus Rift are one of many brands to be successful using crowdfunding and maybe yours could be too.
Bad credit loans
Bad credit loans are there for people or businesses who have a poor credit score. Whereas applicants may have failed to secure funding via other alternatives, lenders may be willing to back you if you’re willing to pay more to cover the extra risk. If you’re interested in securing a bad credit loan you can apply using our intuitive online form.
Business credit card
There are business credit cards available with 0% APR. These can be great when you’re starting a new business. You can put the money towards apparatus, supplies or anything else needed to get your business up and running. However, it’s important you note the date the introductory rate expires. If you can’t pay back the money owed on time, you may find yourself with extra costs that you didn’t have in your original business plan.
Start building your credit history
We’ve already mentioned that there are many viable ways of gaining funding for your small business. Examples like, bad credit loans to crowdfunding, however there’s no harm in building your business credit. If you need help securing a loan, or just want to explore your options, get in touch with Loanbird using our three step process. We’re here to help you and your small business thrive.