Bad Credit Business Loans - A Risk Free Endeavor
Business is a full of risks
Business is a full of risks. Finances play a major part in any business activity. Upswing and downswing in any business is a common occurrence. So this is may develop into a bad credit history to the borrower. To help the borrower to tide over these worries, bad credit business loans are devised. This is a risk free endeavor and thus popular among the business class people.The advance lent can be used to pay of any expenses such as purchasing site, constructing the office or the factory, purchasing furniture, machines and raw materials; hiring employees and paying all other business expenses
Applicants who posses bad credit history are also eligible to apply for credit. The lender lends advances ranging from 5,000 to 5, 00,000, for a period of 5 to 25 years. Before lending such advances, the lender takes in to consideration the borrowers employment condition and his repayment ability.
Bad credit business loans are available in two forms;
Secured and unsecured depending upon the borrowers requirement.
For the secured credit, the borrower is required to pledge an asset as security. He receives a higher loan amount, with a low rate of interest.
Unsecured credit doesnt require the borrower to place any collateral against the amount financed. Thus he is charged a higher rate of interest.
The eligibility criteria are as under;
-The applicant must be a permanent citizen of the UK.
-The applicant must be over 18 years of age.
-The applicant must be an entrepreneur.
-The applicant must be earning at least over 1000 per month.
-The applicant must have a current account in his own name.
-He must also have a valid debit card.
The bad credit advances can also be applied for online. It saves the borrowers time as he is not required to stand in line to avail of credit..
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