Businesses need to be constantly funded to run smoothly and sometimes it can be quite a challenge when there is a financial delay and funds need to be sourced from elsewhere. When funds are low and financial back up is needed a secured business loan could help.
Secured business loans are available to borrowers with bad credit history such as defaults, arrears, CCJ's or perhaps a poor business credit score. They are also available to help start up a new business. You can choose the best interest rate and repayment terms to suit your needs and you also have the opportunity to improve your credit history.
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To benefit a bad credit secured loan you need to place collateral as security against the loan amount. The collateral could be in the form of a valuable property but will enable you to borrow from £50,000 to £1000,000 or possibly more. The repayment term ranges from 3 to 25 years. Repayment terms and interest rates will depend upon the lender and also your financial circumstances.
A number of lenders who offer secured loans to borrowers with bad credit can be found on-line and it is an easy process to make an application. You will be asked for some personal and financial information. If the loan is for an existing business you will need to produce your business profile and also give details about the nature of the business and the length of business ownership. If it is however the loan is for a new business then you need to tell the lender how the business will be expected to perform in order to repay the loan. You can also advise the lender of previous earnings and future capability for loan repayment. When the lender is happy with your details loan application will be processed for approval.
Bad credit secured loans can aid the growth of a business or give a fast recovery to a business in financial difficulty and helping it to prosper.
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