Having bad credit shouldn’t exclude you from being able to get a loan, but you need a lender who’ll look beyond your credit score. There can be lots of reasons for having bad credit, and a short spell of unemployment or a financial mistake can unfortunately stay on your report for a long time. If you need a bad credit business loan, then Universal Finance are a great lender to approach, as we overlook things like smaller defaults or bad credit from years ago, so we can give you a fair interest rate even with bad credit.

Some lenders will take longer to process a bad credit business loan, as they’ll want you to produce a lot of information such as financials or tax paperwork. That’s why Universal Finance have made the process of obtaining a business loan much faster, no matter what your circumstances. We ask for minimal financial information, you simply need to upload a few documents, and because we have a panel of over 50 lenders, it’s quick and easy to match you to the right one. Overall, we aim to get the money into your account in 24-48 hours, with as few delays as possible.

Interest rates are often based on credit score and reflect the amount of risk the lender is taking. Unfortunately, many lenders will often quote you a high interest rate if you have bad credit, even if your defaults and CCJs were years ago, and you’ve since gotten back on track.

Universal Finance have a unique way of calculating the interest rates for our bad credit business loans. We disregard defaults of more than three years old, even if they’re still on your credit report, so you aren’t paying a high interest rate due to past financial issues. Our interest rates for business loans start at just 4.19%, even for those with bad credit, so get a quote today.

This will depend on the kind of product you choose. Secured loans require some sort of collateral, which can be property, land, or equity, while unsecured loans don’t have this requirement. However, there can be good reasons to choose secured loans, as they often allow you to get a lower interest rate, and in general, a lender may be happy lending you more money if you offer security.

The best way to improve your credit rating is to pay your bills on time, and to pay off as much as possible each month, rather than simply making minimum payments. However, it can take a while to clear bad credit, as defaults can stay on file for up to five years, while more serious infringements won’t be cleared for seven years. That’s why Universal Finance offer bad credit business loans for those who are working towards improving their credit, as most people don’t want to wait several years to improve their credit rating.