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Old 12-19-2018, 02:16 PM   #1
tommysymbols
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Business loan for bad credit rating

I am in the process of securing a loan to start my own business(s). However, i have poor credit rating and is finding it difficult to obtain a loan. I have been refused by high street banks and virgins startup loans.

I am looking at crown funding, however most investors will only invest in businesses that have been trading for a while.

My sister has recommended funding angels but i thin the require a share in the business before they invest. I do not want to go down this road and have someone have a share in my business.

I have also searched unsecured loans for bad credit and the APR on them seems to be very high.

Can anyone recommend anything? is peer to peer funding and crowd funding my only options?
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Old 12-19-2018, 02:16 PM   #2
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The obvious answer is family and friends. They know you, they can be told about your business idea, they may well be able to borrow money themselves.
Or you could work to improve your credit rating, build up more cash yourself - thereby needing to borrow less.
Yes the APR tends to be higher on bad credit rating, what with the risks for the lender being higher.
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Old 12-19-2018, 02:18 PM   #3
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You have a bad credit rating, therefore you can’t control you household finances so what makes you think you can control a businesses financial affairs?
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Old 12-19-2018, 02:18 PM   #4
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The start up loan company can look at providing 25k per director and will consider poor credit. From memory you can't be bankrupt or have more than 3 CCJs.

If you are a homeowner with equity or you can find a guarantor you can get funding.
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Old 12-02-2019, 12:48 PM   #5
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Creating your own business app will also be a good option for business development. I can recommend an app and software developing company, it works with computer vision and machine learning. The guys are professionals and I'm sure will be able to help.
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