If you are looking for a loan to set up an enterprise or to invest in an existing one but couldn't get one due to your bad credit you don't need to worry any more. Bad credit small business loans are especially for businessman having bad credit inflicted due to CCJ, IVA, arrears, default, bankruptcy, late payment and so on.

Bad credit business loans are available for all your business related needs like setting up new ventures, repaying previous debts, expanding your business etc. Various financial institutions, banks, lending companies are more than inclined to offer these. It is for you to decide which one suits your needs. With better research you can end up getting pocket friendly offers also.

TYPES OF BAD CREDIT SMALL BUSINESS LOANS

Businessman can choose between two types of Bad credit small business loans. Secured and unsecured bad credit business loans. To get secured loans you will have to put one of your properties as collateral with the lender. In case of non-payment of installments the collateral will be seized by the lender. Secured loans come with lower interest rates and higher amount. In case of secured loans lenders ignore your bad credit because they have security.

Unsecured loans come with comparatively higher interest rates because there is no collateral. Lender checks your repayment ability, kind of business you are running and decides the amount of loan. You can easily obtain loans of smaller amounts in case of unsecured loans. While applying for unsecured loan you should keep in mind the fact that some businesses take some time to establish and some start generating income as soon as they are started. It is easier to get unsecured bad credit business loan on the latter type of business.

ABOUT BAD CREDIT SMALL BUSINESS LOANS

Businessman can avail any amount from £5000 to £75000 for a period of 5 -25 years. With secured loans you can borrow an amount from £3000-£75000 while for unsecured loan the amount is £1000-£10000 for a period of 1-10 years.

HOW TO APPLY FOR BAD CREDIT BUSINESS LOANS

All you need to do is fill up an online application form. With growing competition you can get a bad credit loan at very low interest rate. There are many banks, financial institutions and lending companies offering loans so research well before applying for loan as there are many options available.

Articles Source - Free Articles
About the Author

Steve Clark can tell you how to look better, live better and breathe better by giving you tips to improve your finances. He writes on loans. His ideas can help you rejuvenate your money.To know more visit http://www.ezpersonalloansuk.co.uk