![]() ![]() If you’ve recently had some problems with your credit, such as a default for non-payment, you can monitor your credit history. When creating your report, several factors are taken into account, including how many loans and credit cards you currently have in your name. When you check personal credit, you’ll find out your current credit score, which can indicate if you’re ready to take out a loan. Depending on your circumstances, a secured business loan, where you provide an asset as loan security, might be an alternative to get the funding you need even with a less-than-stellar credit history.You can check your credit using the forms available through Equifax. If you need a business loan fast and don’t have the time to significantly improve your credit history within the time frame you need it, a lender who has experience with those sort of cases might be best placed to help. Seek out a secured loan from a lender who understands your business Instead, speak to your lender or credit provider about financial hardship support to help you get through the leaner months. Ask for help when you need it: If you are struggling to meet your repayment commitments, the worst thing you can do is ignore them.So do your research and find the most suitable lender for your business loan. Find the right lender: Putting in too many loan applications can reflect poorly on your credit score.Pay off more than the minimum: Make sure you’re paying off your credit card debt every month – in full, if possible. ![]()
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