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Do I need good credit to apply for a limited company loan? In short, no your business doesn't need good credit to apply for a limited company loan but it might affect your ability to apply with traditional high street lenders.
Some of the easiest loans to get approved for include payday loans, no-credit-check loans, and pawnshop loans. Personal loans with essentially no approval requirements typically charge the highest interest rates and loan fees.
Secured loans tend to have less stringent requirements and more favorable terms because the lender can take your collateral if you miss your loan payments. Some of the easiest loans to get in this category include auto title loans and pawnshop loans, but these also tend to be relatively expensive loans.
Here are some options to explore if you're looking for a no-credit loan. No-credit-check loans. Some lenders may offer loans without checking your credit. ... Online payday advances. ... Payday alternative loans. ... Get a co-signer. ... Apply for a secured credit card. ... Apply for a credit-builder loan. ... Apply for a secured loan.
Decide which assets you may be able to offer the lender as collateral. If you're applying for a loan with no money and no revenue, lenders will likely require collateral. This could be anything from personal property to future business earnings.