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Accessing a business loan can be more straightforward than you think

Some business owners avoid applying for finance, because they associate it with lots of paperwork and even a potential rejection.

With Capify, applying for finance doesn’t have to be time-consuming or difficult. Our experienced, Manchester-based team help business owners throughout the UK to raise finance for essential upgrades, expenses, and improvements.

Can you get a small business loan with bad credit?

Your personal credit score and business credit score are separate, but some lenders might want to look at your personal info too. If your business is still relatively young, credit providers might consider both scores when you apply to them, so it’s important to look after them equally.

Having bad credit inevitably reduces your credit options, but you don’t need a flawless score to access favourable rates. The Capify team can advise you if you have concerns about approval.

Understanding your business’ credit score

Your business’ credit score is just like your personal credit score – it reflects how credit-worthy you are. Previous repayments, lines of credit, and your credit limit will give your business an overall score from the Credit Reference Agency (CRA).

Maintaining a good credit score keeps your options open. It makes you a better candidate when you approach a business finance company, and your interest rates will be more favourable.

How to improve your business’ credit score:

  • Check your own report regularly so you stay up to date. You can request this from the CRA, or check Experian’s My Business Profile.
  • If you’re always on time, ask your suppliers to share payment records with the credit reference agency.
  • Try not to apply to too many lenders in a short period. The more searches and applications for credit you make, the more your score can be affected.
  • Keep your data up to date on Companies House, directories, and with your suppliers.

Flexible finance from Capify

Capify provides fast finance decisions, and money within days.

The Merchant Cash Advance is ideal for retailers, restaurants, and customer service businesses which take payments from their customers using a card machine. You could raise anywhere from £3,500 – £500,000 within days of applying.

The Alternative Business Loan is ideal for Limited Companies, allowing you to raise between £3,500 and £500,000.

A simple online application

You can get a decision in 60 seconds using our quick quote tool. You’ll benefit from a dedicated account manager to guide you through the application process and answer all your questions. If you’re successful, you’ll receive your cash within days.

Find out how much you could raise. Our quick quote tool takes just 60 seconds.

Get A Quote

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