Poor Credit Record – What Finance Options?

Poor Credit Record - padlockHaving a poor credit record does not mean that you cannot raise finance for your business, what it means is that your options will be less and you may pay more.

The second part to this is that you need to know why you have a poor credit record and take action to put it right. You don’t want high cost finance for longer than necessary.

Look In The Right Place

If you have a CCJ or know you have a poor credit record then don’t spend hours on a business plan, forecasts and going through you bank. This will only delay things and they are unlikely to approve anyway. Note, banks often don’t credit check you immediately and you can get drawn into applying for something that will never happen.

There are lenders who will look at poor credit records (some of these lenders don’t advertise so please ask us and we will point you in the right direction).

There are some very good lenders in the market for those with a poor credit record.


If we were to offer some tips before applying then do the following –

  • Get a personal Experian search. You can sign up for a free trial, get your information then cancel. This way you can get a free Experian search, well worth doing
  • Log on to Duedil. Duedil gives information about your company, including credit data. Most of the key info is free

Once you have this then you can start to address your poor credit record.

Who Is Lending?

There are several really good lenders out there. The big thing is to make sure you don’t waste your time. Applying to several lenders can count against your credit record, making the next application even more difficult.

Sometimes having a poor credit record means having to offer your lender other things, not necessarily security but ‘control’ of repayment. The following can all be used for raising finance;

  • Direct Debits
  • Card Machine (pdq, streamline etc)
  • Paypal
  • Internet Sales

All of the above can be used to borrow against. Because of this these lenders will excuse a poor credit record.


Don’t be put off applying for finance, just apply to the right lender. We can always help identify the best lender for you, just ask.

If you have any comments then add them above, or contact Lime Consultancy via the website.

By Lime Consultancy

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