i want a business loan of 15000 but have very poor credit record and no collateral. what are my chances
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business is either pub with accomadation or restaurant
mark070471
1 year ago
Expert Financial Adviser Answer
Darren Smith
answered 1 year ago
to be honest, not very good. lenders are incredibly strict now even for people with an impeccable credit history. you will possibly find someone that's willing to lend but the rate might be painful as it would be a risk-rated APR. expect to be paying "credit card rates" possibly 30%.
having said all that, have a look at www.creditexpert.co.uk you can get a 30 day free trial to look at your credit file and then see if there are hiccups you can clear up or any errors that need to be corrected. its all traffic light marked and you want all green lights, a red means you will be highly unlikely to get any credit offered to you, amber is a possibility but if its within 12 months, again, unlikely.
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having said all that, have a look at www.creditexpert.co.uk you can get a 30 day free trial to look at your credit file and then see if there are hiccups you can clear up or any errors that need to be corrected. its all traffic light marked and you want all green lights, a red means you will be highly unlikely to get any credit offered to you, amber is a possibility but if its within 12 months, again, unlikely.