Where can the borrower with Bad credit history get the loan?
Borrower with credit score lesser than 640 may find it difficult to get their loans approved. Bank doesn’t even entertain such borrowers. But many other lending institutions consider such borrowers with Bad Credit Business Loan. Precaution from lender’s end: To the lenders, borrowers with lower credit score tend to default their payment on time. For this reason, lenders determine higher interest rate for such borrowers. Criteria For Business Loans: Lenders also see all the aspects of the business and the condition of the borrower, before lending loan: • Creditors will see the potential of your business prospect and the debt recovery capacity of the borrowers through their business. • Creditors may require substantial collateral that the borrower can provide for the security.
