Bad Credit Business Loans in Australia
You deserve a second chance
- Bad credit? OK!
- Easy eligibility
- Decision in five minutes
- An alternative to banks
Bad Credit Business Loans - Fact Sheet
Suitable For
- Start-ups
- Established business owner
- Commercial property investors
- Bad credit history
Pre-approval Time
- 3 minutes (24/7)
Settlement Time
- 24 hours
Loan Term
- 1 month - 36 months (including term extension)
Flexible Repayment
- We can design a repayment plan that fits your cash flow.
- This can be a periodical repayment (e.g. monthly), a lump sum payment or a combination of your choosing.
- To ease your commitment and allow maximum flexibility, a loan term extension may be available.
Indicative Loan Amount
- $10,000 to $100,000
Asset Eligibility Criteria
- Real estate property (mortgaged OK)
Financial Statement
- Optional
Dedicated Account Manager
- Yes
Tax Deductible
- Yes
Line of Credit
- Available
Interest Rate
- Our interest rate is as low as 1.50% per month.
- We are very confident that our rate is one of the lowest in the market, if you do find a lower rate, let us know, we will try to beat it.
Save Interest
- Pay-off loan early
- Extra repayments lower the balance
Business loans for people with bad credit history
At Max Funding, we understand that many people just like you are in need of funding but are declined by the banks, and we would like to help business with bad credit. That’s why we have designed our criteria to ensure each client is treated equally whether your credit history is good or bad. Remember, there is no credit check for pre-approval, so your credit score will not be affected at all.
Pre-approval is almost a guaranteed approval (Verification to be completed)
$142,546,168
Funding Requested
We have assisted many Australian businesses with millions in funding.
8,596+
Businesses Funded
131
Industries Covered
Bad Credit Business Loans
We understand that running a business is not an easy task and the business’ operations are not always smooth sailing. It’s commonly known that business owners tend to have more delinquent entries in their credit file compared to non-business owners, and there could have been uncontrollable events in the past which could lead to a business having less than perfect credit.
If you’ve been previously discharged from bankruptcy or a debt agreement, or perhaps you’ve had a few defaults and court judgements, or maybe even some missed payments with your financial commitments. Then your credit has likely taken a hit and you may have bad credit.
How Can We Help?
Why Max Funding?
When looking for start up business funding, Max Funding – Australian leading business lender – can help you. With many years of experience in business lending, Max Funding can walk you through the steps for starting a business and securing the initial financing your business needs. It is essential to the success of your business for you to have enough capital to fund activities to establish an initial client base. To alleviate these issues, consider our business loan for start-up.
Max Funding has been servicing the lending market for more than eight years, and we are friendly to small sized business.
Our experts understand every aspect of your business needs. Unlike big banks, which have long processing times for loan applications, our friendly specialists will contact you at your earliest convenience.
Finding the right loan for your business is not an easy task. However, Max Funding has made it easy for you. With our suitable loan terms that suit your business needs, we’ll devise a plan that suits your small start up business. Unlike traditional banks, we consider clients with bad credit – we believe your history does not define who you are today. With no hidden charges. Max Funding has the loan product that’s right for you.
How Does Max Funding Bad Credit Business Loans Stand out?
Fast Loan Approval for People with Bad Credit
There are a variety of reasons that your business could be rejected for a business loan – and bad credit is certainly at the top of this list. Perhaps the business has gone through bankruptcy in the past, or maybe it has missed or been late on previous payments to creditors or vendors. If issues like these are showing up on your company’s credit history, banks will be wary of lending you money.
In some cases, the problem may be as simple as a lack of credit. If the company is a start-up and its operators don’t have a credit history of their own, lenders will essentially look at the enterprise as an unknown entity. With so many organisations applying for loans, they’re going to have a difficult time justifying providing funds to yours.
But at Max Funding, we believe that every business should have an opportunity to thrive. We examine each application on a case-by-case basis, as we’re eager to provide business loans to our clients with bad credit when we believe that they have a strong chance of succeeding.
If you feel that lenders have not given your organisation a chance it deserves, it’s time to turn to Max Funding. You can apply for a bad credit business account right here on our website and receive the capital you need to keep your operations running smoothly.
How to improve your credit rating?
Improving credit history
There are a few ways to improve your credit rating. The first one is the simplest. You should pay your debt on time. This means if you have a credit card and have used it to buy something, then you must pay back the entire amount back to the bank within the due time. In this way, there is no negative impact on your credit rating. Moreover, any debt which is still unpaid or any loan which you have taken from the bank should be repaid as soon as possible. All these points are indicative of your credit history.
Rectification of errors
If you become aware of any errors in your credit report, then you should rectify it as soon as possible. It is not an easy task and that is why you should seek help from mortgage companies. These companies have the necessary experience in the field and can easily work to rectify any mistakes in your credit history. Another thing that affects your credit history positively is not closing any bank accounts. If you close your account which has some withholding amount to be repaid or abruptly close many accounts, then it would also affect your credit ratings.
Avoid bankruptcy
If you are a business holder and are going through a rough patch then a lot of people file for bankruptcy. This helps them in the short term, but in the long run, this completely messes with your credit score. So, if you are going through rainy days with regard to your business, try your best to avoid calling for bankruptcy. This would ensure that you do not have any problem in filing for and approval of new loans. These are some of the ways in which you can improve your credit rating.
Business Loans - Frequently Asked Questions
Does pre-approval affect my credit history?
Not at all. We can assure you we don’t ever look at your credit history when submitting application for pre-approval. All information that you provide to us is confidential and not shared with anyone or 3rd party.
Can I get a business loan with a bad credit score?
We have been providing bad credit loans to small businesses for 18yrs and believe everyone should get a fair go. Let us know of your situation and discover the solutions we can offer.
Does personal bad credit affect my business loan?
Personal bad credit is not the end. We have catered our loan criteria to consider every application. We work with you to find a solution that works for you.
How can I repair my business credit history?
There are few ways to improve your business credit such as making payments on time, and keeping track of your credit records. We can definitely help with improving your credit score.
How long does it take to get approved?
You can get pre-approved in just 3 minutes with our smart system and a response within one hour during normal operating hours. You can choose to submit documents to speed up the verification process. Once signed contract is received and settlement condition fulfilled, the funds can be transferred to your account within 24 hours.
Am I qualified for a business loan?
If you are over 18 years, plan to open a business with ABN, chances are you are eligible for a business loan. We just require the funding to be used predominantly for business purposes.
What documents do I need?
Unlike traditional banks and lenders, we have made our application process hassle-free with minimal documents required. All you do is upload a few basic documents such as ID, asset documents (if applicable) and bank statements for verification. With our smart system, this can all be done with just your mobile phone. We’ll reach out if additional documentation is required.
Is it hard to get a business loan?
Not at all. For well established businesses, assets may not be required (unsecured business loan) as we consider the health of your business to determine credit worthiness. For new business loans and start up business loans, we generally require you to own a motor vehicle and/or real estate property and not part of any public debt agreement or bankruptcy.
Can two people get a loan together?
You certainly can and we generally encourage it. Applying with joint applicants can increase your chance of getting a loan and possibly increase your approval amount.
What are your interest rates?
Our interest rates are as low as 1.50% per month. We also don’t have any hidden costs and fees as we believe in transparency. Our loans are designed for small businesses like yours and do try to keep the rate as low as possible.
Can I pay off early?
You certainly can and we welcome it. There is no penalties or charges for early repayments. Instead, if you can pay off your loan earlier, you will save some interest.
Is interest paid on a business loan tax deductible?
Definitely. If the loan is used only for business purposes, all cost associated with a business loan are tax deductible.
Can I get a business loan as a self-employed?
If you are self-employed, our low doc business loan will be the solution for you. You can access funds with less paperwork, less waiting time and more flexible payment options to suit your needs and situations.
Can I get a business loan as a sole trade?
Absolutely! All you need to do is to fill out our 3 mins online application form. Once you get the pre-approval decision, simply provide some basic documents for verification.
What if I don’t have a business yet?
No problem! We offer start up business loans and new business loans solutions. If you can dream it, we can help you to achieve it.
We understand you and your business
With humble beginnings, we understand the struggles that small business owners are forced to endure. Helping Australian businesses grow is what we love to do. We do this through offering tailored solutions to businesses all over Australia.
We are the best alternative to banks.
Banks usually have long and difficult application with strict criteria. We provide an easy application process with pre-approval decision in less than 3 mins. What’s more, if you in a hurry, we are able transfer funds to you within the same-day if signed contract is received before 3pm AEST.
A more personal experience
Every business is different. At Max Funding, we offer different types of business loans tailored for different needs. Simply fill in our pre-approval form or contact us to find out how we can help you today.