Many Australian entrepreneurs find their loan applications rejected by traditional banks or established financial institutions due to a less-than-ideal credit rating or bad credit. At Loanbrite, however, we firmly believe that past financial missteps should not dictate the present. We take a holistic approach when considering loans with bad credit and have already aided numerous Australian businesses and borrowers in reviving their operations through our specialized business loans for bad credit. We hold no prejudice against borrowers and aim to provide the appropriate support by thoroughly evaluating their applications.
Loanbrite adopts a bespoke method in evaluating home loans by manually reviewing each application. This entails bypassing credit-scoring and instead, focusing on the unique circumstances of each applicant, acknowledging that no two customers share identical situations.
Whether you’re seeking to expand, hire new personnel, meet everyday operational expenses, scale your business or simply purchase a property we offer a variety of financial solutions. With many years of industry experience, our expert team is adept at providing tailored loan products that align with your specific needs.
At Loanbrite, we offer secured mortgages and property-backed loans that cater to a wide range of financial situations, even for those with bad credit. We believe in opportunity and second chances, which is why we consider:
– Clients with previous defaults, paid or unpaid
– Those involved in Part IX or X debt agreements
– Recently discharged bankrupt individuals
– Those dealing with mortgage arrears or late payments on credit/mortgages
– Individuals who have been denied credit by their bank or another lender
– Cases with unpaid judgments and defaults
– Self-employed individuals with bad credit
Our philosophy is “think outside the box”. We accommodate those who are:
– Recently employed
– Newly self-employed (we accept 12-month-old ABNs)
– Yet to complete their tax returns (alternative income documentation is accepted)
– Unable to meet Lenders Mortgage Insurance requirements
– Possessing ‘non-genuine savings’
– In need of a 40-year loan term in certain situations
– Not requiring third-party LMI approval
We manually assess each application, without relying on credit scoring.
Our loans are designed to be flexible, catering to a diverse spectrum of clients from various walks of life. We strive to serve a wide and representative cross-section of the community, including:
– Successful business people seeking working capital to grow their current enterprises
– Entrepreneurs in the initial stages of setting up a business
– Contractors involved in an array of short-term projects
– Individuals seeking to consolidate credit cards/store cards to lower their monthly payments
– Borrowers with credit issues aiming to put them behind
– Property investors looking for funds to acquire another property
– Recently divorced individuals financing the distribution of their assets
Many of our clients are self-employed. We understand the challenges facing small business operators, both in managing cash flow within a business and in demonstrating loan serviceability. For our clients who have faced credit problems, we aim to offer a fresh start, an open mind, and a supportive approach.
Contact us today for a confidential discussion about a bad credit loan scenario
Business Loans for Bad Credit: The Two Main Types
Primarily, there are two types of business loans available for those with bad credit:
1. Capitalised Loans for Bad Credit
In this loan category, you can secure funding by leveraging the equity in your property. All fees and interest are capitalised into the loan and repaid upon its expiration. These capitalised secured loans for bad credit from Loanbrite are excellent for maintaining cash flow. Also commonly referred to as private lending
2. Interest-Only Loans for Bad Credit
In this loan category, borrowers utilize their property’s equity but are required to make interest-only payments. This option is suitable for long-term loans spanning 12 months.
How Can Secured Bad Credit Loans in Australia Aid You?
Traditional lenders may view you as a risk due to a poor credit rating or history, which makes securing loans challenging. Loanbrite, on the other hand, extends a helping hand to business owners seeking loans despite adverse credit reports. We offer competitive interest rates and optimal repayment terms. The funds from these loans can be employed for various purposes such as:
Starting a New Business
Loanbrite offers various business loan options for aspiring entrepreneurs with bad credit.
Purchasing Equipment
If your existing equipment is outdated or malfunctioning, you could be missing out on potential profits. A business loan for bad credit can help you get back on track by enabling the purchase of new equipment with a loan.
Marketing and Advertising
If you aim to generate more leads and sales or enhance your brand visibility, investing additional capital in advertising and marketing is advisable. Loans for businesses with bad credit can fund these efforts.
Maintenance and Repair
Malfunctioning technology or machinery can impact your profitability. In such cases, business loans for bad credit prove beneficial.
Working Capital
Loans for businesses with poor credit can assist in addressing short-term financial needs, offering a helpful boost when you’re in a tight financial situation.
Hiring New Staff
Additional personnel can enhance productivity and profitability. Bad credit business funds can help cover the costs of hiring new employees.
Improving Inventory
As businesses grow, there may be a need to augment inventory, especially during peak sales seasons. Business loans, even with poor credit, can help secure the necessary funding to increase inventory.
Purchasing or Leasing New Premises
If your business has outgrown its current location and requires a space more suited to its operations, business loans for poor credit can provide the necessary funding. We can also look at your commercial property loan options
Covering Tax Debts
If you have outstanding tax debts with the Australian Taxation Office, secured bad credit loans in Australia can help you settle these ATO debts with ease.
Why Choose Loanbrite for Your Bad Credit Business Loan?
Bad credit business financing can provide your company with the essential financial resources it needs and even help improve your credit score. By obtaining loan approval from Loanbrite and making timely repayments, you could see a positive change in your credit score, allowing business owners to get back on track.
Loanbrite’s bad credit business financing offers an opportunity to secure funding even when traditional banks turn you away. We provide a
second chance at financing, with flexible interest rates and repayment terms. We strive to provide a solution that fits your needs, helping your business regain momentum with the right financial resources.
Loanbrite is the preferred choice for many Australian business owners seeking bad credit business loans because we offer:
– More flexibility and leniency than traditional banks
– Support for customers with poor credit histories
– Loan terms tailored to the borrowers’ affordability and needs
– A swift application approval process
– A broad range of loan amounts
At Loanbrite, we comprehend the complexities of the financial world and offer extensive guidance on business loans for bad credit. Feel free to reach out to us to learn more about business loans here.
Enquire now for a confidential chat about a bad credit loan scenario
