You might wonder if it is possible to start a business when you are penniless. Of course, when the funds are dry and the credit score goes downhill, you would have many reasons to believe you cannot establish your business now.
However, it is in times like these do you find help. A simple business loan can be of service. We are a direct lender, and we have been helping a lot of people from all walks of life to make funding easier for them. You will know that we receive many applications from unemployed people who want to start a business. Yes, not all of them have good credit scores. If you’re going to find out if a business loan can help you out or not, then stick to this blog and read it.
Business Funding in Zero Savings: Nathan’s Story
Nathan is a 32-year-old man who wants to start his own business. His intentions have been generous, though. He suffered from poverty and the want of food in his childhood days. Reflecting on his memories, he deemed it essential to start a food business of his own with a USP of affordable food.
Till this point, everything seemed fine. However, Nathan could not go forward with his idea for not having sufficient money. We understood his problems; he was an honest person to share that he had no job at the time he required the money. He also suffered a bad credit score because of his low income for the past 8 months.
We assisted him smartly with an alternative loan. We understood he needed a loan from direct lenders with no credit checks and no guarantor facilities. We have the exact thing he was looking for. We offered him a loan for the unemployed for a startup. We asked him to share his business plans, clearly showing the revenue generation statement. Nathan did so, and he got the loan from us within 24 hours. You can get the same.
What have you learnt from Nathan’s story? Do you think you can get these facilities too? Or if there are other perks? We can discuss them in the next point.
Why a Business Loan Might Help You in Difficult Financial Conditions?
Business loans are great. We are not saying so because it is our product. We are saying so because it is a loan designed to help businesses in truly diverse ways. The points mentioned below can help you out:
- You Do Not Have to Repay the Loan Immediately
All business personal loans are ultimately loans. However, loans from direct lenders such as us for business may come with additional advantages. You can repay your loan later using your business revenue. We have designed more than one repayment package for a single business loan. Take note of these packages; make your calculations and then select a comfortable one that suits your finances.
The good part is that you can repay the loan almost like a regular loan. We are not asking you to pay us the full amount back when you earn revenues. Instead, we will distribute the amount in instalments. Technically, it is easy to repay your loan this way.
- We Won’t Mind Your Zero Income
Just like Nathan, you are welcome to take out your business loan in low-income or zero-income. You might think the lack of your income may stand between you and the loan. However, we don’t view our customers that way.
We need steady and valid proof to know you will repay the loan. Therefore, a borrower has to supply evidence of income to get the loan approved. You can repay the loan using your alternative income, such as freelancing or part-time work. Many borrowers still repay us using their benefit programs. Otherwise, you can present us with detailed business plans. Keep in mind that your business plans should be able to tell us when you are generating revenue. We can approve you a loan faster with that.
- You Can Skip a Credit Check
There is a reason we help you skip the credit check. As a matter of fact, poor credit does hinder opportunities to get things such as loans. However, we have an alternative idea. You might have known it from Nathan’s instance.
You can skip a credit check by sharing with us your income details. As mentioned earlier, you can use your business plans or secondary income information to get the loan. By sharing valid documents, you can get an unsecured business loan with no credit check in the UK.
We do make a soft credit check. However, we make it to understand your financial behaviour. Even if the credit score is low, this credit check won’t hinder your loan approval.
- We Won’t Ask You for Collateral
You probably did not miss the word ‘unsecured’ in the previous point. We offer unsecured business loans even if the borrower has no income or low earnings. Please note that your transparency with the loan repayment is the main factor in approving the money for you.
A personal business loan is a more flexible choice. You can use the loan for many causes. A few of them might be:
- Segregating working capital freely.
- Using the money for business emergency management.
- Making larger business decisions more freely.
A personal loan can back you up for your business decisions in a wider sense. Arrange your finances and get it today.
To Conclude
We are one of the direct lenders in this industry. We understand the passion for business in people, and to fuel it, we came up with improved business loan products. If you are passionate about business but low on money at the same time, then you can connect with us. We can indeed create a solution together.
