Business banking for bad credit explained
Bad credit can cause a worry for many businesses, but there are still other options available – which a lot of firms are unaware of.
Even though your options will be limited due to a bad credit history, it does not mean that it will be impossible for you to get a business account. Basic bank accounts are a good option for those with a bad credit history because a lot of providers allow you to apply with no credit check.
Financial services are essential to enterprises, so it is very important that you have a full business bank account, unfortunately those with bad credit can struggle with this. Bad credit business accounts will let the majority of businesses who apply with bad credit run an account, regardless of your poor credit history.
This includes direct debits, more than one debit card, online banking and overdrafts, they are much quicker to setup now and for some businesses they can be cheaper than high street banks.
Benefits for bad credit bank accounts
Get an overdraft and free direct debits
Some accounts for companies with poor credit will offer an overdraft facility, although this is generally dependent on passing certain criteria. These accounts now offer the facility to setup direct debits
Helping you improve your credit rating
Running an account sensibly over a sustained period can help improve your credit rating. As you build your credit over time it puts you in a better position in the future to switch business accounts.
No credit check business account
There are generally no credit checks to open an account and the approval can often be immediate. This gives you peace of mind and apply with confidence.
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