Bad credit business loans for cash flow

A bad credit business loan is finance for a business owner with credit issues, such as defaults, missed payments, a debt agreement or a past bankruptcy. At Ume Loans it's a secured business cash flow loan from $5,000 to $50,000, using a vehicle your business owns as security. Ume Loans assesses your business income and what you can afford as well as your credit history.

Yes. You may still be eligible with defaults, missed payments, court judgements, a Part 9 debt agreement or a past bankruptcy. Ume Loans looks at your business today, not just your credit history. Because the loan is secured, we can look past your credit score to what your business can afford.

You can borrow $5,000 to $50,000 as a lump sum paid into your business account, over a term of up to 7 years. Ume Loans charges no early payout fees and no upfront costs, and offers options for weekly, fortnightly or monthly payments that align with your income.

Ume Loans may not be the right lender if you need less than $5,000, your business isn't trading, or you don't have a vehicle to use as security. The loan is for business purposes only. If we can't approve you, we'll explain why and how we can work towards a future approval.

No. A lender can't promise approval before it has assessed you, and every Ume Loans application is assessed on your business income and what you can afford. Pre-approval is the closest step, and it's obligation free.

Starting an application won't affect your credit score. Ume Loans will protect your credit file by only completing credit checks when it's likely we can get you approved. Please hold off applying with other lenders while we assess your application, because multiple applications can lower your credit rating.

Not on its own. A default affects your credit file, but Ume Loans also looks at your recent business income and spending, and we'll ask what happened and what has changed.

In many cases, yes. If you're in a Part 9 debt agreement, Ume Loans will consider your application once it's at least halfway through and you've kept up with payments. If you've been bankrupt, we can consider your application from the day after you're discharged.

Apply with your last 3 months of bank statements showing your business income. If they show your business can afford the repayments, having no credit history isn't a barrier on its own for Ume Loans. Lenders can see it as a risk, because there's nothing on file to show how you repay.

Ume Loans has no minimum credit score. Each credit bureau scores differently, so we focus on your business income and what you can afford instead of a single number.

Yes. With Ume Loans, you can apply from your first day of trading if you have experience in your industry. Without industry experience, you can apply once your ABN is 6 months old. You need an active ABN, but you don't need to be registered for GST.

Not always. In most cases Ume Loans verifies your income from your last 3 months of bank statements showing business income. BAS, invoices or tax returns can also help show your income.

Your rate depends on a variety of factors, including your credit history, how you manage your current commitments, the security and the loan term. Because Ume Loans lends to businesses a bank has turned down, our rates are typically higher than a bank's. Your Lending Specialist will explain why your rate is what it is before you decide. There are no upfront costs, because fees are included in the loan. Read our Interest Rate Statement for how we set rates.

No. Ume Loans charges no early payout fees, so you can pay your loan off sooner and save on interest.

Many applications are pre-approved within hours, some may need further review. It depends on how quickly we receive your information. The more responsive you are, the faster we can get you approved. Once you've signed, funds can be paid the same day.

Work out what your business can comfortably repay each week, then apply with one lender at a time, because several applications can lower your credit rating. With Ume Loans, you apply online in about 2 minutes, share your bank statements and the details of your security, and a Lending Specialist calls to talk through your options.

A secured business cash flow loan gives your business a lump sum of working capital, secured against a vehicle your business already owns. Because the loan is secured, Ume Loans can often help when a bank or unsecured lender won't.

Ume Loans accepts most business vehicles, including cars, utes, vans, and trucks under 3 tonnes. The vehicle needs to be owned by you or your business. Your Lending Specialist will confirm what's suitable.

A second chance business loan is for business owners who've been turned down elsewhere because of their credit history. Ume Loans assesses your business income and what you can afford. Our guide to second chance loans has more detail.

It's a not now, not a no. If we can't approve your application today, we'll explain why and how we can work towards a future approval. See our 5 steps to improve your chances of getting a loan. You can also call us on 07 5443 3863, Monday to Friday, 8:30am to 5pm.

Yes. Ume Loans offers business cash flow loans across Australia, and you can apply online from anywhere in the country. If you're on a temporary visa, you can still apply with some additional conditions. Your Lending Specialist will explain the details.