Setting up a new business is never easy, but it can be so rewarding. If you have a good idea, then you can make a lot of money from it. However, unless you make a successful pitch on ‘Dragon’s Den’, or are lucky enough to live in an area offering start-up grants, then you’ll be needing some start-up cash to get your idea and business off the ground. If you haven’t got the savings to finance your business independently, then your next option is to get a loan. However, if you have a bad credit score, you’ll be unable to get a bank loan, as they don’t offer loans for bad credit. Rather than assessing whether you have a potentially profitable business venture in the pipeline, they will base their decision entirely on a computerised credit score, which may not even reflect your current situation.
Amigo Loans offer something different, however. If you need loans for bad credit, they can offer you a fixed-term loan with sensible and responsible terms, such as an APR of just 49.9% and no hidden extra charges. If your business started to quickly turn over a profit, there’s a chance that you’d want to pay off the outstanding balance on your loan early. However, some lenders would charge early settlement fees for doing so.
Amigo Loans base their decision on the great relationship and trust you have with your friends and family. All you need to do is to persuade one of them that your idea is good enough for them to back you, and when they are in agreement, they will act as your guarantor. They put their faith in you without having to lend you the cash themselves. Instead, you’ll get a responsible loan with a fixed repayment schedule that you can pay off as your business grows.