Secured Loans For Bad Credit

Even though business owners often need money to expand their business by purchasing new equipment or hiring staff, it can be quite difficult to find a bank willing to give you a loan if you have bad credit! Between high interest rates or even sometimes a complete refusal, professionals with bad credit can encounter important obstacles before finding the money they need. Keep reading this article to find out how Blursoft can provide you with a secured loan for bad credit.

Secured Loans for Bad Credit by Blursoft

You have probably already heard the saying “you need to spend money to make money”. Indeed, if you’re a business owner, you know first-hand just how true that is. Running a business is a rocky road with its ups and downs and there come times when you need to borrow capital to further develop your business. However, if you happen to have a bad credit score, it can be quite difficult, if not impossible, to find a bank that’s willing to lend you the money you need. And sometimes, all it takes is one late or missed payment to plummet your credit rating! Fortunately, Blursoft is here to provide you with a fitting financing solution even if you have bad credit.

FICO Scores and Secured Loans for Bad Credit

The FICO credit scoring system was created in 1956 by the Fair Isaac Corporation. The company wanted to create a scoring system that’s fair to both lenders and consumers. In a usual scenario, lenders base their decision on your FICO score. Your FICO score allows lenders to assess credit risk and determine how likely you are to repay a loan. It is decisive in the loan application process.

This three-digit number is based on different criteria such as:

When Should You Consider Applying For a Secured Loan for Bad Credit?

Before applying for a loan, it is important to know your FICO score. FICO scores range from 300 to 850. Even though each lender’s interpretation of these scores can be somewhat subjective, you can determine if you have bad credit by knowing your FICO score.

FICO Score Credit rating
800 - 850
Exceptional
740 - 799
Very good
670 - 739
Good
580 - 669
Fair
500 - 579
Poor
Below 500
Very poor

If your score is between 300 and 629, then you have bad credit. If this is the case, you will probably have a hard time getting a loan from a conventional lender. But don’t worry! You can still borrow the funds you need for your business by contacting Blursoft!

Applying for a Secured Loan for Bad Credit with Blursoft

Blursoft has your back and understands that your business is more than just a score. If you have bad credit, Blursoft can connect you with the best lenders so that you can obtain a secured loan. Concretely, this means that your loan will be secured with collateral, such as invoices or equipment. The application process is very fast and easy. You just need to fill in an online form on the Blursoft website and a loan specialist will quickly contact you to discuss your needs and find the appropriate tailor-made solution for you. Depending on your credit score, how long you’ve been in business and the loan structure, you can borrow up to $500,000. Approval rates are high and as soon as your loan is approved, you get the money in 24 hours!