How Contractors Can Secure Funding Despite A Bad Credit Score

Wed, 12 Feb 2025 11:39:50 +0000

Securing financing for a contractor business can be a challenging task, specifically when the credit score is below 600, which is considered ‘bad’ by many lending institutions. A good credit score is shaped by the financial history of an applicant (business or personal) including the types of loans, repayments, defaults or missed payments, and other activities. Almost all lenders take your credit score as a parameter to evaluate the risk of giving funds to you. Establishing a credit history is important for contractors seeking to validate reliability to lenders. In case, if you do not have a good credit history, you can look for several financing options even with bad credit from online lenders.