When it comes to taking out a loan for your business, whether you are a new venture or an established supplier to your local area, your lender will not look at the business but at you personally when it comes to loaning money.
It all comes down to credit rating when applying for a loan and whether your credit rating score is a positive one. There are ways to improve your rating to make you more appealing to lenders, but this is a long process. Don’t expect to be able to fix your rating overnight, you need to work hard and be careful with your spending.
Something which many people might not know about, is a credit builder credit card, which lets you pay back a small loan on a monthly basis with the sole purpose to improve your rating.
For expert financial advice, including an online mortgage calculator, the Money Advice Service is a great resource. It has also created an informative info graphic featuring simple ways you can go about improving your credit score simply by resisting pay day loans, ensuring all debts are paid on time and in full, and avoiding credit repair companies when searching for a quick fix.
The cost of running a home – An infographic by the team at Money Advice Service
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How to improve your credit rating – An infographic by the team at Money Advice Service