How to Get Business Bank Accounts for People with Bad Credit
How to Get Business Bank Accounts for People with Bad Credit
Circumstances are challenging, the economy is in a downward turn and people are having difficulties to get a business bank account for people with bad credit. None of this is a secret.
So everyone beginning a company in this tight economy is going to have it tough. That’s not saying it is not significant, I am going through the procedure of setting up a business myself at the moment. However it is something that needs taking into consideration.
But with the credit recession affecting so many potential entrepreneurs where is someone looking to start their own company supposed to turn if they have bad credit? Bad credit won’t just affect the start up business loans but even something as basic as starting a business bank account.
Thankfully, it is still possible to start a business bank account in the UK even if you have a bad credit rating. The Royal Bank of Scotland as well as the NatWest banks had both opened ‘basic bank accounts’ (often known as Foundation Accounts) for those who are looking to start a company but have bad credit score.
Even though not obtainable to everyone with a history of scams or anyone declared bankrupt these accounts could be a god send for anyone searching to start their own company and who have a record of failing credit rating checks.
These banking accounts offer access to check books, debit cards, standing orders and direct debits. They will not include entry to any lending services, but for anyone who has been striving to get a business account and who don’t fancy paying for a specialist business to set one up for them need to get great mileage from these accounts.
There are other options, as I stated there are companies who focus on setting up bank accounts for businesses with owners who have a bad credit score. How they work I am not certain, but I know they charge a fee for their services.
And we all know that when you are starting a company each and every penny counts, and so does having a bad credit business bank account.
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