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Unfortunately, the free-wheeling lending days of 2006, when every lender was advertising ” bad credit ok” home and business loans, is over.  Credit today is a bit tighter and more regulated.  However, there are still a number of ways to finance your personal and business projects even if your credit score is not up to snuff.

Bad credit home loans are challenging.  Chances are you will not find the mortgage products you are looking for in the major banks, and will need to hunt a little deeper.  Small banks and credit unions are excellent places to start looking, as you are less likely to be blocked by the rules and regulations of large banks, and will have a much better chance of speaking to someone that is higher up in the decision-making process.  One of the other best places to consider in the modern marketplace is P2P lending.  Thanks to websites such as and, P2P lending has become much more accessible to both borrowers and lenders.  Because it provides borrowers with much more flexible options, the chance of finding the old “bad credit ok” loans is now much better.

So what is the easiest way to get a business loan with bad credit?  Ok, well first you have to separate your business credit from your personal credit by creating a separate business identity with a federal EIN number, separate bank accounts and phone lines, register it with the big credit reporting bureaus, and start using your business to trade with merchants.  Now, even if you have bad personal credit, you have created a separate business credit account that is eligible for borrowing and is not affected by your bad credit scores.

Another way to get a loan for your business is to try merchant cash advances.  Cash advances are not based at all on credit scores, but instead are based on future credit card sales.  So as long as your business is meeting a certain number of credit card sales per month, you may qualify for loans even if your business has bad credit.  Even in today’s rough economy, the options are still wide open.

This Business article was written by Mark Karavan on 10/29/2009

Bad Credit OK vendors and Credit Cards OK for Bad Credit