Basic Business Bank Account with Bad CreditGuaranteed Business Accounts
Basic Business Bank Account with Bad Credit
Opening a Basic Business Bank Account when you have Bad Credit is a constant problem as all the main banks perform a credit check on all the main principles of a business to ensure they are credit worthy.
If any are found to have any bad credit then the application will almost certainly be declined often leaving the business with no account or the ability to accept payments in the businesses name.
What about using a Personal Account?
Often what happens is the business owner or one of the main principles will have to resort to using a personal bank account to accept any payments on behalf of the business. Whilst this is not illegal it is certainly not recommended as it could easily cause confusion between personal and business expenditure or income, which might cause you problems with HMRC should they decide to investigate you or your business.
Need a Basic Business Bank Account with Bad Credit?
So what options are available to open a Basic Business Bank Account when you have Bad Credit?
Well the encouraging news is there are Business Accounts available even for those with Bad Credit, so no matter what your problems may be, there will be an account available for your business.
The one thing you my have to appreciate is that if you have bad credit your options may be slightly limited, meaning you may need to compromise on what facilities you can have access to until such a time as you can open a regular high street account.
What type of Business Accounts can you Apply for with Bad Credit?
One of the most popular Business Accounts currently available for those with Bad Credit are offered without the need of a credit check, meaning any bad credit would not effect your application, as generally there are no credit facilities available.
These new Business Accounts are offered on an Identity basis only meaning anyone with bad credit can still apply as long as they can either be identified or identify themselves (normally with a copy of a valid passport or driving license plus a current utility bill or something similar)
Once Identified you could have your new business account with sort code & account number in a matter of days, meaning they are one of the quickest ways of opening a basic business bank account bade credit.
Need a Basic Business Bank Account Bad Credit?
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Business Bank Accounts – Essential for Every Business
It is essential for every Business to have it’s own business bank account and using a personal bank account for any business is really not recommend which is why it is important to understand what your options are if you are having problems open up a business bank account.
If you have a Limited Company you should not pay any money into your personal account and whilst this may work for a Sole Trader business, it is strongle recommended to avoid this practice as it could not only cause a problem with HMRC but also if your bank were to discover this, they would almost certainly close your account as they would not allow any personal account to be used for business.
Apply today for a fully FCA (https://www.fca.org.uk/) regulated business banking facility