There are a number of reasons why opening a No Credit Check Business Account can help, especially if you have a poor credit rating.
If you apply for a no credit check business account often it’s just proof of your identity you need to provide.
When you make an application for a new business account with a high street bank, they will credit check all the applicants.
So every director and main shareholder will have their credit report checked as part of the process.
If any of the Directors has any adverse credit on their credit file, the application will almost certainly be rejected.
Adverse credit can come in many different ways, so it’s important to understand if you have probelms before applying.
Types of adverse credit can be anything from a missed mobile payment so someone being Bankrupt or gone through an insolvency process.
So how does a no credit check business account work?
There are a number of no credit check business accounts available, so it’s about finding the best one for you.
The first thing to realise is there are no credit checks on you, as there is never any credit available.
So you will only be able to spend what is a cleared balance in your account so can never go overdrawn.
As such, any banking provider will not care what your past history is as they won’t extend you any credit.
So a no credit check business account is ideal if you, or any principle of the business, has had any adverse credit problems.
The positive thing regarding any no credit check business account is there is often very little different to the high street banks.
They all offer a UK Sort Code & unique account number, with online & mobile banking, plus fully FCA regulated.
Some offer the faciltiy to deposit cash and cheques, along with setting up Direct Debits & Standing Orders.
The only obvious thing is there will be no branch network, however there is one big factor that will ceratinly help.
Unlike a high street bank, a no credit check business account can be opened without waiting weeks for an appointment.
They can often be opened within days, so can be very quick providing you have sufficient identification documents.
So whilst opening a high street business bank account might be the best option, if they are unavailable, consider an alternative.
With all the features and benefits of a main stream bank as well as no contracts, it offers much flexibility with very few compromises.
To see which no credit check business account will work best for you, contact us on 020 3286 3929 or simply Apply online and we will help you.