In most cases – yes. Bad credit does not automatically mean you cannot obtain commercial finance.

We regularly assess applications involving defaults, missed repayments, low credit scores, previous finance declines and other credit issues. The options available will depend on the overall situation, including your ABN history, industry experience, income, work source, asset and deposit.

Where mainstream finance is not available, we can also explore specialist lenders and alternative pathways through Bloom Reset.

Yes, defaults do not necessarily rule out vehicle or machinery finance.

The lender will generally consider the size, age and status of the defaults, together with the strength of the business and the asset being financed.

Some lenders are considerably more flexible than others when assessing previous credit issues.

A decline from one lender does not mean every lender will reach the same decision. Different lenders have different credit policies and appetites.

Before submitting another application, we normally look at why the previous application was declined and whether the deal can be approached differently.

In some cases this may involve a specialist lender, restructuring the transaction or considering an alternative solution through Bloom Reset.

A low credit score is one part of the overall assessment. Lenders may also consider your business history, income, industry experience, existing commitments, work source, asset and deposit.

A low score may reduce the number of lenders available, but it does not necessarily mean there are no options. We have a wide range of options available for clients with low credit scores.

Finance may still be possible depending on whether the bankruptcy is current or discharged, how long ago it occurred and the overall strength of the application.

Some specialist lenders are more comfortable assessing applicants with previous bankruptcy than mainstream lenders.

Where conventional finance is not currently available, eligible commercial customers may also be considered for alternative options through Bloom Reset.

Current bankruptcy makes traditional commercial finance significantly more difficult, but it does not always mean there is no pathway available.

We assess these situations individually and consider the business, asset, deposit, income and overall circumstances before determining whether an alternative solution may be appropriate. If your business has income coming in and a deposit, we can often assist via a rent to own product.

It depends on how recent and significant the repayment issues were.

Recent arrears can make traditional lending more difficult, but some specialist lenders will assess the broader circumstances rather than relying on an automated credit decision.

We look at what caused the repayment issues, whether the position has stabilised and whether the proposed new commitment is affordable.

Not necessarily.

We can often discuss your circumstances and get an initial understanding of what may be possible before deciding whether a formal finance application should be made.

Where a credit check or formal application is required, we will explain that before proceeding.

The aim is to avoid unnecessary applications and credit enquiries where possible.

Potentially. An unpaid default is generally more challenging than an older or paid default, but it does not automatically mean there are no options.

The amount, age, creditor, circumstances surrounding the default and strength of the rest of the application will all matter.

In some cases, dealing with the default first may significantly improve the available finance options.

If you need finance now and cannot wait until the default is removed, the path is typically a rent to own product, then we’ll refinance you out into ~12 months once the credit issue is resolved.

Yes. For many small business and commercial finance applications, lenders will consider the credit history of the company directors or business owners as well as the business itself.

However, a poor personal credit history does not automatically mean a strong trading business cannot obtain finance.

We assess both sides of the application to understand what options may still be available.

There may still be options in some situations, particularly where the underlying business and credit profile are otherwise strong.

However, where there are significant credit issues, having no deposit can considerably reduce the available pathways. Without a deposit, you will need additional security such as a vehicle, truck or machine you own outright.

We would rather tell you this upfront than submit applications that are unlikely to work.

Yes – I wont sugar coat that. Higher-risk finance is more expensive than mainstream finance.

The rate, fees, deposit requirements and structure reflect the level of risk being taken by the lender.

Our job is to determine whether the available solution makes commercial sense for your business – not simply whether someone is willing to approve it.

Think of rent to own as a second chance. After a set back, you can use it to get the asset you need, demonstrate good repayment history over 12 months, then we’ll work with you to refinance you back into mainstream lending if your situation has improved.

Talk to us. You do not need to know which lender or product you fit before contacting Bloom.

Tell us what you need, what has happened with your credit and a little about your business. We can assess the situation and give you a clearer idea of whether there appears to be a realistic pathway forward.

If we don’t believe the deal is currently viable, we will tell you that too.