Please enable JavaScript.

Coggle requires JavaScript to display documents.

CREDIT - Coggle Diagram

- - - - do not require collateral and are made base on your credit score
        and ability to pay
    - - are guaranteed by collateral, which is an item of equal or greater value than the amount of the loan such as car, home or cash deposit
  - - - Payable in a year or less
    - - Less than 5 years
    - - Beyond 5 years
- - - - Bad business credit will cause lenders to give you higher interest rates than they would if you had a decent score. :red_cross:
    - - With a poor business credit score, other lenders won’t want to risk lending you money when plenty of other businesses with better credit are waiting in line.
    - - Insurance companies may interpret poor business credit with poor business practice, and decide to drive up your rates to protect themselves while covering you.
    - - Securing contracts with new vendors may be difficult if your company has a history of late or delinquent vendor payments.
    - - Your company may have to pay higher utility costs because of the poor credit profile associated with your business.