Daily Tip: Your credit score impacts your chances of getting an SME loan!

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At CreditEnable, we’re asked often whether your individual credit score has any impact on your business credit score. The short answer – yes, it does!

Your credit history tells a lender a lot about your financial habits. 

In the case of a younger business that is still building its lending history, lenders pay particular attention to the owner’s credit history. When conducting their risk assessment for an SME loan, they use it as a proxy to determine how trustworthy a borrower you are and how likely you are to make your loan repayments on time.

Learn more about the impacts of your credit score on your business credit score.

Your credit score may just be one of the factors lenders consider in their risk assessment, but it is an important one. So, having a high credit score always works in your favour. 

Learn how to improve your chances of getting an SME loan by keeping your credit score high.

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