Online Business Bank Accounts For Bad Credit – The 7 Best No Credit Check Business Bank Accounts in the UK in 2022, Part 2 – Part 1 is here.
Major UK banks will reject applications for standard business current accounts if the applicant has a bad credit history. Banks also check the creditworthiness of owners/managers in the case of a limited liability company (a legal entity separate from the individual(s) managing it.
Online Business Bank Accounts For Bad Credit
Some banks may be more lenient than others regarding different types of bad loans (most serious bankruptcy, lawsuit, insolvency), but usually the bank will refuse to open the account.
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Many people just need a standard business bank account with no credit check where you can easily make deposits and withdrawals from the account. They don’t need an overdraft and don’t want to go through the process of writing a bank business plan. UK banks do not seem keen on such a prospect. However, all is not lost for those who find themselves in this situation.
Even if your business or personal credit score is lower than you’d like, business checking account options are still available. Our list of the top 7 business account providers don’t check your credit before you’re approved, and their online applications are quick and easy.
The Mastercard Cashplus Bank Prepaid Card is probably the first and most popular prepaid debit card among UK consumers, with nearly 2 million cards issued since 2005. It’s probably less well known that Cashplus Bank also offers a Gold Prepaid Card. Mastercard accounts for businesses (sole proprietorships, partnerships, limited liability companies) and charities with a business or organization name on the card.
To date, Cashplus Bank has processed approximately £12 billion worth of payments for both business and consumer goods. Cashplus Bank was initially licensed and regulated by the FCA and its funds were held in a regulated bank account. In recent years a full banking license has been sought. This app is a recent hit.
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Cashplus has obtained a full banking license and is now a fully fledged bank in the UK. There is no credit check and the account is guaranteed as long as you show proper identification and proof of business. The only real downside is that you can’t deposit checks (yet). There are several business account options available, each with a slightly different fee structure. The account has the same features as a Cashplus Prepaid Personal Account.
The Tide eMoney Business Current Account (PPS) from Prepaid Solutions is a business current account available to UK registered companies owned by individuals who want to open a business account quickly and who may have a bad credit history.
Prepaid Solutions is not a bank but an electronic money issuer licensed and regulated by the Financial Conduct Authority (FCA).
The account is one of the new phone company accounts that can be accessed through a standard web browser.
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There’s no credit check (so bad credit isn’t an issue) and as long as you pass an ID check and officially register your business, it’s as close as you can get to a guaranteed business bank account.
In fact, this essential business account is in such high demand that it is said that one in 12 new business accounts open with Tide in the UK. Tide currently has over 250,000 customers. You can see what people are saying about this business account on the official Tide forum.
The package includes a Mastercard contactless business debit card and has no application, annual or monthly fees. Pay just 20p for electronic transactions to and from your account. Withdrawing cash from your card costs £1. Also, the commission is accompanied by a cash deposit by post or at a payment point.
GoSolo is a UK e-currency financial services company offering an online business application and account for UK limited companies.
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It is only available to UK limited companies and you must be the sole director and sole shareholder of the company.
If you don’t already have a UK registered limited company, they may also offer a free registration service. Business accounts can be opened online in just 10 minutes. The account also includes a Mastercard Business debit card.
You can only pay between UK accounts via internet banking, but you can use a business bank card for international payments. You must be resident in the UK, which you must prove by providing the relevant document.
You must also have a valid photo ID comparable to the selfie video. Most account features are free.
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Although none of the major UK banks offer a dedicated basic account, the account described below is probably the closest available. This business account was introduced in 2008 and is the only business account with any bank in the UK designed specifically for people with poor credit. They also target new businesses and offer them 2 years of free banking.
This is a CREDIT ONLY account, but comes with a Visa debit card and checkbook. It can be administered in the classroom, over the phone, and most importantly over the Internet. Allows you to manage your account electronically (accepting payments and setting up direct debits/standing payments, etc.).
You can apply for an account with this company over the phone or at your local office by filling out an application form.
The Acorn Business Account, offered by Spectrum Card Services Limited (the same company that offers the CardOneMoney Business Account above), is available to UK-registered businesses owned by individuals with poor credit.
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This is a UK managed business current account with a business prepaid Mastercard debit card, very similar to Cashplus and almost identical to CardOneMoney online bank accounts without the credit check mentioned above.
This “regular” business account consists of a checking account where company funds are deposited and withdrawn, and an associated prepaid Mastercard account for day-to-day business.
In the UK, some housing associations and banks also offer accounts for businesses (sole traders, partnerships, limited companies) and not-for-profit organizations (charities, clubs and societies etc.), usually in the form of fixed deposit or savings. deposit account. , which can be processed in the usual way (by card, electronically, by phone), in some cases with a bank branch savings account or by mail.
Some seem to be more lenient, although the exact opening procedure seems a little vague to many. You should research beforehand about opening requirements/procedures and what type of activity would be acceptable for this type of business account. An example of a prominent UK bank offering such a savings account for business deposits is Metro Bank.
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For those living in Greater London, the South East and other parts of the UK, this basic business deposit account with instant access from Metro Bank UK may be right for you. You have to visit a bank branch (or shop as they call it) to apply.
Currensea offers a debit card account that allows businesses to make free international payments using the Mastercard payment system. This allows businesses to save on bank transaction fees and exchange rates.
Payments can be made in most currencies and debited from an external bank account by direct debit. You basically pay for goods and services with your existing business account, just another bank card.
Save over 3% on bank transaction fees and track how much you’ve saved with the desktop dashboard and mobile app. On average, you can register in 7 minutes. There are no monthly or annual fees (they make their money through the seller). The account is authorized by the FCA.
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