FAQ
What is a credit score?
Credit score is a tool for lenders to check the borrower’s credit worthiness and capacity to repay loans. If
your business have a good credit score, lenders will typically approve your loan applications FASTER. A
SMECreditPro score is a number between 0 and 100 that gives potential lenders a QUICK
idea of your loan eligibility.
How is my business credit score calculated?
SMECreditPro score is calculated based on the information that you provided to us on our website and
those that we gathered from other online sources like your mobile phone, social media account, email etc.
SMECreditPro uses artificial intelligence and machine learning algorithms to calculate you’re your
business credit score. SMECreditPro Score is an indicator of your business credit worthiness. It impacts your
ability to borrow
What is credit rating?
This is basically your business credit score translated into a risk rating that indicates your business
creditworthiness.
Why should I know my business credit score?
When you apply for a loan, the first thing the bank/financial institution does is to check your credit score
to evaluate if you are a high or low risk customer. Knowing your business credit score helps you to know
where you stand before you apply for a loan. It also gives potential lender an instant idea of your credit
risk profile and helps them to decide whether to further evaluate your application or not. If you have a
poor score, they may reject your application at the very first stage or ask you to provide big collateral. So
your business score is very important as it is the first (and sometimes last) impression lenders have of
your business loan-eligibility.
What are the benefits that I will receive with a good score?
A good credit score of 70 or above will enable you to avail of:
- Quicker loan approval process
- Higher loan amount
- Small or No collateral
How do I find my business credit score?
You can get your business credit score instantly by applying on the SMECreditPro website. If you have a low credit score, you can avail of actionable recommendations to improve your score in the most efficient way possible. If you already have a good credit score, SMECreditPro can help you contact lenders that are willing to loan money to you based on your credit risk profile.
