How to Qualify for a Farm Loan When You Have Bad Credit

Your credit score matters—but it shouldn’t keep you from securing the financial support your farm needs.

There are many reasons that you may need a farm loan. Perhaps you want to expand your operation by purchasing more land, or maybe you need to invest in new technology to optimize your production capabilities. Whatever the case may be, it’s likely that at some point your operation will need more working capital to sustain the fast-pace demand of food production.

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How to Improve Your Credit Score Before Applying for an Ag Loan

Check out our tips for getting a higher credit score.

Your credit score–the three-digit number that relates to how likely you are to repay debt—is an important aspect of your financial future. After all, it determines whether you receive the loan you’re applying for and the rates you’ll pay. According to the financial experts at Nerd Wallet, the lifetime cost of higher interest rates from bad or mediocre credit can exceed six figures. On the other hand, borrowers can leverage strong credit scores for fantastic deals on loans, credit cards, and insurance premiums.

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