Starting a business is hard. Getting a loan can be harder. Many banks look at credit scores. What if your credit score is low? What if you have no credit history? This is where no credit check business loans can help.
These loans do not look at your credit score. They look at other things. They look at your business plan. They look at your cash flow. They look at your assets. Let us look at some of the best no credit check business loans.
1. Kabbage
Kabbage is a good option. They offer lines of credit. You can get up to $250,000. You need to have been in business for at least one year. You also need to have $50,000 in annual revenue. Kabbage looks at your business performance. They do not look at your credit score.
2. OnDeck
OnDeck offers term loans and lines of credit. You can get up to $250,000 for term loans. You can get up to $100,000 for lines of credit. OnDeck looks at your business cash flow. They also look at your business plan. You need to have been in business for at least one year. You also need to have $100,000 in annual revenue.
3. Fundbox
Fundbox offers lines of credit. You can get up to $150,000. Fundbox looks at your invoicing history. They do not look at your credit score. You need to have been in business for at least six months. You also need to have $50,000 in annual revenue.
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4. BlueVine
BlueVine offers lines of credit. You can get up to $250,000. BlueVine looks at your business revenue. They do not look at your credit score. You need to have been in business for at least six months. You also need to have $100,000 in annual revenue.
5. PayPal Working Capital
PayPal Working Capital offers loans based on your PayPal sales. You can get up to $125,000 for your first loan. You can get up to $200,000 for subsequent loans. PayPal looks at your PayPal sales history. They do not look at your credit score. You need to have a PayPal Business or Premier account. You also need to have processed sales through PayPal for at least three months.
6. Square Capital
Square Capital offers loans based on your Square sales. You can get up to $100,000. Square looks at your Square sales history. They do not look at your credit score. You need to have a Square account. You also need to have processed sales through Square for at least three months.
7. Lendio
Lendio is a loan marketplace. They connect you with many lenders. Some of these lenders do not check your credit score. Lendio looks at your business performance. You need to have been in business for at least six months. You also need to have $50,000 in annual revenue.
How to Choose the Best No Credit Check Business Loan
Choosing the best loan can be hard. Here are some tips to help you choose.
- Look at the loan amount. Make sure it is enough for your needs.
- Look at the interest rate. Make sure you can afford it.
- Look at the repayment terms. Make sure they fit your cash flow.
- Look at the lender’s requirements. Make sure you meet them.
Benefits of No Credit Check Business Loans
No credit check business loans have many benefits. Here are some of them.
- No credit score required. Even if your score is low, you can still get a loan.
- Quick approval process. Many lenders can approve your loan in a few days.
- Flexible options. You can choose from term loans, lines of credit, and more.
Drawbacks of No Credit Check Business Loans
No credit check business loans also have some drawbacks. Here are some of them.
- Higher interest rates. These loans can have higher rates than traditional loans.
- Shorter repayment terms. These loans may need to be repaid quickly.
- Lower loan amounts. These loans may offer less money than traditional loans.
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Frequently Asked Questions
What Are No Credit Check Business Loans?
No credit check business loans do not require a credit score for approval.
How Do No Credit Check Loans Work?
Lenders assess your business’s cash flow and revenue instead of your credit score.
Who Can Apply For No Credit Check Business Loans?
Any business owner with steady revenue and cash flow can apply.
Are There High Interest Rates For These Loans?
Yes, interest rates may be higher due to the risk to lenders.
Conclusion
No credit check business loans can be a good option. They can help you get the money you need. They do not look at your credit score. They look at other things. They look at your business plan. They look at your cash flow. They look at your assets. Make sure to choose the best loan for your needs. Look at the loan amount. Look at the interest rate. Look at the repayment terms. Look at the lender’s requirements. This way, you can get the best loan for your business.
