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Small Business Loan With No Credit Check

Get your business off the ground with a small business loan!

A small business startup is an expensive undertaking. Without the right amount of money, you could find yourself unable to handle the costs of day-to-day operations. Although there are small business loans available, if your credit score is lacking, they could be difficult to obtain. Though most lenders do check credit scores, there are some small business lenders that do not require a credit check.

What Is a Small Business Loan?

A small business loan is sought by a person who is aspiring to open a business or one that already owns a business and needs financing to meet day-to-day demands. These loans can be used to purchase business equipment, stock, or fund payroll. There are usually no major stipulations on the loan if the money is used for business purposes.

Is Your Credit Too Bad for a Loan?

Many small business owners suffer from poor credit. You may be surprised to find your credit is not as bad as you think. There are lenders that work with less than stellar credit scores. It is especially easier to get a small business loan if you have built up equity in your business.

There are four tiers lenders place borrowers in, according to their credit scores. Knowing which credit tier you land in will help you to choose a lender that is more favorable to that tier or one who does not check credit scores at all.

  • 700+ You will likely have no trouble getting a small business loan, even from those lenders who check credit scores. Just remember, the higher your credit score, the better the rates you will be offered.
  • 650-700 You're still in good shape. Even though your score may not be as high as some lenders prefer, a little business equity can help you get approval.
  • 620 - 650 Your small business loan options become more limited. You could still obtain a loan with an alternative lender or one that offers a no credit check loan.
  • < 550 Definitely needs work. Even with this low of a score, all hope is not lost. There are lenders who are willing to take bigger risks on small business owners with poor credit. Because they are taking bigger risks, they are likely going to charge higher fees and greater interest.

Options for Small Business Loans with No Credit

Many small business owners are shocked to learn of the options they have for seeking a small business loan with no credit check. There are plenty of financing options available, you simply need to be creative and do a little research.

  1. Crowdfunding has become increasingly popular over the last few years. It allows small business entrepreneurs to gain money from friends, family, customers, and business investors who are interested in funding their efforts. There are both donation and rewards-based platforms, depending on the reasons you are seeking funding.
  2. Have you ever considered applying for a small business grant? One of the best things about a small business grant is you are not required to pay the money back. Qualifying is the tough part. Government grants and some private ones often require the business to be in a certain industry or the owner to be a certain gender or race. It never hurts to research the available grants to see if you qualify.
  3. A microloan or help from a non-profit organization can allow you to apply for financing without any form of credit check. If you are a minority small business owner or one who came from an impoverished upbringing, these lenders want to help. They are not looking to make money, but simply want to help marginalized individuals pursue their dreams of business ownership.
  4. Although many people do not relish asking friends and family for financial help, there is that option. To ensure the process is handled professionally, a lawyer can provide paperwork. The payments should be set up just like a traditional loan and interest can even be charged.
  5. There is also the option of opening a business credit card. Those with bad credit may need to secure their card. The good news is, a small business credit card can improve your credit score. With an improved score, you can seek a more traditional loan in the future.

Benefits of Small Business Loans with No Credit Check

There are many benefits to choosing a small business loan with no credit check. When you can carefully weigh the pros and cons, you are better equipped to make the best decision. You should never dive head-first into any loan without proper research.

  • If you open a small business line of credit, you can borrow up to the max of your limit or only use what you need. You will never pay interest on the amount you do not withdraw.
  • Because there is no credit check, there is not as much stress regarding the possibility of being turned down. With no credit check, your score will not be impacted by hard inquiries.
  • You can use the funds to take care of any financial responsibilities regarding your business.
  • Paying your payments on time will help you to establish or improve your credit score so you will have access to better loan options in the future.

Cons of Small Business Loans Without Credit Checks

As with any loan, there are going to be both pros and cons to consider. Many borrowers feel the pros outweigh the cons when it comes to a small business loan, but both should be carefully reviewed before making any decision.

  • You are often limited in the amount of money you can borrow. Lenders are not going to allow risky borrowers to borrow too much money at a time. Once you prove yourself to the lender, by paying back the money, you will likely be offered more.
  • The terms of a no credit check loan for business owners are typically going to be shorter than more traditional types.
  • Some lenders may require more frequent payments than once a month. Before deciding on any loan, you should always carefully read the terms and conditions. Knowing what you are getting into first will help you to avoid major mistakes when seeking a loan.

Is It Really Possible to Get a Business Loan with No Credit?

If you have tried to get a small business loan and failed because of your credit score, you likely feel a little doubtful regarding no credit check loans. The truth is that there really are business loan opportunities, even if your credit score is poor.

Lenders who do not check credit scores determine loan eligibility by different metrics. They may check your bank accounts, credit card payments, or business equity to determine your eligibility. Lenders may also look at your outstanding invoices before making a final decision.

A short-term loan is typically going to be your best bet when it comes to seeking a loan with bad credit. Although you will pay more in interest and fees, this type of loan is paid off quickly and can help your credit if you pay the payments on time.

How to Get Started

To get started on the process, make sure to research the different lenders and their qualification requirements. Before agreeing to any small business loan, make sure to read the fine print so you are fully aware of your responsibilities.

In most cases, the application process can be carried out online. You may need to submit certain documents, such as your personal tax returns, business taxes, ledgers, and other pieces of information. Showing your business is stable and making an income is important, especially if your credit score is lacking.

The approval process is quick for this type of loan. Some online lenders use electronic underwriting so you can know your pre-approval status right away. To avoid delays or denials, make sure to provide accurate information and back up the information you provide with documents.

Down to the Bottom Line

There are plenty of options when it comes to small business loans with no credit checks. These loans are not conventional, so you are likely to pay more in interest and other fees. You may have to search more for this type of a loan than you would for a traditional loan, but the outcome is worth the time spent.

If your credit score is less than 650, it is going to be more difficult for you to get a loan with a lender that checks credit. Thankfully, there are alternative loans available. Before choosing any no credit check loan, make sure you fully understand your responsibilities as a borrower.

Pay your payments on time to avoid big late fees and other penalties. Paying your payments in a timely manner improves your creditworthiness for future loans. Although it is not easy, it is possible to get a no credit check loan for your small business.

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