Guaranteed Startup Business Loans with No Credit Check
Building something from scratch was never easy and never will be. No one knows this struggle better than a startup CEO. Although new beginnings always feel exciting and beautiful, it can be difficult to secure funding for a fresh and completely new business venture.
If you are someone who is trying to find a startup loan or have had some cash flow issues that damaged your financial statement, we’ve found some options for you where you can get guaranteed startup business loans with no credit check.
What Startup Business Loans Actually is Without Personal Credit Check
A credit check would indeed be demanded by the majority of business investors or lenders. However, only a few of them are ready to lend to businesses that have been in operation for only a few months. Here is where loans for businesses with no credit come in handy.
Business loans with no credit check are a type of momentary funding alternative entrepreneurs with weak or low credits who need financial resources promptly. They do not require any substantial or thorough business or personal credit check.
Not just that, the screening process for financing with no credit check is very easy and quick which allows businesses to get funds quickly. That being the case, business loans without personal credit checks proved to be the easiest and potential strategic financing option for startups with bad or no credit.
The Best Loans for Business with No Credit
There is a fair chance that either of these following funding options will support you in the way of starting the business that you have always wanted.
Fundbox: for Businesses Works with Accounting or Invoicing Software
Fundbox is one of a very few of various lenders that can provide invoice funding without a rigorous credit check before you know your credit ceiling and charges. You should be eligible for Funbox’s facilities if you have a minimum credit score of 500 and operate with compatible invoicing or accounting software, or have a valid business banking account.
It accepts very poor credit with no revenue requirement and no draw fee or, maintenance fee or, prepayment fee or, origination fee. However, the loan must be paid back at full tilt; either in 12 or 24 weeks relying on the offer. The maximum loan amount is $100,000. So, on the other side of the coin, they wait for short repayment conditions.
Lendio: for Small Businesses
Lendio is a pretty convenient online-based loan pairing platform that allows small businesses to estimate and apply for different business loans in under 15 minutes and receive funding in as little as 24 hrs. Through their service, you can be shortlisted for short-term loans, small business administration loans, equipment financing, and many other loans. Lendio is highly probable to have some funding options for you even though your credit score is as minimal as 550.
More than 75 lenders are part of Lendio’s lender network, such as OnDeck, Amex, BlueVine, and so forth. Like every other option in our list, Lendio has two sides of a coin as well. On the strength side, it allows businesses to assimilate various load deals and then choose the right one.
Secondly, it helps to reduce the time loss by submitting the application to several lenders at the same time. On the other hand, Lendio’s network of lenders does not approve every application with poor credit.
PayPal Working Capital: for PayPal Sellers
You must have a PayPal Premier or Business account for a minimum of 90 days to qualify for a PayPal Working Capital loan. The volume or amount of PayPal purchases and transactions you generate (not your credit score), determines your eligibility for getting funds. In order to qualify, you must have a minimum of $15,000 in annual PayPal sales for PayPal business or, $20,000 in annual PayPal sales for PayPal Premium.
You can apply to get finances up to 30% of the last 12 months’ PayPal revenue, with a maximum loan amount of $97,000 for the first loan and $125,000 for future loans with PayPal Working Capital. When you already perform business through PayPal, these loans have really no credit score prerequisite and a great place to start.
Since it is strictly based on your PayPal sales, the company does not check your credit. In addition to that, you can easily access the application through your PayPal account. Along with that, repayments are pretty simple and prompt. They also provide fast access to cash as well.
Accion: For Women & Minority-Owned Businesses
Accion is a non-profit Community Development Financial Institutions Fund (CDFI), that provides entrepreneurs and existing businesses & companies with short as well as medium-term installment loans.
Accion is among the few reliable online loan providers that can support you if you have low credit and in need of a small business loan without taking advantage of you. It focuses on women and minority-owned businesses.
The majority of these lending products are micro-loans ranging under $50,000. However, there are a few offers for loans up to $1M. In order to be eligible for an Accion loan, one must have a credit score of 550 or 575. On top of that, startups must have less than $3,000 in unpaid debt, a 12-month cash flow forecast along with a referral from an investor.
One of the demerits of Accion is that the loans are available in different parts of the country. So consequently, you will be limited to loans that are available in your area.
BlueVine: for B2B Startups
BlueVine focuses on B2B startups with unpaid invoices. It eased the borrower conditions for invoice factoring services along with fair and transparent terms. You do not have to use any invoicing software with BlueVine, simply upload the overdue invoices to BlueVine’s user-friendly dashboard.
BlueVine invoicing factoring is just open to startups that are already profitable and in order to qualify, you have to earn $10,000 a month. You might be able to apply for a revolving line of credit via BlueVine after you have been in the business for a minimum of 3 years and increased your credit score to 650. Recently, they changed the terms for the line of credit. Now, your business needs to be a corporation or LLC that brings in $40,000 per month.
The pros of BlueVine are actually endless. They have a transfer advertising policy. Also, you actually don’t need to use any kind of software for invoicing. The only con that we found is in their recent update that disallowed startups for the line of credit.
In customary knowledge, small business or startup loans with no credit checks don’t really exist. But we believe proper research and a tad bit of creativity can help you to find your desired solution. And if you are not happy with the deals you are receiving you need to work on improving your credit score or searching for other available financial options.
Abera Anjum Momo
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