Banks and lenders have their own criteria of loan qualifications. Some consider personal credit score, while others prefer both personal and business credit scores. But, what if you do not want your credit score to be checked?
Can you get a loan in that case?
Yes, you can get a loan without a credit check. Let’s learn through this blog all about no credit check business loans and how to avail of them.
Who offers No Credit Check Business Loans?
Traditional lenders do not offer loans without checking credit score. However, there are trusted direct lenders who can offer business loans without checking your personal or business credit score.
What are Same Day Business Loans No Credit Check?
Same-day business loans can be funded on the same day of approval. They do not need a credit check or paperwork and can be processed quickly, say, on the same day. Hence, such loans are referred to as same-day business loans without credit check.
Why Get No Credit Check Business Loans?
The best loan option for people who do not want their credit to be checked is a no credit check business loans. These loans come with several advantages such as:
● Accessibility: Very few lenders offer loans with no credit check. If you are getting one, then you have a good advantage of availing funds by skipping one of the major loan criteria.
● Opportunity to improve credit score: If you are having a bad credit score and want a loan to improve that, then no credit check loans are the best option. Timely repayment will result in improved credit score over time.
● Fast Approval: Credit checks take some time. These loans do not require a credit check, so they can be approved instantly, and the funds can be deposited into your account within the same day.
● Multiple Uses: No credit check business loans can be used in a variety of ways for your business. You can expand your business, add new services/products, add equipment, etc.
● Flexible Repayment Options: These loans are offered by direct lenders who offer flexible repayment options such as weekly, monthly, quarterly, etc. You can repay the loan depending on how your business is performing.
Requirements for Quick Business Loans No Credit Check
There are some requirements that your business needs to meet to qualify for a no credit check quick business loan. Here are the documents required and eligibility requirements:
● Your business needs to be at least 6 months active at the time of loan application
● It must generate a revenue of at least $5000 per month or more
● It shouldn’t have any open bankruptcies.
● 3 months’ bank statement
● 3 months’ statement of credit transaction processing
● Landlord’s contact details, lease agreement, or proof of ownership of the business premise.
How to Apply for No Credit Check Small Business Loans?
Top trusted direct lenders accept applications for no credit check small business loans. Here is how to apply:
● Go to the lender’s website and fill in the application form with your details.
● The lender’s team will go through your profile and upon evaluation will approve a loan offer.
● Once your loan is approved, you will get your funds in your account within 24 hours.
Get Guaranteed Business Funding
Most people are afraid that they won’t get funding and hence do not apply for a loan. However, there are lenders like BusinessAdvanceFunding who offer guaranteed business funding. They have a track record of 9 out of 10 applications getting approved. Apply for no credit check business loans from them for guaranteed approval.