Many businesses, even profitable ones, find it difficult to scale with their own funds. This is because scaling a business requires additional investments. Funds to include, maybe more space, products, or even to market it to a wider audience.
This is exactly when businesses start looking for funds. It’s great if you have an investor or a great credit score. But, what if you don’t have either of the two? Well, in that case, your business might struggle to make it big. However, the good news is that there are ‘no credit check business loans’ available in the market to cover your business. In this blog, we will tell you how and where to find them.
Do ‘No Credit Check Business Loans’ Exist?
These types of loans do exist. However, when we say ‘no credit check business loans’ we do not mean to say that there will be no credit check at all. There will be a soft credit check to check your capability of loan repayment. This is done by going through your bank account statements and pay slips.
Requirements for No Credit Check Business Loans
Though there is no requirement for a higher credit score, there are certain other requirements to fulfil for a ‘no credit check business loan’:
- Your business must be at least 1 year old.
- Your business should at least generate $15000 monthly revenue
- You must have a social security number
- Must have a valid business tax ID / EIN
- Provide the last 3 months’ bank statements.
How can you get guaranteed Approval for a No Credit Check Business Loan?
It is possible for ‘no credit check business loans’ guaranteed approval if you choose your loan lender wisely. Compare different lenders and check for their conditions and offers. You will find that all the traditional lenders will deny you a loan because you do not have a credit score or have a bad credit score.
However, you can prefer trusted direct lenders to process your loan. Online direct lenders do not see credit score as the primary criteria for offering you a loan, and hence you are bound to get approval from them if you meet all the eligibility criteria.
Apply for No Credit Check Business Loans
Check eligibility criteria and apply to the loan by going through the following steps:
- Fill out the application form available on the lender’s website, which will ask details such as personal information, your business address, revenue, etc.
- The lender’s team will get back to you with a loan offer and agreement.
- Upon agreement, your loan will be directly deposited into your bank account.
Lenders for No Credit Check Business Loans
Normally, you won’t find traditional lenders offering no credit check business loans. So, you have to go through trusted direct lenders such as BusinessAdvanceLenders to process your loan. We at BusinessAdvanceLenders offer same day no credit check business loan approval and funding. So, why go elsewhere when you are getting the best offer right here. Apply today!