Secure Business Funding: No Credit Check Required
You don’t need perfect credit to get a business loan. Get the money you need – fast!
Things to Know About How Lenders Use Credit Scores
A person’s credit history influences their FICO score in several ways: length of time as an established account holder, number of accounts overdue or in collections, percentage of total available credit currently being utilized as well as new items like outstanding balances on installment loans (such as mortgage or auto) compared with total available balance on those accounts.
Trying to get Business Financing from a Bank with Bad Credit is Almost Impossible
Banks Will Check Small Business Owners' Credit History when Applying for a Traditional Business Loan
Credit card companies are concerned with getting their money back so they will charge high-interest rates to make up for the loss of time that they have already given you. In addition, don’t apply for any new loans or bank accounts until your old debts are paid off because this just adds more debt and hurts your credit score even more.
Another way that bad credit can hurt someone is by limiting the number of jobs that he or she can qualify for because employers want applicants who have a good reputation and will not risk their business by hiring someone who may not be able to perform at the level necessary for them.
Without realizing it, bad credit could keep an individual from getting a job offer or could prevent him/her from being accepted into a college or graduate school which would limit his/her potential career choices down the road when he/she finally does get caught up financially.
Small Business Loans That Do Not Need A Credit Check
Some Business Lenders have Products that don't Heavily Consider Your Personal Credit Score
Small business term loans, unsecured small business loans, small business lines of credit, and merchant cash advance loans are all viable options for small businesses looking for funding with no personal credit check required. Each option has its own benefits and drawbacks, so be sure to speak with a Loan Specialist before deciding which one is right for your business.
With Some Small Business Loans, Cash Flow Is King
There Are Loan Options Without a Hard Credit Pull
Cash flow needs to be monitored constantly to make sure it’s in line with what you want it to do for the business. Cash flow can also be important when trying to determine how much debt a company has on hand. The cash balance could indicate how quickly debt will need to be repaid or if more may need to be taken on for operations to keep going smoothly.
Unsecured Working Capital Loans
Small Business Term Loans
Small Business Lines of Credit
Merchant Cash Advance
Goliath National vs. Alternative Lenders
Should Business Owners Apply for a Small Business Loan Approval with the Bank or Work With Alternative Business Lenders?
There are a variety of ways to try to obtain business financing. Business owners that are exploring their loan options can consider bank-style credit check loans, business credit cards or a credit line from a traditional bank.
These small business loans are “credit check” business loans that will require reviewing your credit report, a minimum credit score in the 700 range and a decent amount of cash in your bank account. All of these factors will determine whether you get approved for your business loan & at what interest rate. Keep in mind that it may take months to get your business loan from a bank. They don’t just ask for a personal guarantee either. They will require a lien attached to the business collateral & maybe even your house & personal belongings. Yikes!
On the Other Hand, there’s Alternative Small Business Financing…
Sometimes referred to as online lenders, private business lenders like Fast Business Funds can do some pretty amazing things as far as business loans are concerned. Of course, that’s assuming business loans can be amazing to someone 😉
Let’s start with the credit check situation. Most of these small business loan products are primarily based on your business bank statements. In other words, they care more about your deposits and business checking account balances than they do about your credit score.
Fast Business Funds can get business owners approved for a business loan even if you have truly bad credit, like a 500 credit score. Now that’s not to say that alternative business loan products are only for people with bad credit. That certainly is NOT the case. If you need a small business loan, but the stars don’t align at the bank to qualify for one of their credit check loans, then business owners need an alternative option to get working capital. That’s where Fast Business Funds shines. We can truly get almost any business owner a business loan. Many of the products don’t require any credit check at all either. The worst-case scenario as it pertains to credit checks – is the product requires a soft credit check. What the heck is a soft credit check? Well, that just means the underwriters will ping Experian to get your fico score. So there’s no hard pull that will ding your score for 3-5 points. That being said, there’s nothing to worry about because even if you have a crappy fico score you’re still likely to get your loan approval. You can even get approved for a loan with no credit if the revenue is solid.
Getting Approved for a Business Loan is Easy
The best part is that there’s no lien on your business or your house. They just ask for a personal guarantee (which just means you can’t take the money & vanish). Whether there’s no credit score check, or they do a soft pull to get the credit score, they still base the approval primarily on the business checking account statements. That doesn’t mean that alternative online lenders can only provide a bad credit business loan. It just means cash is king. They’ll look past credit score issues if you have good monthly and/ or annual revenue. Business owners with good credit will not only qualify for multiple financing options, but you’ll get the best case scenario with payment options, the longest terms & best interest rates.
Why Do They Call Alternative Lenders “Online Lenders”
You can contact us online. Fill out your application electronically, then email your application & bank statements over to us in about five minutes. There’s no hassle whatsoever. Then upon approval, we wire the funds directly into your business checking account. That entire process happens in less than 24 hours in most cases. Compare that to the credit check business loans from a bank… You’ll need to make an appointment, gather oodles of paperwork, drive down to the bank, fill out more paperwork, wait for them to do a hard credit pull to get your credit score, then get ready to pucker up & beg for an approval. Then in 2-3 months they’ll let you know if you are getting a business loan.
Ready to Get a Business Loan That Doesn’t Require a Credit Check ?
No matter what type of small business loan you’re looking for, Fast Business Funds can help regardless of what your credit score may be. We have a wide variety of products available, so we can match you with the perfect one for your needs, even if you have what the bank would consider bad credit. And because we know that time is of the essence, we can get you funded in as little as 24 hours or less.