Getting a small business loans no credit check can be a great option for businesses that need a little bit of extra cash. Luckily, there are a number of different companies that offer this type of financing. These include PayPal Working Capital, Lendio, Rapid Finance, Fundbox, and more.
PayPal Working Capital
Getting a PayPal working capital loan is a great way to fund your business. You can borrow anywhere from $1,000 to $150,000. However, there are several factors you need to consider before taking out a loan from PayPal. There is not much information available about the actual loan, and it’s not the same as a traditional bank loan. It’s also not as competitive as a traditional business term loan. Moreover, some industries are ineligible. The program has been criticised for technical issues with its automated approval software. Some users have reported receiving the same message with different codes. This doesn’t mean that you’re out of luck; you can always contact a customer service representative to get clarification. There are no guarantees you’ll get approved, and you may have to apply for the loan more than once. Some applicants may even have to wait seven days for an initial approval.
Fundbox
Whether you’re in the market for financing or just looking to optimize your cash flow, Fundbox offers small business loans with no credit check. The lender has helped over 500,000 businesses get access to financial products that they need to grow their businesses. While the company offers a number of small business loans, they don’t provide equipment financing. However, they do offer flexible business lines of credit. These loans are used to purchase supplies and pay for other business expenses.
Fundbox has a great online reputation, with 408 customer reviews and a 4.74 star rating. It also has an A+ rating with the Better Business Bureau.
Fundbox also has a straightforward application process. It requires you to create a free account. Then you can connect your business bank accounts. You can also download the Fundbox app to start tapping into your line of credit.
Lendio
Using a small business loan can help you get your business off the ground. Lendio offers loans from $500 to $5 million with flexible terms. You can pay them off in one to twenty-five years.
Lendio has a streamlined application process that can be completed in as little as 15 minutes. They match you with a variety of lenders. Depending on your credit score and the type of loan you’re looking for, your lender may charge a fee.
You can use a Lendio loan calculator to calculate your monthly payment. They have a wide range of calculators for different types of business loans. This helps you choose the best option for your business.
You can apply for a Lendio small business loan over the phone or online. You will need to fill out a short questionnaire and provide basic business information. You will then be matched with a personal funding manager. The funding manager will evaluate your options and contact you within 72 hours to answer any questions.
OnDeck
Unlike other online lenders, OnDeck offers small business loans without credit check. This means they can easily provide funding to business owners who have trouble obtaining traditional bank financing. The company is also known for their quick approval process.
OnDeck provides a wide range of products, including short-term and long-term loans. Their short-term loan options include simple interest rates that start at 9%. OnDeck also provides lines of credit up to twelve months in length. They offer a prepayment benefit, which helps borrowers pay off their loan early. Those who qualify may receive a lower origination fee.
OnDeck is one of the fastest online lenders, and can often approve applications same day. The company offers a number of different small business loans no credit check.
Rapid Finance
Whether you’re looking to start a new business, expand your current one, or pay off debts, Rapid Finance has you covered. It offers multiple types of financing options, ranging from asset-based loans to commercial real estate loans.
In addition to their wide variety of small business loans, Rapid Finance also offers bridge loans and invoice factoring. These options are ideal for businesses with limited credit histories. Their line of credit is a flexible option that can be paid with fixed weekly or daily payments.
While there is no specific amount that you have to earn each month to qualify for Rapid Finance’s loan, they do require that your business be in business for at least three months. They can also approve your application within 24 hours. However, you will have to provide three months of bank statements.
