Top 5 Guaranteed Startup Business Loans With No Credit Check

Though some entrepreneurs still go to banks for loans, an increasing number are finding it easier to get the funding they need online. One primary benefit of applying for loans online is that many platforms offer no-credit-check loans with guaranteed approval—so you don’t have to stress about your credit score or other loan requirements.

This article explores 5 guaranteed loan providers with no credit check for startups, so that you can get your business off the ground.

Let’s consider some reasons why you might need one of these loans without a credit check.

Why You Might Need A No Credit Check Startup Business Loan

No credit check startup business loans are an excellent option for entrepreneurs who still need to establish a good credit history or those with bad credit. If you’re in either of these categories, getting approved for a traditional small business loan is incredibly difficult.

This is where no credit check startup business loans come in handy. These loans are designed to provide financing to small businesses that don’t have access to traditional sources of capital.

1. PayPal Working Capital

What is PayPal Working Capital?

PayPal Working Capital is a business loan program from the online payment giant. It offers loans up to $150,000 with access to funds within 1 business day and no credit check required. PayPal Working Capital is ideal for PayPal merchants.

Features:

• Loans ranging from $1,000 to $150,000
• Up to $250,000 for repeat borrowers
• Access funds within 1 day
• Flexible repayment terms
• Prepayment penalty
• No collateral needed

Requirements:

• Your business has had a PayPal Business or Premier account for 90 days or more
• You process at least $20,000 in annual PayPal sales if you have a Premier account or at least $15,000 in annual PayPal sales if you have a PayPal Business account
• Pay off any existing PayPal Working Capital loan

2. Square Business Banking

What is Square Business Banking?

Square Business Banking is the lending arm of the payment processor Square. It offers small business loans with no credit check and access to funds within 1 day. The platform allows businesses to borrow up to $250,000 with flexible repayment terms and interest rates. Square Business Banking is ideal for Square merchants.

Features:

• Loans ranging from $300 to $250,000
• Access funds within 1 day
• Flexible repayment terms of 6 or 12 months
• Prepayment penalty
• No collateral needed
• Interest rates adjust depending on the application

Requirements:

• Must have a Square account for processing payments
• Businesses that have processed at least $10,000 or more in a year are more likely to be eligible for an offer
• No minimum credit score is required

3. Fundbox

What is Fundbox?

Fundbox is an online platform that provides small business loan solutions with no credit checks. The platform allows businesses to access up to $100,000 in funds with no collateral and flexible repayment terms. Fundbox is ideal for companies seeking working capital for short-term needs or to access funds quickly.

Features:

• Loans ranging up to $150,000
• Access funds within 1 day
• Flexible repayment terms of 12 or 24 weeks
• No prepayment penalty
• No collateral needed
• Interest rates start at 4.66%

Requirements:

• Business must have been operating for at least 6 months
• Must generate a minimum of $50,000 in annual revenue

4. Kiva US

What is Kiva US?

Kiva US is a crowdfunding platform that offers no credit check business loans to entrepreneurs in the United States. The platform allows borrowers to access up to $15,000 with no collateral and low-interest rates starting at 0%. Kiva is ideal for entrepreneurs who need startup capital and want to take advantage of the power of crowdfunding.

Features:

• Loans ranging from $500 to $15,000
• Access funds within 1 day
• Flexible repayment terms of 6 or 12 months
• No prepayment penalty
• No collateral needed
• Interest rates start at 0%

Requirements:

• Must have a valid business plan
• Must have an active PayPal account

5. Accion

What is Accion?

Accion is a nonprofit lender that offers small business loans with no credit check. It provides access to capital from $5,000 to $100,000 with no collateral and interest rates starting at 5.99%. Accion is ideal for small businesses seeking access to funding with no hassle.

Features:

• Loans ranging from $5,000 to $100,000
• No prepayment penalty
• No collateral needed
• Interest rates start at 5.99%

Requirements:

• No minimum credit score required
• Must be based in the United States
• Must have a valid business plan

Alternative Options

There are other ways of financing a business without a credit check.

Some options include:

• Credit Cards: Many credit cards offer rewards and low-interest rates that can be used as a form of financing.
• Peer-to-Peer Lending: Platforms such as Lending Club and Prosper allow businesses to access funding from individuals or investors with no credit check.
• Merchant Cash Advance: Platforms such as RapidFinance provide working capital to businesses in exchange for a portion of future credit card sales.
• Crowdfunding: Platforms such as Kickstarter and Indiegogo allow businesses to raise funds from individuals or investors with no credit check.
• Invoice Financing: Platforms such as BlueVine allow businesses to access funds against outstanding invoices with no credit check.
• Friends and Family: Borrowing money from friends and family is one of the oldest and most tried methods for accessing funding without a credit check.
• Alternative Investors: Platforms such as AngelList, EquityNet, and CircleUp allow businesses to connect with investors willing to provide funding without a credit check.

Since financing is such an essential part of starting a business, you need to be extra careful about the terms and conditions of any agreement. Pay close attention to all the details before signing on the dotted line. Additionally, when considering other financing options, beware of scams or lenders that could take advantage of you. With some research and due diligence, you can find the perfect financing solution for your business.

Bottom Line

There are various options available when it comes to financing a business without a credit check. Be sure to weigh your options before choosing a financing solution for your business. Consider the features, requirements, and all other details before signing any agreement. With some research and due diligence, you can find the perfect financing solution for your business.