No Credit Check Business Loans: Best Options to Consider

While no credit check business loans might help you out if you don’t have the best credit, many of them are expensive. The good news is there are some reputable lenders that offer these small business loans with reasonable rates and fees. Instead of focusing on your credit, they consider other factors like your annual revenue and time in business. Our team of financial experts reviewed and ranked the top no check business loans lenders to help you get funded.

In this review, we highlight the terms, rates and fees of each lender, and explain what makes them a good choice. We also share potential downsides of each company, and provide a rating methodology you can use to select the best equipment financing option for your needs.

Best No Credit Check Business Loans for 2023 - Full Overview

How We Choose the Best No Credit Check Business Loans?

Even though it can be difficult to find no credit check business loans for bad credit check business loans, it’s not impossible. As you shop around, it’s a good idea to compare products so you can choose the ideal option for your unique business. While ranking the best no credit check business loans, our experts prioritized the following. 

• Loan Features: Loan features refer to loan terms, loan amounts, and repayment plans. Some lenders are known for lengthy terms, high amounts, and flexible repayment options, which are usually preferred if you’re a small business owner. 
• Application Process: Chances are you’re busy running your business and don’t have a lot of time to apply for a loan. That’s why we gave bonus points to lenders with online pre qualifications and short application forms.
• Interest rates and fees: Since interest rates and fees will determine your overall cost of borrowing, we looked for lenders who offer reasonable interest rates and low fees 
• Qualification process: All of the lenders we found are willing to extend business financing to borrowers with less-than-perfect credit. But some are more lenient with other criteria, like annual revenue and time and business.  
• Customer support: No matter how long or short your loan terms are, customer support is important. We focused on lenders who offer support via phone, email, live chat, and website tools.
• Online user reviews: Reviews and ratings on independent, third-party sites like Trustpilot and Better Business Bureau (BBB) indicate the reputation of lenders who offer no credit check business loans. 
• Perks and Bonuses: Extras like unemployment protection and hardship assistance, can add value to a no credit check business loan.

What is a No Credit Check Business Loan?

A no credit check business loan doesn’t require a credit check. When you apply for one, the lender won’t pull your credit. Instead, they might consider other factors, such as your annual revenue and how long you’ve been in business. If you don’t have the best credit, you’ll find it easier to get approved for a no credit check loan than for a loan with rigorous credit criteria.

Pros and Cons of Business Loans With No Credit Check

As with any type of financing, there are benefits and drawbacks of no credit check business loans, including.

Pros

• Easy access to funding: With a no credit check business loan, you can receive the capital you need, no matter your credit score. 
• Can improve your credit: If you repay your loan on time, every time, your credit score will slowly but surely improve.
• Fast applications: Most lenders who offer business loans without a credit check let you apply online quickly with minimal to no documentation. 

Cons

• Higher interest rates: You may have to settle for higher than average interest rates, which make your loan more expensive. 
• Additional fees: Some lenders charge extra fees, like origination fees and prepayment penalties.
• Limited options: It can be difficult to find lenders who offer no credit check business loans. 

How to Get a Business Loans With No Credit Check

If you’re interested in a business loan with no credit check, understand that the application process may vary from lender to lender. In general, however, you’ll have to follow these steps.

• Shop around: Do your research and explore various lenders who offer no credit check business loans.
• Choose a lender: Select a lender that makes the most sense for your unique situation.
• Fill out the online application: Visit the lender’s website and carefully fill out their online application. 
• Wait for approval: Most lenders will approve you the same day you apply, within 24 hours, or in a few business days.

Types of No Credit Check Business Loans

There are several types of no credit check business loans, such as:

• Short-term loans: These loans come with shorter repayment terms, ranging from a few weeks to a few months. 
• Lines of credit: Lines of credit let you borrow as much or as little as you’d like, up to a set credit limit.
• Merchant cash advances (MCAs): With MCAs you receive fast cash in exchange for a percentage of your credit and debit card sales.
• Equipment loans: Equipment loans are specifically designed to cover the cost of new or used equipment for your business.

Alternatives to No Credit Check Business Loans 

If you decide that no credit check business loans aren’t for you, consider these alternatives:

• Crowdfunding:With a crowdfunding campaign, you can raise capital for your business from people who believe in it. You may use an online platform like GoFundMe or Kickstarter to simplify the process. 
• Friends and family: If your family member or close friend supports your business, they might lend you money with low interest or no interest. If you go this route, be sure to put the loan agreement in writing so that everyone is on the same page.
• Small business grants: Federal, state, and local governments offer grants to small business owners. While grants are competitive, they’re worth applying for as you don’t need good credit and won’t have to worry about paying them back. 
• Business credit cards: Some credit card issuers may approve you for a credit card with average or poor credit. You can enjoy interest free borrowing plus rewards if you repay your balance in full each month.

Conclusion

No credit check business loan may make sense if you need capital for your business but don’t have good or excellent credit. Before you commit to one, however, make sure you can afford to pay it back. Also, be wary of predatory lenders who charge sky-high interest rates and fees to make up for their flexible credit requirements.