The Best Small Business Loans with No Credit Check

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Did you know there are 28.8 million small businesses in the United States?

In order for small businesses to succeed, they need funding. If your business needs funding and your credit is not in the best shape, you need a loan with no credit check.

Although they might seem difficult to come by, there are plenty of business loans with no credit check available. 

Read on to get started. 

American Express Business Loans

American Express offers a business loan with no credit checks specially designed to cover business expenses. With this type of loan, businesses can borrow between $3,500 up to $50,000. 

Borrowers have the option to pay the loan back in 12, 24, or 35 months with a fixed interest rate between 6.98% to 19.97%. 

Another perk is you don’t need any collateral to qualify for this loan. You can get approved in a matter of seconds and receive the funds within 3 to 5 business days. 

This business loan is too good to be true, right? American Express only offers this type of business loans to members who have been approved for a business card. 

Since they already have the information of the member on file, they don’t need to perform a credit check.

To start the application process, all members have to do is log into their account and find out if they qualify. 

American Express Working Capital

American Express offers another loan for businesses to help them pay their vendors. With this working capital loan, businesses can borrow between $1,000 up to $750,000 when they need extra cash flow.

This loan is strictly designed to help businesses pay their vendors, and the money cannot be allocated to other expenses. You have the option of adding vendors and American Express will pay them directly within 2 business days. 

The interest rates range between 0.6% to 5.25% and the repayments terms are 30, 60, or 90 days. With this working capital loan, you don’t have to make payments.

The full amount of the loan plus the interest gets deducted from your account at the end of the term. 

American Express only offers this loan option for their business card holders, which is why they don’t perform a credit check. 

They also require businesses to have been operating for at least two years and have annual revenue of at least $200,000 to qualify.

Fundbox

Funbox offers a line of credit loan for businesses that won’t affect their credit report. Although some other loans on this list don’t check the applicant’s credit, Funbox performs a soft inquiry. 

After the first time they withdraw funds from the line of credit, Fundbox does perform a hard inquiry. All inquiries after that won’t require a hard inquiry. 

With this credit line, businesses can borrow up to $100,000. The repayment terms are between 12 to 24 weeks, and the draw-fees start at 4.66%. 

Business owners who have a business in the United States and have annual revenue of $50,000 can qualify for this line of credit. 

Business owners that do not want a hard inquiry on their credit can always apply for an OppLoan. Check out these OppLoans reviews to learn more details.

Currency Capital

For business owners that need a loan to buy equipment, Currency Capital is the perfect place to start. 

Currency Capital is a platform that matches borrowers with lenders. If the main goal is to get equipment financing, Currency Capital matches businesses with lenders to make this possible. 

While they only perform a soft check that won’t affect their credit, lenders will have to perform a hard search in order to approve the loan. 

Businesses will be able to borrow between $5,000 up to $2 million to buy the equipment they need. The interest rates range from 6% up to 24% plus additional origination fees and other costs.

Lendio

Lendio is another type of loan aggregator available for businesses that do not perform a hard credit check. Lendio works with 75 lending partners to find accounts receivable and other types of loans for businesses. 

For businesses looking for a loan to help with their unpaid invoices, Lendio is an excellent resource. On average, Lendio can help provide enough financing for unpaid invoices. 

Businesses have up to 12 months to pay back the loan and the interest rates start at 5%. 

Although Lendio only performs a soft credit inquiry, their partners will perform a hard inquiry before releasing the funds. Once approved, the funds will get released within 72 hours.

PayPal Working Capital

Businesses who already use PayPal for business can qualify for a business loan without a credit check. 

PayPal Working Capital is a short-term loan for businesses that already use their business or premier services. Although PayPal doesn’t check your credit, they still require your account to process between $15,000 to $20,000 annually. 

Businesses can borrow a maximum of $125,000 for their first two loans. After the third loan they take out with PayPal, they can borrow up to $200,000. 

Instead of having interest rates on the loan, PayPal charges a fixed fee of 1.01 to 1.58 percent. They deduct money automatically from your PayPal account based on your daily sales. 

Since this is a short-term loan, this loan must be paid off in 18 months. 

Benetrends

Benetrends is a Rollover as Business Startup Plan (ROBS), which helps businesses use the money in their retirement account to finance their business. 

Benetrends can help finance business owners that have at least $50,000 in their retirement account. This type of financing has a setup fee of $4,995 and a monthly maintenance fee of $130. 

Once business owners complete the application process, they can receive their money within 10 days. 

Kiva US

Kiva is a type of crowdfunding loan that allows business owners to borrow up to $10,000. The amount they can borrow has to match the age of the business. 

The repayment terms are between 6 to 36 months. Since this is crowdfunding, you don’t have to pay interest or go through a credit check. 

Business Loans with No Credit Check: The Bottom Line

Now that you know about these business loans with no credit check, you’re ready to find the right one for you. 

There are many business loans available such as Kiva, Benetrends, PayPal Working Capital, and others.

If you enjoyed these business tips, we have more where these came from. Check out the rest of our business section.