7 No Credit Check Business Loans

Get Started With Square Capital

Pros

Good borrowing rates
Relaxed borrower requirements
Fast and convenient
No collateral required for loans under $75,000

Cons

Only available to Square sellers
Merchants can’t apply for offers; they can only receive them

Why We Chose Square Capital For Small Business Loans With No Credit Check

Does your business use Square POS to sell? You might be eligible for a Square Capital loan. These short-term loans are similar to merchant cash advances, as your Square loan is repaid automatically as a percentage of your daily credit card sales. These no credit check loans are easy to access for Square sellers with minimal eligibility requirements and hands-off repayments. You don’t even need to apply for this loan at all—Square will reach out to you with an offer if you are eligible.

Square Capital Rates & Fees

Square Capital small business loans range from $300 to $250,000 and have no set term but a maximum of 18 months to repay in full. Factor rates range from approximately 1.10-1.16, which is pretty competitive for this type of financing.

Square Capital Eligibility Requirements

Square does not run your credit when determining your eligibility for a loan; instead, the company considers the health of your Square account, including whether you have a good mix of new and returning customers and you process at least $10,000 a year with Square.

You can’t apply for a Square Capital loan, but you can check your Square seller dashboard for loan offers. Square continually checks merchants’ eligibility for loans, so the longer you sell with Square, the higher the likelihood is that the company will eventually extend you an offer.

2. Revenued: Best No Credit Check Business Credit Card

Revenued Business Card

Get Started With Revenued Business Card

Annual Fee

Minimum Recommended Credit

N/A

Rewards Rate

3% cash back on eligible purchases

Pros

3% cash back
$500 welcome offer
No annual fee
Access to cash advances

Cons

Doesn’t report to credit bureaus to help you build credit
Doesn’t let you carry a balance
Not available to startups

Why We Chose Revenued For No Credit Business Loans

For many small businesses that don’t want to submit to a credit check due to bad credit or no credit (or another reason), a business credit card with no credit check is the perfect alternative to a loan. Revenued is one such business credit card for bad credit. Besides not requiring a credit check, Revenued also offers 3% cash back and comes with a $500 welcome offer. Additionally, you can access a same-day cash advance from your Revenued credit line.

Revenued Eligibility Requirements

Revenued does have some basic eligibility requirements, but most businesses will qualify. Revenued requires that applicants have business revenues of $15K/month. You also need 6 months in business and to maintain an average daily business bank account balance of at least $1K.

Revenued Rates & Fees

Revenued does not charge an annual fee, nor does it charge interest, as you will need to repay your balance every month in full. If you utilize the cash advance feature, you can expect to repay the advance with a factor rate between 1.1 and 1.5.

3. Shopify Capital: Best No Credit Check Business Loan For Shopify Merchants

Shopify Capital

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Get Started With Shopify Capital

Pros

Wide range of borrowing amounts
Competitive rates
Relaxed borrower requirements
No repayment deadline for cash advances

Cons

Only available to Shopify sellers in certain states
No way to apply; Shopify will reach out to qualified candidates

Why We Chose Shopify Capital For No Credit Check Business Loans

Through Shopify Capital, eligible businesses that sell using Shopify eCommerce and/or Shopify POS can take out a cash advance or loan ranging anywhere from $200 to $2,000,000, depending on your sales volume and your business’s risk profile. With a wide range of loan amounts and relaxed borrower requirements, Shopify Capital loan is perfect for Shopify merchants at any stage of growth, especially if you have bad credit and can’t qualify for other types of loans.

Shopify Capital Rates & Fees

A Shopify Capital loan is repaid as a percentage of your daily sales, with 12 months to repay the sum in total. With a Shopify cash advance, there is no set term for repayment as long as you pay your daily remittance amount (which is deducted from your Shopify account automatically). Your Shopify Capital factor rate will either be 1.1 or 1.13.

Shopify Capital Eligibility Requirements

There is no credit check or requirements as to revenue or time in business. You do need to have been selling with Shopify for at least 90 days and demonstrate consistent sales.

You can’t apply for Shopify Capital financing, however. Shopify monitors its users’ accounts and then extends offers to those it deems eligible for financing.

4. American Express Business Loans: Best For AMEX Business Cardholders

American Express Business Loans

Get Started With American Express Business Loans

Pros

No origination fee
Repay early with no penalty
Reasonable borrowing rates
Good customer service

Cons

Only available to AMEX business cardholders

Why We Chose American Express Business Loans For No Credit Check

AMEX offers its business cardholders small business loans with no credit check. These unsecured business loans range from $3.5K to $75K and can be used for most business purposes, including working capital, buying inventory, consolidating debt, expanding your business, and more.

American Express business term loans are ultra-convenient for AMEX business card users since American Express already has all your business information. In fact, you don’t even need to apply— you can just check your AMEX dashboard to see if you are pre-approved for an offer.

AMEX Business Loans Rates & Fees

AMEX business loan interest rates range from 6.98-19.97% with terms of 6, 12, 24, or 36 months.

AMEX Business Loans Eligibility Requirements

AMEX says eligibility is based on at least 1 year of account history, creditworthiness, and other factors.

Note that while there is no credit check required to apply for an AMEX loan, the loans are only available to current business cardholders, and you do generally need good credit to get an American Express business card. AMEX will also use your credit score to determine your APR.

5. PayPal Working Capital: Best No Credit Check Business Loan For PayPal Sellers

PayPal Working Capital

Get Started With PayPal Working Capital

Pros

Simple application process
Relaxed borrower requirements
Same day funding—approved loans funded in minutes
No personal guarantee

Cons

Only available to PayPal sellers
The borrowing rate can be high

Why We Chose PayPal Working Capital For No Credit Check Business Loans

Many businesses use PayPal to accept payments on their website or in person, using a POS such as PayPal Zettle. If this describes your business, you may be able to apply for a PayPal Working Capital short-term loan. Ideal for PayPal sellers, these no credit check business loans have a quick and simple application, and best of all, this is a same-day business loan: approved loans can get funded within minutes of applying.

PayPal Working Capital Rates & Fees

PayPal Working Capital Loans are repaid using a fixed fee structure, as a percentage of your daily PayPal sales, with a maximum term of 18 months. PayPal will loan you a maximum of 35% of your annual PayPal sales, capped at $125K for your first two loans and $200K for loans after that. Factor rates span a wide range, from approximately 1.01-1.58.

PayPal Working Capital Eligibility Requirements

To qualify, you need to have a PayPal Business or Premier account for 90 days or more and process at least $15,000 in annual PayPal sales if you have a Business PayPal account (or $20,000 with a Premier account).

Applying for a PayPal Working Capital loan does not require a credit check. Similar to a Square Capital loan, PayPal will primarily consider your PayPal sales volume and account standing.

6. Kiva U.S.: Best For Crowdfunding A Microloan

Kiva U.S.

Get Started With Kiva U.S.

Pros

No interest or other fees
Long repayment term
Monthly repayments
No business qualifications needed

Cons

Low borrowing amounts
Must solicit lenders from personal network
Not available in Nevada or North Dakota

Why We Chose Kiva For No Credit Check Small Business Loans

Through Kiva crowdfunded business microloans, you can take out a no-interest small business microloan Kiva is a good choice for a startup that’s not ready for a business loan yet but could benefit from a small amount of capital and is good at social media.

Kiva does not require a credit check. Instead, you just need to demonstrate your social capital by collecting some donations from your personal networks online. Once your application is approved, you will enter a 15-day private funding period, during which you solicit online donations from friends and family. After you reach your lender target, your campaign will go live to the public, and you can interact with potential investors to try and crowdfund your loan within 30 days. Once all money has been raised, you’ll receive your loan through PayPal within one week.

Kiva US Rates & Fees

Kiva loans do not have any interest or other fees. You simply need to make your loan payment every month, for a period of 6 to 36 months, depending on your loan terms.

Kiva US Eligibility Requirements

Kiva does not have any credit score, business revenue, or time-in-business requirements. You do need to have a PayPal account, not be a registered sex offender, and meet a few other basic requirements. You’ll also need to rally between five and 25 friends, family members, and colleagues to donate to your fund.

Note that the maximum amount you can borrow is based on the age of your business. For business ideas, you can only borrow $1,000. For businesses up to three months old, you can raise up to $5,000. If your business is in operation and bringing in revenue, you can receive the maximum amount of $15,000.

Get Started With Benetrends

7. Benetrends: Best For Using A 401(K) To Start A Business

Benetrends	Visit Site

Pros

Startup-friendly
Business loan alternative
No upfront taxes or early withdrawal penalties
Includes legal compliance

Cons

Risky if you don’t have any additional retirement savings
Requires setup fee and ongoing monthly fees

Why We Chose Benetrends For No Credit Check Business Financing

When it comes to ROBS (Rollovers as Business Startups) providers, you won’t find a more experienced one than Benetrends. Benetrends created the Rainmaker Plan, and it was the pioneer of ROBS, which allows you to roll over your 401(k) or IRA retirement account to fund a business without paying any tax penalties. Since 1983, Benetrends has secured funding for over 30,000 business owners and is a popular choice for franchise financing in particular.

Benetrends Rates & Fees

Benetrends charges a setup fee of $4,995 to start your customized ROBS plan. After this, a monthly maintenance fee of $139 is required. With Benetrends, you’ll receive audit protection, compliance, and a team of certified in-house professionals to help create and maintain your plan.

Benetrends Eligibility Requirements

To qualify for the Benetrends Rainmaker Plan and start using your retirement account funds to finance your business, you must have an eligible retirement account with at least $50,000.