subject: Looking For An Unsecured Business Loan Company With No Credit Check [print this page] One of the toughest challenges facing business owners is qualifying for additional financing in today's strict lending environment. With personal credit checks, personal guarantees, and collateral the standard requirements imposed by lenders what can you do to obtain the credit you need?
While the majority of lenders place an even stronger emphasis on personal credit ratings, the good news is some lenders have begun to rely on other factors, enabling businesses to get the cash needed regardless of personal credit standing.
The most common form of unconventional financing has always been the merchant line of credit or a business cash advance, a good solution if you are processing a sizeable amount of credit card sales on a monthly basis.
But what if the bulk of your company's cash flow is not coming from credit card sales?
The good news is there are unsecured loan companies that lend strictly based on your company's cash flow. If you have been in business at least one year and have a business checking account you can qualify for this type of financing.
Instead of using your company's monthly credit card volume, lenders use your business checking account deposits as its basis for funding. This type of financing opens up many doors for business owners who may have been denied funding due to less than perfect credit.
With total loan amounts up to $1,500,000, unsecured loan companies can provide your business the funding it needs with no credit check, low interest rates, easy monthly payments, and no collateral required.
Here is What You Get:
*Aggregate Total Funding up to 37.5% of Annual Revenue
Business Requirements:
*At least 12 months in business with a business license or state business registration documents.Business checking account with at least $500 monthly ending balance.
Application Requirements:
1) $10k a month minimum in deposits
2) All industry types accepted (no law firms)
3) Fully completed application
4) Signed fee agreement and ACH form
5) Most recent three months bank statements (all pages)
6) Most recent three months merchant statements (only applies if business has a merchant account)
7) Copy of voided business account check
8) Copy of owner's ID (driver's license)
9) Copy of business license or state registration
Timeline:
*Approvals in 24 hours from receipt of all required documents *Funding in 5 days from approval *36 - 48 month payback period *Loan payments made monthly
Rates:
*Interest rates start as low as 5.5%
Cost:
Success based fee of 7% due upon funding and an application fee of $300
An unsecured loan company can provide your business the funding it needs without putting your personal credit and personal assets at risk. Before you apply for an unsecured business loan take the time to do your due diligence and ask the right questions so you can full understand the entire application process.
As a business owner it is important to familiarize yourself with programs like these so you can be fully aware of all the options that are available.
