Whether you are starting a new business or struggling to keep one running, you may find yourself needing to obtain a loan. But what happens if you don’t have good credit? Does that mean getting a business loan is out of your reach? No, but it does mean you need to know where to look. There are certain small business loans that you can apply for without having your credit checked.
Working Capital Loan From PayPal
While PayPal is primarily a company that processes payments for businesses and individuals, they are known for extending working capital loans. However, in order to get this loan your business must accept payments from this merchant. In addition, your business PayPal business account must be at least three months old. If your business gets at least $15,000 in payments per year through PayPal you may be able to qualify.
If you do get this loan, PayPal will automatically take money out of your account. They can take as little as 10% or as much as 30% from each purchase processed through PayPal. The company gives you up to 90 days to make a payment towards the loan if your business doesn’t make any PayPal sales for an extended amount of time.
Merchant Cash Advance from First American
Another option for small business loans is First American Merchant. If you don’t already have an advance from them, you may be able to qualify without having your credit checked. In order to get this loan, you must have at least six months of business operation under your belt. Your gross monthly deposits can’t be less than $10,000. Last but not least, First American Merchant will perform a personal background check on you before determining whether they will give you a loan.
Invoice Factoring from BlueVine
Larger corporations can apply for BlueVine invoice factoring. However, you are subjected to an unofficial credit check if you apply. An approval means that you can get paid up to 90% of the value of an invoice.
For more suggestions on small business loans, please contact BT84 Commercial Capital & Business Solutions.