If you need to get a business loan, but your credit is not good enough, you should consider the following option. While traditional lenders always demand you to show a good payment history and a credit score of a high level, you can deal with alternative lenders. They can agree to a considerably lower credit score, but they will preform a credit check.
Today this type of financial assistance is becoming more popular due to flexible requirements. Most businessmen find it appropriate to borrow money from private lenders, as they are OK with FICO score minimum 580.
There Are No Business Loan without Credit Check
Mind that these business loans are given within some days, unlike loans from banks or SBA loans. So, to get a loan from such alternative lenders with low credit score, you need to fill in the online application form. The basic requirements will be:
- Minimum FICO 580;
- Monthly turnaround at least $10,000;
- At least 8 months in business.
Then you need to provide information about bank records for a couple of the past months (depending on the lender, you may need to submit more documents). When your application is approved, it’s just about 3 business days for the money to be transferred to your account.