Merchant Cash Advance With No Credit Check
Merchant cash advances, or capital against anticipated, future cash receipts for your business, can help businesses cover necessary expenditures when they don’t have the cash flow. Maybe your business is fairly new, but your sales are steady, even climbing steadily, and you are seeking a cash infusion to buy more equipment, lease a new brick-and-mortar location, or cover payroll for new hires. You are short on credit and crash. A merchant cash advance might be the right option to consider, as it will enable you to cover expenses with cash now against future sales without having to go through sometimes cumbersome and lengthy credit credits and applications requiring documentation, including business and sometimes personal credit history.
Is It Possible to Get a Merchant Cash Advance Loan with No Credit?
If you have a low credit score or your business hasn’t yet established a long credit history, you are more likely to qualify for a merchant cash advance than a more traditional loan. Merchant cash advances do not always require credit checks. It is also possible to get a merchant cash advance with bad credit. This is because the risk the merchant cash advance lender is taking on is not based on your credit or business history or ability to pay but on your history of and future anticipated cash receipts. If your sales are strong, you can qualify for a merchant cash advance even if your credit is not. That said, it is still important to work to establish and grow your credit history and score, including paying bills on time, repaying loans on time, and maintaining healthy balances in your business accounts, among other factors. In the interim, though, merchant cash advances offer small and medium businesses an opportunity to access capital as needed to help your business survive and hopefully thrive.
How to Get a Merchant Cash Advance with No credit?
You have weighed your needs and your options for financing and determined that a merchant cash advance is something you would like to pursue your business.
The first step to securing a merchant cash advance without a credit check is to compare shops using tools like BusinessLoans.com to identify the right lender. Could you filter your search and options by those merchant cash advance lenders that do not require credit checks, which they will generally say upfront?
Once you have landed on which merchant cash advance company you would like to pursue, you can pursue the application process. This will require you to submit personal and business documentation and, most importantly, your cash receipts, sales history, and any related business plans and history.
Merchant cash advance lenders will consider a variety of factors when determining your businesses’ eligibility for a merchant cash advance, including your history as a company, sales and receipts, growth patterns and potential, and in some cases, your credit score and credit history.
From there, merchant cash advance lenders will review your materials and come back in as little as the same day and as long as a week or more, to tell you whether you are approved for a merchant cash advance and to share the terms of the agreement if you are.
You will then review the terms and agreement and sign it. From there, the funds will become available, which can take hours to days, and you can apply the financing to the projects or expenses needed. The merchant cash advance company will take a percentage of future sales to repay the amount disbursed. You will adhere to the contractual terms regarding any fee structure, length of time, and loan amount for the duration of the agreement.
Merchant Cash Advance Lending Options for No Credit
There are a few different merchant cash advance lending options you can consider for your business, including those that do not conduct credit checks. As you think about your options, please keep in mind that merchant cash advance interest rates tend to be higher than on more traditional loans.
Here are some of the best merchant cash advance options that do not require credit checks:
- Rapid Finance: Offers up to $500,000 for businesses with bad or low credit, with rates starting at just 1.22%. They approve and provide funding quickly, in as little as 24 hours. They require only four documents to consider eligibility: A government-issued photo ID, a voided check from your business checking account, three statements from your business bank account, and three credit card processing statements.
- Shield funding: Offers up to $250,000 for a two-to-24-month loan term, with rates ranging from 24% to 49%. They require that an entity is in business for just two months to qualify and bring in $8,000 or more in revenue.
- CAN Capital: Offers cash advances up to $250,000 with no credit check. Rates range from 1.15 to 1.47 plus a fee of $595. The application process is easy, and funds can become available in as little as two days, with repayment terms of up to 18 months.
- Square Capital: Lends between $300 and $10,000 to any business that uses Square to process sales. Rates range from 1.1 to 1.16, on the lower side, and repayment terms are up to 18 months. There is no credit check, and the application process is on the lower threshold.
Business owners who require a merchant cash advance without any credit history may be qualified for an MCA loan. Check your options now!