Alternative lenders help small businesses without a robust credit history get the cash they need with no credit business loans. Alternative lenders focus on the types of collateral that big banks often overlook, including real estate and outstanding invoices.Alternative lenders help small businesses without a robust credit history get the cash they need with no credit business loans. Alternative lenders focus on the types of collateral that big banks often overlook, including real estate and outstanding invoices.
Typically, to qualify for a traditional bank loan, a small business needs to have a good business credit score that demonstrates a history of responsible credit use and payment. If the business has been operating for less than two years, it can be close to impossible to secure this type of loan. In fact, big bank lenders generally turn down more than 80 percent of small business applicants.
Alternative lenders help small businesses without a robust credit history get the cash they need with no credit business loans. Alternative lenders focus on the types of collateral that big banks often overlook, including real estate and outstanding invoices.
Generally, approved no credit business loans are funded within 48 hours of application, which is a marked difference from traditional bank loans, which tend to involve a drawn-out process involving lengthy paperwork and very strict requirements. Alternative lenders usually offer more flexible payment terms than their traditional counterparts. On the downside, interest rates for no credit business loans can be higher than traditional bank loans. But, for many small businesses that can’t otherwise get a loan, a no credit business loan can be their chance to make some smart investments that will lead to business growth.