Kiva
Types of Loans
Peer-to-Peer Crowdfunding Loans
Better Business Bureau (BBB) Rating Loan Amount Requirements Minimum Credit Score
No minimum credit score required
Minimum requirements
You must be over 18, live in the United States, use the loan for business purposes, be free of any current foreclosures, bankruptcies or liens, and have a small number of friends or family members willing to lend you a loan (this also applies to residents of Nevada and North Dakota).
Interest-free, accessible loans are for borrowers who don't have bank accounts and have a harder time qualifying for financial products. You can market your product to Kiva's 1.6 million lenders. You'll need to prove your creditworthiness by inviting friends and family to get loans. Because investors need to source capital, it may take a while to receive your loan. No BBB rating. Show Details Hide Details
Kiva provides loans to small business owners through crowdfunding. Kiva has no minimum credit score requirements, making it an accessible option for those who cannot qualify for loans that require a high credit score. Kiva offers a maximum amount of funding of $15,000, making it ideal for businesses with low start-up costs.
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Trustworthy
Types of Loans
Long Term Loans, Working Capital Loans, Business Lines of Credit, Merchant Cash Advances
Better Business Bureau (BBB) RatingLoan AmountRequiredMinimum Credit ScoreRequirements
You must have been in business for at least six months and have an average monthly revenue of at least $15,000.
Offers multiple options for small business loans Approvals within 4 hours Low minimum credit score requirements Offers loan amounts up to $400,000 Funds deposited on the same business day Considers overall business health as approval criteria Requires minimum average monthly revenue of $15,000 View details Hide
Credibly does require a credit check to grant small business loans, but it has a low minimum credit score requirement of just 500. This makes it a more accessible option for borrowers who are worried they won't be approved by lenders that require a traditional credit check. However, as with any form of financing, applying with a lower credit score can mean higher interest rates.
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PayPal Working Capital Loan
Types of Loans
Working capital business loan
Better Business Bureau (BBB) Rated Loan Amount Terms
Not specified. The borrower pays a portion of sales until the loan is repaid.
Minimum Credit Score Requirements
You need a PayPal account because approval is based on activity in your business' PayPal account.
There is only one fixed fee. Borrowers can choose a higher or lower repayment rate. The higher the repayment rate, the lower the fee charged. Repayments are automatically deducted from your PayPal account. There are no early repayment fees. Account activity is taken into account. You must have a PayPal business account. You can't change your repayment rate after you receive your loan. Show detailsHide details
PayPal offers working capital loans that follow a unique repayment structure. PayPal automatically deducts a portion of your sales from your PayPal account to help repay your loan until your balance is paid in full. No credit check is required, as eligibility is based on your business's PayPal sales history.
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Square Lawn
Loan TypeBetter Business Bureau (BBB) RatingLoan AmountTerms
A percentage of your sales will be automatically deducted until the remaining balance is paid. The entire loan amount must be paid within 18 months.
Minimum credit score requiredMinimum requirementsLoan repayments are automatic and are deducted from a percentage of your daily salesFlat rate feeNo late feesApplication doesn't affect your credit scoreYou must be a Square merchant to qualifyView moreView more
Square Loans allow borrowers to automatically pay off their loan balance by deducting a small percentage of daily sales made through their Square account. The main requirement to access these loans is that you use Square for payment processing. You don't need to request an eligibility check; Square considers a variety of factors beyond credit score to determine eligibility, including account history, transaction volume, and payment frequency.
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Kiva is a peer-based lending platform that offers crowdfunded small business loans. After you apply, lenders give you 15 days to invite friends and family to join you in lending to your business. After the first 15 days, Kiva will publish your “campaign” to a network of other lenders to help you raise funds. The result should be a microloan that entrepreneurs can use for business expenses.
According to Kiva's website, lenders are not explicitly informed of your business credit report, and this information is not made public on your Kiva loan profile.
Eligible Borrowers
You must be over 18, reside in the United States, operate a business in the United States, and use funds for business purposes only (excluding Nevada and North Dakota residents)
Loan amount
Up to $15,000
Loan Terms
Up to 3 years
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Credibly allows borrowers to apply for loans ranging from $5,000 to $400,000. In addition to a low credit score requirement of a minimum of 500, the lender also considers the overall health of your business when approving your application. Keep in mind that your business must also have an average monthly revenue of at least $15,000 to qualify.
Eligible Borrowers
You must reside in the United States, have a credit score of 500 or above, and make an average of at least $15,000 a month through your business.
Loan amount
$5,000 to $400,000
Loan Terms
3 to 15 months
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PayPal working capital loans require borrowers to repay at least 5% or 10% of the total loan amount plus a fixed fee every 90 days. These payments are made until the loan is paid off in full. These payments are automatically deducted from your business's PayPal account as a portion of your sales, but you can make additional payments if you need to. There are no prepayment penalties if you pay off your balance early. If your application is approved and you accept the lender's terms and conditions, the funds are automatically deposited into your PayPal account.
To qualify for this loan, you must have held a PayPal Premier or Business account for at least 90 days and have made at least $20,000 in annual PayPal sales for a Premier account or $15,000 in annual PayPal sales for a Business PayPal account.
Eligible Borrowers
You must have had a PayPal Business or Premier account for at least 90 days
Loan amount
$1,000 to $150,000 (up to $250,000 for recurring loans)
Loan Terms
Payments will be made until the loan is paid in full
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Square Loans are available to small businesses that process payments through Square. Loan amounts range from $300 to $250,000 and are available for a flat fee instead of recurring interest payments. There are no late fees or other additional charges.
Eligible Borrowers
Must be a Square merchant
Loan amount
$300 to $250,000
Loan Terms
Must be repaid in full within 18 months
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FAQ
Can I get a business loan if I have bad personal credit?
Even if you have bad personal credit, getting a business loan can be a positive: Some lenders will take low credit scores into account or use other criteria to approve applicants.
What is the minimum credit score for a business loan?
Specific requirements vary by lender, but in most cases, lenders will require at least a good credit score (670 or above) for a business loan.
Can I get a business loan even if I have no income?
It is possible to obtain a business loan even if you have no or low revenue, but lenders may require your business to meet other requirements or provide more collateral.
How do you get the capital to start your business?
There are a few ways to secure funding to get your business off the ground. In this case, a loan might not be the best option, as many lenders want to see that you're already profitable and that you'll need cash flow to pay back the loan. However, you could consider grants or crowdfunding as alternatives. If possible, you could also consider using your personal savings to launch your business.
When looking for a small business loan, the higher your credit score, the more favorable interest rates and terms you can get. But if you have a low credit score and want to get financing from a lender that doesn't check credit, you still have options.
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CNBC Select's mission is to provide our readers with quality service journalism and comprehensive consumer advice to help them make informed financial decisions. Every small business loan review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of small business products. While CNBC Select earns commission from affiliate partners on many offers and links, we create all content without input from our commercial team or outside third parties and pride ourselves on our journalistic standards and ethics. To learn more about how we select the best business loan lenders with no credit check, check out our methodology.
To determine which no credit check small business loans have the best lending terms, CNBC Select analyzed 12 U.S. loans offered by online and brick-and-mortar lenders. We narrowed our rankings to include only traditional loans, such as term loans, equipment loans, commercial real estate loans, microloans and franchise loans. This roundup did not evaluate business lines of credit, invoice factoring/financing or merchant cash advances because they are different from traditional term loans, which have a lengthy application process like SBA loans or are paid off in a lump sum over a period of time.
We compared each small business loan based on a variety of features, including:
Minimum and maximum loan amountsTerm lengthEligibility criteriaApplication requirementsSimplified application processDistribution of fundsCustomer supportBetter Business Bureau ratingCustomer reviews (if available)
Small business loan interest rates and fee structures are subject to change without notice and often fluctuate with the prime rate. However, once you agree to a loan agreement, a fixed-rate APR ensures that your interest rate and monthly payments will remain constant for the life of the loan. Your APR, monthly payments, and loan amount will vary based on your credit history and credit worthiness.
When applying for a small business loan, most lenders will conduct rigorous credit checks and require a complete application, which may require proof of both personal and business income, identity verification, proof of address, etc. You may also need to post collateral such as business equipment, real estate, or personal assets.
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Editor's note: Any opinions, analyses, reviews or recommendations expressed in this article are solely those of the Select editorial staff and have not been reviewed, approved or endorsed by any third party.