4 Business Loans You Can Get Without a Credit Check

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Maybe you need a loan to start your business or launch a new product or division, or perhaps you are dealing with the unexpected, like a dip in revenue, costly repairs and renovations, or staffing needs.

Perhaps you need a loan to start your firm or introduce a new product or division, or you're coping with the unexpected, such as a drop in sales, pricey repairs and renovations, or personnel requirements. Regardless of why you want additional funds, one factor will most likely determine how simple – or difficult – it is to obtain it: your company credit.

Unfortunately, a credit check may be out of the question for certain company owners. Some people just don't want a hard inquiry to appear on their credit report, potentially harming their credit score, while others are well-versed in their credit score and understand that it might disqualify them in some circumstances. Identifying a finance solution that meets your needs, whatever the reason, might be tough, but not impossible. Working capital loans through your payment process, merchant cash advances, invoice factoring, and crowdfunding are just a few choices.

PayPal Working Capital Loan (Payment Process)

PayPal has long been regarded as a popular payment processor, but they also provide working capital loans, which may be used to fund daily operational needs such as payroll, accounts payable, and so on. The PayPal Working Capital Loan may be a possibility if you utilise PayPal as a mode of payment, whether online or in person.

Eligibility

To be eligible for a PayPal Working Capital Loan, you must have a PayPal Business or Premier account for at least three months. Business account holders must process at least $15,000 annually, while Premier account holders must process at least $20,000 annually.

Limits

Borrowers can take out a loan for up to 35% of their total annual PayPal revenue, with a $120,000 limit between your first two loans.

Rates Fees

Eligible borrowers will pay a single, fixed-fee that is determined prior to accepting the loan. There are no additional interest payments or fees. The fixed fee is on the loan total; your PayPal sales history; and the selected repayment percentage, which is the percentage of each sale deducted and paid towards your loan.

Repayment 

Payments, referred to as the "repayment percentage," are automatic and taken from each PayPal sale. Though percentage payback rates vary depending on the loan amount, borrowers can normally choose a repayment rate between 10% and 30% for each transaction. If no PayPal sales occur during a specific time, no payment is made; however, all borrowers are expected to pay either 5% or 10% of the total loan amount over a period of 90 days. Borrowers can make manual payments in addition to the payback percentage.

 

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