☰ ˟
Alliance Insurance Logo 
Home Page Email
  • Home
  • Business Insurance
    • Business Insurance Solutions
    • Workers Compensation
    • General Liability
    • Bonds
    • Cyber Liability
    • Professional Liability
    • Group Health
    • Payroll and HR
    • Trade Credit Insurance
    • Key Person
    • 401k
    • Safety Programs
  • Industry Solutions
    • Industry Solutions
    • Oil & Gas
    • Construction
    • Crane, Rigging, & Crane Operators
    • Contractor Coverages
    • Manufacturers
    • Restaurant & Bars
    • Farm & Crop
    • Trucking
    • Automotive Service & Sales
    • Commercial Real Estate
  • Personal Insurance
    • Home/Auto/Life
    • Automobile
    • Homeowners
    • Life
    • Motorcycle
    • Off-Road Vehicles Insurance
    • Renters
  • Our Team
    • About Us
    • Location(s)
    • Associate Agencies
    • Testimonials
  • Blog
  • Contact Us
Business
Insurance
Home/Auto
/Life
Health &
Benefits
Payroll
& HR
Home > Blog > Bank on It: What to Know About No Credit Loans for Your Business
MONDAY, OCTOBER 14, 2019

Bank on It: What to Know About No Credit Loans for Your Business

loan sheet and coins laying on top

Almost everyone at one point or another will go through some form of financial problems. These problems often cause a domino effect within the rest of our financial lives, especially regarding our credit score. Having a bad or no credit score can make people feel like obtaining a loan is impossible.

 

However, there are ways to obtain one without the introduction of your score into the negotiations. One of these ways is through a no credit loan. The following list details some things before signing on the dotted line.

 

No Credit Check Loan

When applying for a no credit check loan, the lender doesn't check your credit score. How do they do this? The lender simply works with borrowers that deal specifically with people with bad or no credit. However, one thing to keep in mind is that although they don't check your credit score, they will demand other information from you. This can include proof of long-term employment, an established checking account, residential information and many other aspects of your financial life. So, if you're not comfortable dishing out all these pieces of information, then a no credit check loan may not be the best choice for you. If your business needs some cash flow to get to the next quarter or year, these types of loans can give you peace of mind while you work the details. 

 

Benefits

Although most people would like to stay away from a no credit loan, they do hold plenty of benefits. The most common benefit would be their high approval rate. There is plenty of paperwork to go through, but many find this as not a bad deal for a loan that holds an astonishing 80% to 90% approval rating. Another highly advantageous aspect of a no credit loan is that it can actually provide you with the opportunity to fix the very thing that led you here, your overall credit score.

Be Cautious

The one thing that scammers love is people in desperate need. Therefore, during your journey to find a no credit loan you may run into a scammer. Scammers are especially difficult to uncover alone as both legitimate and illegitimate lenders will ask very personal questions. However, there is one thing that a legitimate lender will never ask you and that is to pay document fees upfront. If you encounter this, beware that you might be signing into a scam. No credit loans may also come at higher interest rates to cover the added risks from the financier, but these shouldn't be considered scams unless you notice they're unusually higher.

If you do find your business in financial trouble, make sure to be cautious as you look into no credit loans.  The last thing you need is a scam.  


If you enjoyed this article, check out “3 Signs Your Money Lender is Ripping You Off”.




Posted 7:03 PM

Share |


NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013

  • business insurance(93)
  • personal insurance(71)
  • small business(30)
  • homeowners(28)
  • car and auto(26)
  • health and benefits(26)
  • health insurance(19)
  • saving money(18)
  • contractors(17)
  • claims(16)
  • cyber(16)
  • construction(15)
  • workers compensation(12)
  • bar and restaurant(11)
  • life insurance(11)
  • cost containment(8)
  • general liability(7)
  • agency news(7)
  • payroll and hr(6)
  • oil and gas(6)
  • roofing(5)
  • bonds(4)
  • job(4)
  • commercial auto(3)
  • become an agent(3)
  • hail(2)
  • recognition(2)
  • professional liability(1)
  • personal lines(1)
  • hail damage(1)
  • property(1)
  • covid-19(1)
  • alliance team(1)
  • colorado(1)
  • trucking(1)
  • record hail(1)
  • payroll(1)
  • hail insurance(1)
  • motorcycle(1)

View Mobile Version
  • Carrier
  • auto-owners insurance logo
  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
Connect With Us:
Social Social Social Social
Agency
Alliance Insurance Group
7910 Ralston Rd., Ste 7
Arvada, CO 80002

Phone: (303) 279-9700
Business Insurance
Home/Auto/Life
Health & Benefits
Payroll & HR
Home
About Us
Privacy Policy
Contact Us
Powered by Insurance Website Builder
Alliance Insurance Group Rated 4.8 / 5 based on 5 reviews. | Review Us