Are you interested in a startup business loan? Do you know what’s your credit score? Or maybe you don’t have a credit history? What about small business startup loans with no credit?
Many Americans aren’t even aware of their credit score. In fact, apart from your Social Security number, your credit score is one of the key numbers you need to know. Your credit score determines whether you can be eligible for loans and what interest rates you’ll be required to pay.
Issued by Fair Isaac Co., FICO scores are the gold standard of credit scores. As of April 2016, the average FICO score nationwide was 699. FICO scores range from 300 to 850. As a rule, a score below 550 is considered poor. A score above 800 is considered excellent. According to FICO, 11.7% of the population has a score of 549 or less. As of April 2016, nearly 20.4% of Americans had a score ranging from 800 to 850. According to FICO, less than 1% of the population can boast about their perfect 850 score.
Small Business Startup Loans with No Credit Checks
Small business startup loans with no credit check exist, but you can’t get them from a traditional financing source. You should find a reputable lender like First American Merchant to get approved for startup business loans no credit. Firstamericanmerchant.com is a reliable and secure business funding provider and payment processor that specializes in the high risk sector and has an A+ rating with the BBB.
FAM is experienced in working with business with bad credit or no credit at all, and offers the most competitive rates and the best services to merchants of any type and size. First American Merchant can approve you for startup business loans no credit since FAM offers business funding with no credit check. First American Merchant will evaluate the amount of cash flow in your business, instead of analyzing your credit score, to determine how much you qualify for.
As you see, it’s really possible to get small business startup loans with no credit check if you’re worried about your credit. Although businesses with poor credit or no credit at all will have a difficult time getting approved for business financing, alternative financing options can help you tackle your problem easily.