Back to blog

Is it possible to get a business line of credit with no credit check?

Person using MacBook Pro

Sometimes, business owners require additional finances to grow and scale their business. While this can be obtained by collaborating with investors, many business owners choose to open a business line of credit instead. 

What is a business line of credit?

A business line of credit is similar to a credit card. Business owners can access a set amount of funds or money through their business line of credit without having to pull from their own accounts. Comparable to credit cards, there’s a pre-set limit on how much money they can withdraw or use. This money must then be repaid within a given timeframe.

There are many benefits associated with getting a business line of credit. For example, it can help company owners scale their business by investing in new tools, tech, or development strategies. In emergency scenarios, it can provide businesses with additional financial support when they need it most. Once approved, they can access these funds quickly, reducing unnecessary stress, turmoil, and financial insecurity. 

Is it possible to get a business line of credit with no credit check?

Typically, your credit score will play a role in determining both your eligibility for credit and the limit you’ll receive on your line of credit, especially if you are taking out a line of credit from a traditional bank. However, this is not the only determining factor. For example, lenders will also take your monthly gross sales into account, cash flow, and any collateral you can put forward. 

As such, while it is not possible to get a business line of credit with no credit check, you do not necessarily need to have the “best” credit score. 

See also  Applying for a Loan Online Vs In Person: Which is Better?

Final Thoughts.

When looking into alternative funding for their company, many business owners quickly disregard opening a line of credit. For example, they may prefer to take out a small loan instead or to reach out to investors directly. 

However, as it is possible to take out a business line without needing a perfect credit score, it’s an option that many should take a closer look at. Furthermore, when using this form of funding, business owners only accrue interest when the credit is taken out, which returns to zero once this has been repaid. As such, this is a great low-cost way to better your business’s financial standing.

At 1West, we can help you to get a business line of credit if you have a FICO (Fair Isaac Corporation) of 500 or above, have been in operation for more than three months, and are bringing in 10k in monthly gross sales.

If you’d like to learn more, please do not hesitate to get in touch today. We’d be happy to discuss your options with you in more detail, ensuring that you can gain access to the revolving capital you need.

What to read next

What is Asset Financing: Overview, Importance, and Types

Asset financing can seem complicated, but it’s quite simple. But, the jargon used in the industry can be confusing, especially as some asset financing methods have terms that sound identical, abbreviated, or used interchangeably.

  • by Cheyne Pierce
  • July 16, 2019

Is Bookkeeping Hard? Everything You Need to Know

Is bookkeeping hard? The short answer is no. It’s a common misconception that you need a formal education to be a bookkeeper, but anyone with solid math skills and the right resources can do it.

  • by Nathan Armstrong
  • August 1, 2022

Let's talk small business.

There’s the 1West way to get smart financing fast — and there’s everything else. We believe in your small business and we believe in our approach. No nonsense. No surprises. Just expert guidance from start to finish.

Find out what's next