Unsecured Business Lines of Credit with No Doc
Obtain Business Credit Line Up to $150,000 in minutes
You can withdraw money as you need it, when you need it, instead of taking it all at once.
If qualified, can get Small business lines of credit with no paperwork in minutes.
Unsecured business line of credit same day funding. Easy and fast online process. Obtain business credit line with bad credit today.
Line of credit for business is easy to get from non traditional lenders (alternative lending platform) than traditional banks. Just apply online and securely link your business accounts for review in real time.
Best line of credit for Business Qualification & Requirements:
- Must be in business min 12 months.
- No Minimum credit score requirements.
- No origination fees & prepayment penalties.
Line of credit for Small Business Application Requirements:
- Business information like address, contact details, business name
- Personal identification: Social security number, valid driver’s license, birthdate.
- Business Tax ID, Type of business, LLC or Solo.
- Must have at least one business online service account.
- Must be using online accounting platform.
- Bank checking account.
- You will get a cash advance to be repaid over a fixed period.
Business line of credit lenders;
Kabbage Inc an alternative lender has provided over $4 Billion in funding to more than 130,000 businesses.
“Est 2009 as a tech lending firm for small businesses. BBB accredited with A+ score”
Kabbage uses Fintech (financial technology) to provide instant business revolving line of credit. Fintech is a way of giving financial services by using API (application programming interface) software and modern technology with less amount of time.
How it works:
Lender will connect with your business accounts to review your business sales growth, revenue v/s expenditures, transaction volume, customer reviews & ratings, etc using your business data available from different sources like checking account, online accounts, accounting platforms, & social media along with the credit score.
- Underwriting based on your online business data: no paperwork required.
- Decision and approval based on your business performance: Not just credit score
- Option to borrow in an LLC or solo.
- Take out cash anytime when needed.
- Amount will be deposited to your bank account via ACH within 1-3 business days. or
- Within minutes to your PayPal business account.
Kabbage is extremely creative in providing business line of credit for small business owners, women, veterans, & self-employed individuals.
Note: Credit score is NOT the only thing lender will use to measure or evaluate a business owner.
Business revolving line of credit:
The biggest challenge for small business owners & self employed individuals is to obtain business credit lines. Kabbage program is second to none. Kabbage offer up to $100,000 unsecured business line of credit for all types of businesses (legal only).
“No assets or collateral required”
Small businesses which generates fair amount of money each month or in a year need line of credit for business working capital or expansion. Such businesses seek capital to buy inventory, upgrade systems, hire employees, market products etc. Whatever a small business need to grow and prosper.
Lots of online business operate over platforms like independent online stores, shopify, amazon, ebay have no access to fund for business to grow.
Keeping this in mind, kabbage has revolutionized business finance, being a top alternative lending platform; it can leverage your business data to meet your evolving financial needs that can make all the difference to your profitability.
How to Get Unsecured Business Line of Credit No Doc approval:
To obtain instant business line of credit, your business must be using at least one online business accounts & accounting platform along with bank checking account.
Business accounts use API software which allows them to authorize and authenticate with Kabbage. So that it can pull down that data for verification.
When you fill in the business line of credit application online along with your personal & business details and connect kabbage to your business data source. Kabbage starts underwriting your business immediately.
Kabbage will review those business accounts to make an instant approval business line of credit decision.
Unsecured Business Lines of Credit For Bad Credit:
Traditional bank usually underwrites a small business based on your personal credit score; they treat it like a consumer loan as opposed to looking at the business sales & performance.
Kabbage uses machine learning technique to assess the risk involved to fund a particular business with bad credit.
You can leverage the technology by using your data and connect it with lender for review.
For example: Small businesses market their products via Groupon, they accept Paypal, and they use QuickBooks online. They fulfill their product via Amazon. Business owners do so many things which allow them to connect to other businesses via data via API.
The data kabbage use principally in underwriting is based on information that’s NOT contained in a personal credit because these data sources are much better indicators of likelihood of repayment.
Lenders will understand the capacity of a small business about its cash inflows and outflows. The profitability, how robust it is, and so that they can determine your business eligibility in different ways using different channels all under 7 to 10 minutes on an average.
Unsecured Business Lines of Credit no doc Process:
Once you connect your business services/accounts for verification & review. Kabbage uses its algorithm, software to scan your business data and information from various sources and predicts the borrowing capacity, likelihood of non-payment or non-performance in future.
- Apply online with simple loan application form.
- Give them your basic personal and business details.
- Link your checking and online business accounts for real time review.
- Business accounts like spreadsheets of paypal transactions, eBay, Etsy, build.com, QuickBooks, XERO, Credit Card Processors, UPS, Yahoo stores etc,
- You can also connect social media accounts like facebook, twitter, yelp etc,
- Kabbage use your real business data to approve business line of credit in as little as minutes. Now you can take as much or as little loan whenever you need it.
Note: Securely link your accounts so lender can review your revenue in a fraction of the time.
Note: To get an SBA line of credit you must submit minimum 11 docs & have good personal credit score. Here, no paperwork required and there is no minimum credit score requirements.
Unsecured Business Line of Credit rates:
6 Month & 12 Month Term:
- For 6 months, each month you pay back 1/6th of the total loan amount plus the monthly fee.
- 6-month term requires a minimum $2,000 business line of credit
For 12 month term:
- For 12 months, each month you pay back 1/12th of the total loan amount plus the monthly fee.
- 12-month term requires a minimum $10,000 business line of credit.
Note: There are no prepayment penalties, so you can pay your loan off early and save on monthly fees.