Most of us dream of starting a business. Once a company starts rolling, it can be a very lucrative outcome for the business’s proprietors. Many people will agree that risk is always part of starting and maintaining a business in the world of business. A risk more commonly made with startups is expanding services.
Expanding services isn’t just a product of impulsive behavior from a business-minded person. Expansions cost a lot of money and require careful planning. With that said, what will you do if you don’t have enough funds for an expansion? One thing you can do is to not go through with expanding at all and try to improve your current situation.
It’s even more complicated when we factor in location. For some who are in Canada, some might have difficulties in getting particular types of loans. However, when improving your current situation requires your business to expand, you need to opt for a loan. Loans can be quick ways to get funds for a business.
If not done correctly and spent irresponsibly, loans can also be a way to wreck your business and your credit score. This is why most lenders want to look at your credit history by doing credit checks. They want to make sure that you’re capable of paying them back.
For some, getting a credit check can be very troublesome. Don’t let the tedious process make you give up. There are other loan options where no credit check is required. Don’t believe us? You can learn more on online loans no credit check instant approval Canada with Friendly Lender or check out some of credit check-free options below:
Getting Help From PayPal
One of the most recent and popular lending options online has been Paypal. Paypal is one of the most popular online payment systems in the world. Believe it or not, the company also offers working capital loans, payroll loans, and other types of loans.
If you use PayPal for your online transactions, then using it as a loan option can work best for you as everything is done through their website. If you don’t have an account yet, you should create one by visiting their website.
Compared to traditional types of loans, working capital loans are specifically for businesses. As these loans support small-time entrepreneurs, these loans often have affordable fees that are fixed. To qualify for a Paypal working capital loan, you should have an active business account at least three months old. Once you complete their processes, you’ll have a working capital ready transferred directly to your Paypal account in no time.
When in Canada, some of the most common loan options people go for are payday loans. Payday loans do not require credit checks and are quickly processed in one day. What’s even better is that it is very convenient to process payday loans.
You don’t have to drive to a location to process your loan. With payday loans, you can always opt for online lenders. You can get a no credit check loan in Canada thru payday loans easily because it’s fast. No more queuing or driving, just fill up a form, and you’re good to go.
If you get approved, wait for the company to send you a contract to review. After carefully reviewing the contract, make sure to sign it. All you have to do now is to wait at least 1-2 business days for the company to transfer your loan to your accounts. Due to its ease, however, payday loans often have a limit of up to 1000 CAD.
BlueVine’s Invoice Factoring
If your business is a partnership, then you’re in luck with BlueVine. BlueVine’s invoice factoring is one of the best loan options for companies that are owned by corporations or small groups. With invoice factoring, the funds you acquire from this loan can fill the gap in your businesses’ cash flow.
An injection of funds to your cash flow allows you to restructure or add another important aspect of your business, for example, an expansion. Invoice factoring doesn’t require a hard credit history check as it assesses the company as a whole. However, BlueVine may opt to do a soft credit check. Don’t worry, though. Unlike a hard credit check, soft credit checks will not affect credit scores.
Unsecured Personal Loans
For some, just enough finances can be enough for a working capital. This fact is the reason why most people also opt for small, unsecured personal loans. Unsecured personal loans are loans that don’t need collateral to get approved. Most of the time, lenders know that people who opt for such loans have bad credit, so they don’t bother doing credit checks.
The only downsides that unsecured personal loans have are that you need to pay back your loan without delays as it can hurt your credit scores twice as much. Unsecured personal loans are also limited, with some capping out at $300, which is equivalent to a little bit over 400 CAD.
Credit checks can be exceptionally tedious. If you’re looking to start or expand a business in Canada, you should opt for loan options that don’t require a credit check. The options mentioned above are some of the best and legit ways to come up with finances that can help start or expand your business.