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Data as of 4/22/22. Offers and availability may vary by location and are subject to change.
Kiva offers the best small-business loan that doesn’t require any credit check.
See, Kiva doesn’t charge interest on its business loans. You get a 0% interest rate and no loan fees, making Kiva loans the most affordable loan option out there. And Kiva not only doesn’t check your credit score, but it also doesn’t care how long you’ve been in business or how much revenue you make.
How can all that be true? Well, Kiva works differently from other online lenders because it’s a nonprofit crowdfunding platform for microloans. This means that you apply to be advertised on Kiva’s website, and once you are approved, the company uses crowdfunding to get the money for your loan.
And instead of checking your credit or other qualifications, Kiva vets its applicants based on what it calls social underwriting. Kiva explains that social underwriting requires a Kiva Trustee or community members, like friends and family, to endorse and start funding your business before your business will go live on the website. Then you have 30 days to raise funds via Kiva’s website.
That does mean that Kiva loans take a really long time to get funded―especially compared to the same or next-day funding offered by other lenders on this list. And Kiva microloans go up to just $15,000, making them too small for some business needs.
Even so, Kiva’s lack of interest or credit checks make it an unbeatable deal―especially if you’re looking for no-credit loans.