In the article we going to discuss if you can get a Merchant Cash Advance with no credit check. There are a few important things to consider.
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Merchant Cash Advance With No Credit Check
In short, it’s not really possible to apply for a merchant cash advance with no credit check.
The majority of merchant cash advance lenders in the UK will perform what is called a soft credit check on any directors or large shareholders when you apply. A soft credit check does not impact your credit score and is not visible to over companies who check your credit file.
So if you are worried about an application affecting your personal credit score, this is generally not an issue when making an application. If you receive a cash advance offer and decide to proceed, we recommend confirming with the lender if any hard credit searches are carried out before the funds are paid out.
However, you can still get a cash advance for your business even if you don’t have a good personal credit score.
Can You Get a Merchant Cash Advance With Bad Personal Credit?
Yes, you may still be able to get a merchant cash advance for your business even if one or more of the directors/owners have bad personal credit histories.
Most cash advance lenders will look at a wide range of factors and not just base a decision on either a business or personal credit check. Lenders will look at:
- Average monthly card based sales
- How long the business has been trading
- Does the business have any CCJ’s
- Is the business growing
- End of day bank balances
- Sector the business operates in
If you are worried about credit checks or other issues effecting your application for a merchant cash advance, then a broker like Bolton Business Finance can help you navigate them.
Apply For a Merchant Cash Advance
We specilise in helping UK businesses apply for and get approved for a cash advance.
If you have specific concerns about credit checks or low personal credit score, we can help you to navigate these and get the funding you require.
Fill in the form below and one of our brokers will be in touch straight away.