Is it possible to secure funds to buy a tanning bed with no credit check? Here are 8 guaranteed ways to get financing for tanning bed with no credit check. Buying the right tanning bed to run a successful salon or spa is not cheap.

Due of the expense, you may worry that qualifying for a business loan will be difficult. Yet often, salon owners have access to numerous financing and even the very tanning bed you want may serve as collateral for the loan. As a result, finding affordable financing could be easier than you think.

Is It Possible to Get Financing for Tanning Bed With No Credit Check?

The answer is Yes! It is very possible to get financing for a tanning bed with no credit check in the United States. If you have a poor credit score or no credit history at all, you might think getting funding for your tanning bed is out of the question. However, there are options for you to get loans that don’t require a credit check.

There are some outlets for people looking for funding without credit checks, but it definitely will take some shopping around to find interest rates and repayment terms you can afford. The big national and regional banks stick tightly to credit score ratings so don’t bother with that unless you have taken time to clean up your credit report and raise your score.

In the United States, there many reasons why entrepreneurs seek no credit check loans. On one hand, you may be young or recently moved to the United States from abroad and haven’t had the opportunity to build a credit profile yet.

While on the other hand, you may be someone who prefers to pay for things with cash or a debit card and you’ve simply never applied for a credit card. Having no credit does not mean that you are financially irresponsible. In fact, a lot of people with no credit are incredibly creditworthy individuals.

But while having no credit is much better than having bad credit, the reality is that most lenders do use credit scores in their lending decisions. And having no credit can make it more difficult to get approved for financing and any other type of credit.

8 Ways to Get Financing for Tanning Bed With No Credit Check in the United States

If you are looking to get financing for a tanning bed with no credit history, here are few options worth considering.

1. Salon Equipment Financing

When you want to finance the purchase of a tanning bed using salon equipment loans, you have two primary options — buy or lease. Either option may help you stock your location with the number of bed it needs. However, note that every lender sets its own qualification criteria when it comes to salon equipment financing or any other type of business funding.

Yet all lenders are concerned with two very important details — risk and profit. Lenders are more likely to approve your application if they’re comfortable with the risk of doing business with you. Less risk means you are more likely to pay a loan back as promised. Less risk generally equals more profit for the lender.

Note that bad credit can be a hindrance when you apply for financing — equipment loans or otherwise. With equipment loans, however, you have a factor that works in your favour. The equipment you want to purchase can serve as collateral for the loan, which helps reduce the lender’s risk. Lower risk for the lender can make it easier to qualify for this type of financing.

But if you qualify to finance salon equipment with bad credit, expect a trade off. The interest rates on bad credit loans are generally much higher compared with the rates you can secure with good credit. You may also face higher fees and shorter repayment terms.

2. Lenders that Accept Non-Traditional Credit Histories

There are some lenders in the United States that will accept alternative data to assess a borrower’s risk, like their bank account activity and payment history towards rent, utilities, and other bills. Note that to get approved for a loan using your non-traditional credit history, you may need to contact a lender directly.

And even better if you can find a bank or credit union that has a local branch near you so that you can talk to someone face-to-face. Nonetheless, if you plan to apply for a loan for your tanning bed with a lender that offers manual underwriting, here are a few documents that you’ll probably want to collect beforehand:

  • Recent W-2s
  • Recent tax returns
  • Last four to six pay stubs
  • Last three to six monthly bank statements
  • Rent payment history from the last 12 to 24 months
  • Utility payment history from the last 12 to 24 months

3. Borrow from Family or Friends

According to experts and experience, this is dangerous from a relationship standpoint, but makes a lot of sense from a financial and loan-anxiety standpoint because it should be easier to get approval and a break on terms. Note that your family and friends won’t put you through a daunting qualifying process and probably would cut you some slack on the interest rate charged compared to what you would get from lending institutions that give financing with no credit check.

However, when considering this option, just make sure to factor in what happens if you default. Have it in mind that not repaying a loan to a relative or close associate can poison relationships in ways that go far beyond a bad credit report. Do not forget to treat any loan from someone you know just as if it were an important business transaction between you and a stranger.

Hence, it should be formalized with clear documentation and legally recorded. To avoid future problems, make sure you create a written contract that includes the loan terms and interest rate, and what will happen if you cannot repay the debt.

4. Online Lenders

Online lenders such as Prosper, Upstart and Lending Club—all Experian loan partners—have options for people with scant credit history. Even though you may still need at least one or two accounts in your credit report, these lenders look at features of your financial profile beyond just your credit reports and scores when considering you for a loan.

5. Credit Unions

If you are a member of a credit union, you can expect to get loan to buy a tanning bed from them without a credit check. Credit unions are renowned for offering loans with good terms and may be willing to consider information other than just your credit score when gauging your creditworthiness.

It’s important to state, however, that credit union membership is sometimes based on your employer, where you live, or whether you are affiliated with certain organizations. Contact your local credit union or your employer to see if you are eligible for membership.

6. Get a Co-Signer

If borrowing from a friend or relative is out of the question or not available, you can still meet someone you know with good credit about co-signing on for a credit loan to purchase your tanning bed. Have it in mind that with a qualified co-signer, the lender will set the loan terms based on the credit score of the person with good credit, who will then be equally responsible for repayment.

Note that all payment information will be recorded on both your credit report and your co-signer’s, so if you default on the loan, or you are late with payments, you both suffer. However, if you make timely payments, your own score will improve, making it easier to obtain future loans without a co-signer.

7. Secured Loan with Collateral

Since unsecured loans don’t require any collateral, lenders tend to mandate that borrowers show strong credit scores in order to control their risk. Nonetheless, if you are able to put down something of value as collateral, it could help you secure a loan for your tanning bed even with no credit. Here are a few examples of assets that a lender may accept as collateral for a secured loan:

  • Real estate (home or undeveloped property)
  • Vehicles
  • Bank accounts
  • Stocks , bonds, or mutual funds
  • Insurance policies
  • Collectibles
  • Gold, silver, or other precious metals

8. Borrow from your 401(k)

If you have no credit and need cash to purchase a tanning bed, a 401(k) loan could be a wonderful option. But there are many pros and cons that you need to analyse before you borrow from your retirement. Note that the biggest advantage of 401(k) loans is that you won’t be dealing with a lender so there is no credit score requirement.

With a 401(k) loan, you are mainly borrowing from yourself, so the “interest” you pay just goes right into your 401(k) account. In addition, as long as you stay with your employer, you’ll have up to five years to pay back the loan in full. If you plan to repay the money quickly, a 401(k) loan could be a far more favourable borrowing choice than a payday loan, equipment loan, or salon loan.

Just know that if you don’t replace the withdrawn amount by the due date, you’ll have to pay taxes on the funds plus a 10% penalty. Also remember that if you lose your job or leave your employer, the entire loan comes due and will need to be paid in full by the due date of that year’s tax return. So if your job situation is unstable, borrowing from your 401(k) becomes a risky move.


The right financing and leasing options for your tanning bed and equipment can help you grow your business. However, it takes very extensive research to find the best deal available for your salon or spa. Just like any small business owner, you are probably excited to prepare your location and open the doors to new customers. But don’t be tempted to rush the financing process. Taking the time to compare offers and rates can save you a ton of money in the long run.