A no-doc business loan is an online business loan that connects to your business accounts instead of requiring you to submit paperwork, like financial statements or tax returns.
It’s not a true no-paperwork loan — you’ll still need to sign a contract — but it significantly simplifies the application. No-doc loans typically offer amounts ranging from $5,000 to $250,000 with repayment terms of 3 to 24 months. Because no-doc lenders use algorithms to underwrite the loan, they can often process your request in minutes and send you funds within 24 hours.
The main downside is that no-doc loans typically have higher APRs and shorter terms than your average business loan. For context, the average rate on a bank prime loan is 8.50% as of August 2024. So, you can expect to pay points above that for a no-doc loan. No-doc loan programs can also require daily payments, which some businesses find inflexible.
If you can get a traditional business loan, it may be a better choice. But for small businesses that can’t spend weeks on an application or don’t qualify for a traditional loan, a no-doc loan may be a good alternative.
There are only a few no-doc business lenders, so we’ve also included lenders with low document requirements in this list — some only needing bank statements. We’ve also included financing options, such as credit lines and factoring, in our top picks:
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Lendio business loans
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| Loan amount | $1,000 – $10,000,000 |
|---|---|
| APR | Varies by lender |
| Min. Credit Score | 520 |
| Loan amount | $1,000 – $10,000,000 |
|---|---|
| APR | Varies by lender |
| Min. Credit Score | 520 |
BusinessLoans.com
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Similar to Lendio, BusinessLoans.com is a lending marketplace that matches small businesses to lending partners. Just provide some basic information about you and your business online or on their app, and if eligible, and you'll be connected to partners based on your qualifications.
The service works with all types of credit, even bad credit, but suggests a general set of requirements to qualify. For example, you should be in business for one to two years and have a minimum annual revenue of $75,000 to $250,000. But some lenders may be more flexible, depending on the type of financing.
| Loan amount | $5,000 – $3,000,000 |
|---|---|
| APR | Varies by loan type and lender |
| Min. Credit Score | 500 |
| Loan amount | $5,000 – $3,000,000 |
|---|---|
| APR | Varies by loan type and lender |
| Min. Credit Score | 500 |
FundThrough Invoice Factoring and Financing
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FundThrough offers no-paperwork invoice factoring and financing. You can opt to connect to your business bank account and accounting software instead of submitting bank statements. It's also one of the few companies that offer up to 100% advance rates and offers amounts from $500 to $10,000,000.
And unlike many factoring companies, FundThrough doesn't require your business to sign a contract to commit to a minimum number of months of financing. But you need at least $100,000 in outstanding invoices to qualify, and it doesn't work with some industries, like construction or real estate.
| Loan Amount | $500 to $10M |
|---|---|
| Fee for Terms | 2.75% to 8.25% |
| Loan Amount | $500 to $10M |
|---|---|
| Fee for Terms | 2.75% to 8.25% |
American Express® Business Line of Credit
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Amex's lines of credit are some of the fastest on the market. It is a true no paperwork lender, with the option to connect with your bank account rather than providing bank statements. You won't pay any origination, prepayment or maintenance fees. And you can access funds within 1-3 days once approved. Approval can be super fast if Amex can automatically obtain your business data and verify your bank account, but if a manual review is required it can take longer.
To qualify, you'll need a 660 credit score, at least one year in business and average monthly revenue of at least $3,000.
| Loan amount | $2,000 – $250,000 |
|---|---|
| APR | N/A |
| Min. Credit Score | 660 |
| Loan amount | $2,000 – $250,000 |
|---|---|
| APR | N/A |
| Min. Credit Score | 660 |
Backd
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Backd working capital loans are short-term financing designed to help small businesses cover overhead costs. It only takes a few minutes to apply and you can get funds within 24 to 48 hours after approval. It also has flexible eligibility criteria, only requiring one year in business, $100,000 in annual revenue and a 600 personal credit score.
But with a relatively minimum loan amount of $10,000 and short repayment timeframes of 6 to 16 months, it isn't ideal for longer term expenses and you may face high semi-monthly, weekly or daily payments. It also doesn't work with some high-risk industries like legal services and real estate.
| Loan amount | $10,000 – $2,000,000 |
|---|---|
| APR | Competitive |
| Min. Credit Score | 600 |
| Loan amount | $10,000 – $2,000,000 |
|---|---|
| APR | Competitive |
| Min. Credit Score | 600 |
OnDeck short-term loans
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OnDeck is an online lender that specializes in short-term loans and lines of credit for small businesses. It requires most borrowers to submit only three months of business bank statements, which you can download from your online bank account. It's also one of the few online lenders that can fund your loan the same day you're approved. But it's an expensive option — save this lender for when you're willing to pay extra for convenience.
| Loan amount | $5,000 – $250,000 |
|---|---|
| APR | Average is 55.9% to 56.1%. |
| Min. Credit Score | 625 |
| Loan amount | $5,000 – $250,000 |
|---|---|
| APR | Average is 55.9% to 56.1%. |
| Min. Credit Score | 625 |
National Business Capital business loans
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National Business Capital is a lending marketplace that allows you to fill out a one-page application and get offers from a pool of its 75+ lending partners. We chose this service because, while it has a higher annual sales requirement, there's no restrictions on the kind of equipment you purchase. But because it's a marketplace, you won't know what kind of APR you might get until you get offers from one or more of NBC's partners.
| Loan amount | $100,000 – $10,000,000 |
|---|---|
| APR | Varies by lender |
| Min. Credit Score | 700 |
| Loan amount | $100,000 – $10,000,000 |
|---|---|
| APR | Varies by lender |
| Min. Credit Score | 700 |
Credibly business financing
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Credibly merchant cash advances (MCAs) are relatively low-cost compared to other options. Instead of interest, Credibly uses a factor rate, which starts at a low 1.11. This means you'll pay a fee of 11 cents per dollar you borrow. While it may be expensive compared to other business loans, many cash advance companies start higher.
Credibly also accepts credit scores as low as 500 and as little as six months in business, making it one of the only options available to business owners with poor credit. However, there's a one-time 2.5% underwriting fee when you take out the advance and a $50 monthly admin fee on top of the factor rate. It also requires some documentation, such as bank statements and business tax return — but far less than a traditional lender.
| Loan amount | $5,000 to $600,000 |
|---|---|
| Starting Factor Rate | 1.11 |
| Min. Credit Score | 500 |
| Loan amount | $5,000 to $600,000 |
|---|---|
| Starting Factor Rate | 1.11 |
| Min. Credit Score | 500 |
Kickpay e-commerce business loans
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Kickpay offers advances to fund 16 weeks of inventory for most types of e-commerce businesses. It connects with your bank account, e-commerce store and fulfillment center instead of requiring documentation. It sends the funds directly to your manufacturer and deducts a percentage of each order as repayment. It charges a fixed fee of 3% to 7% of the manufacturing cost of the advance — which is low compared to other similar options. But you could pay extra fees if you see an unexpected drop in sales. And it can take between eight and 12 days to get funding after you apply.
| Loan Amount | Up to $500,000 |
|---|---|
| Fixed Fee | 3% to 7% of the manufacturing cost |
| Loan Amount | Up to $500,000 |
|---|---|
| Fixed Fee | 3% to 7% of the manufacturing cost |
LoanBuilder business loans
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Ideal for newer businesses with low revenue, LoanBuilder offers short-term loans from $5,000 to $100,000 – and up to $150,000 for repeat borrowers. As a relaxed eligibility loan, you only need to have been in business for nine months, with a minimum annual revenue of $33,300 to qualify.
Instead of interest, LoanBuilder charges a flat fee on the loan amount, which could be anywhere from 2.9% to 18.72%, according to sources online. However, this could translate to steep APRs in some cases. But its application process is low doc, requiring just four months of bank statements. Funds are typically available as soon as the next business day.
| Loan amount | $5,000 – $150,000 |
|---|---|
| APR | 2.9% to 18.72% |
| Min. Credit Score | 680 |
| Loan amount | $5,000 – $150,000 |
|---|---|
| APR | 2.9% to 18.72% |
| Min. Credit Score | 680 |
Compare no-doc and low-doc lenders side by side.
| Lender | APRs | Loan amounts | Turnaround | Loan terms |
|---|---|---|---|---|
| Lendio | Varies by lender | $1,000 to $10,000,000 | Not stated | 3 months to 25 years |
| BusinessLoans.com | Not stated | $5,000 to $3,000,000 | 1 to 7 days | 3 to 120 months |
| FundThrough | 2.75% to 8.25% financing fee | $500 to $10,000,000 | Offers same day funding | 1 to 3 months |
| Bluevine | Starting at 7.8% | $5,000 to $250,000 | 1 day | 6 or 12 months |
| Backd | Competitive | $10,000 to $2,000,000 | 1 to 2 days | 6 to 16 months |
| OnDeck | Average is 55.9% to 56.1%. | $5,000 to $250,000 | Offers same day funding | 3 to 24 months |
| National Business Capital | Varies by lender | 100% of the equipment value | 1 day | Up to 5 years |
| Credibly | Not applicable | $5,000 to $600,000 | 1 day | 3 to 24 months |
| Kickpay | Fee of 3% to 7% of the manufacturing cost | $20,000 to $500,000 | 2 to 9 days | 16 weeks |
| LoanBuilder | Fee of 2.9% to 18.72% | $5,000 to $150,000 | 1 business day | 17 to 52 weeks |
Finder’s lending experts review dozens of business loan providers before selecting the best low-document lenders. We pay special attention to providers with little to no hard-copy documentation requirements and quick turnaround times, and we regularly review our top selections as lenders enter and leave the market.
Each lender is weighted against eight metrics: document requirements, turnaround time, business requirements, rates, loan amounts, application ease, loan terms and lender reputation based on customer reviews. We also consider Better Business Bureau ratings and reviews, as well as customer reviews on Trustpilot.
A no-doc business loan doesn’t mean you won’t fill out any forms — it just means you may not be required to complete paper forms or fax documents to your lender.
In some cases, you can get around document requirements completely by connecting with your business’s other online accounts. This is particularly common with e-commerce seller financing, especially if you’re borrowing from a platform like PayPal or Amazon.
Some lenders are low-doc, rather than no-doc. They require you to submit an online application and PDFs of a few key documents. You might also need to give them access to specific business accounts for verification.
New businesses and startups that don’t have previously established credit can apply for business financing with only their Employer Identification Number (EIN). But without a business credit score, most lenders will require you to use your personal score and to guarantee the loan personally.
If you don’t want to mix your personal finances with your business, you could try to establish business credit before you apply by using a small business credit card or paying off any existing debt your business has accrued. Or you could look into business loans that don’t require a credit check.
No- and low-doc lenders often offer several short-term loans and financing, although some specialize in certain types of loans, like lines of credit. Others may require more documentation for certain loan types or if you need a large amount of money.
The types of business loans and financing that may qualify you with no or very few documents include:
Business lines of credit are a flexible way to borrow — especially when you don’t know how much is needed upfront. Lines can go as high as $250,000, and you only pay interest on what you use. Most lenders let you borrow against the line as you pay it down over a term of one to two years.
And they can be a truly no paperwork business loan. Some lenders only require the last three months of your bank account statements, which can be verified by digitally connecting to your bank account. But they’re not for bad credit borrowers, as you generally need a credit score in the mid-600s to qualify.
Short-term loans offer a lump sum you pay back in installments that include principal and interest and fees, if applicable. Short-term business loans have varying repayment terms but are typically between a few months to a few years.
The difference between unsecured and secured loans is that unsecured loans don’t require collateral, like equipment or real estate, making them faster to apply for. OnDeck is one provider that offers short-term loans and only asks for your last three months’ bank statements to qualify.
If your business has a lot of credit card transactions, merchant cash advances could be the solution to temporary cash-flow slumps. MCAs let you borrow against your future sales with a lump sum you repay with each swipe of your credit card sales, plus a fee.
However, this form of financing is expensive and should only be used as a last resort. But as a low-doc option that accepts bad credit borrowers, MCAs can be ideal for emergencies. Just make sure your business can afford the repayments to avoid a cycle of borrowing.
With invoice factoring, you sell your unpaid invoices to a factoring company, which offers an advance of 80% to 95% of your invoices’ value up front. The factoring company then takes over the job of collecting on the invoices for you.
And depending on the lender, it can be quick. There are online lenders, like FundThrough, that let you pull invoices from your record-keeping software directly into their system. This can help you get funded quickly without a lot of paperwork.
Also known as accounts receivable financing, invoice financing is an alternative to factoring. With this option, the lender uses your business’s unpaid invoices as collateral for a term loan. You can typically borrow up to 80% of the invoice’s value and pay a fee of 2% to 5% rather than interest.
Applying for invoice financing is low-doc, as with invoice factoring, and can even be faster. The difference is that with invoice financing, you keep control over your unpaid invoices and your clients don’t need to know you’re low on funds.
Equipment financing is a type of business loan used to buy equipment. The loan amount you can get is based on the value of the equipment, which serves as the loan’s collateral. Because it’s a secured loan, rates can be more competitive than with other types of no-doc business loans.
Most lenders allow you to finance around 80% to 100% of your equipment’s value and may require minimal paperwork. National Funding is one lender that offers quick turnaround equipment funding and states you could have funds within 24 hours or less.
Inventory financing is any short-term funding used to cover the cost of buying inventory before you sell. Similar to an equipment loan, you can take out a term loan or line of credit to finance the inventory you need for your business and use that inventory as collateral.
Some lenders specialize in financing inventory by offering something close to a merchant cash advance, but it’s not quite standardized.
When comparing no-doc lenders to find the best one for your business needs, ask these five important questions:
Getting a no-doc business loan is a streamlined application process with minimal paperwork. Follow these steps to increase your chances of approval.
To qualify for a no-doc business loan, lenders may consider factors such as your business’s revenue, credit score and whether you’ll be offering collateral. While collateral isn’t always required, it can increase your chances of approval and potentially lower your interest rates. Financial data, including incoming invoices, can help demonstrate your business’s ability to generate revenue and repay the loan.
When you’re deciding between a no-doc lender vs a traditional loan from a bank, it’s essential to assess your business’s specific circumstances, financial situation and priorities. Here are some pros and cons to consider.
According to Finder’s Consumer Confidence Index, nearly 60% of respondents agreed that low fees were a top consideration when shopping for a business loan. Though not far behind, at nearly 50%, business owners also checked the box for fast funding speed. Low interest, flexible requirements and low-doc requirements followed closely.
*This question was answered by a small sample of self-employed people who’ve taken out or are thinking about taking out a small business loan.
Most of the top features that business owners look for when choosing a business loan happen to feed right into the pros of working with a no-doc lender. While overall costs of getting a no-doc loan may run higher, you’ll get faster funding, more flexible eligibility requirements and low or no documents required to apply.
You’ll find that most lenders do require some type of paperwork — especially when it comes to business loans. But if you’re looking to compare your options without submitting mountains of paperwork, you do have other options.
No, not really. All loans, even no-doc loans, require some paperwork like bank statements and a signed agreement. But no-doc loans are designed to minimize paperwork and allow you to handle all aspects of the loan digitally.
No-doc loans are generally easier to qualify for than traditional loans. Some lenders, especially online lenders, accept scores as low as 500 on no-doc loans, like merchant cash advances. And other no-doc loans, like invoice financing or factoring, may not consider your credit score at all. As long as you can show sufficient revenue or invoice value, you could qualify for a no-doc loan.
Your best bet for finding a no-doc loan is with an alternative online lender. While banks and credit unions may offer some of the same products as the lenders listed above, they likely require more paperwork and processing time.
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