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Compare $50K no-doc loans

True $50K no-doc business loans are relatively scarce, but there are many low-doc options to consider as well.

Best for small businesses

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  • Required time in business: 6+ months
  • Required monthly revenue: $20k+
  • Min credit score: 550+

For a variety of finance options

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  • Required time in business: 6+ months
  • Required monthly revenue: $10k+
  • Min credit score: No credit needed

Best for business line of credit

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  • Required time in business: 1+ years
  • Required monthly revenue: Average of at least $3,000
  • Min credit score: 660

It often takes a lot of time and paperwork to qualify for a business loan, particularly from banks and other traditional business lenders. But if you need quicker funding to jump on a business opportunity or cover immediate cash flow needs, a no-doc business loan could offer a faster funding option for $50K business loans.

Compare $50,000 no-doc and low-doc business loans

Compare these no-doc or low-doc lenders that offer a variety of loan types and other business financing solutions.

Name Product Filter Values Min. Amount Max. Amount APR Requirements
Lendio business loans
Finder Score: 4.8 / 5: ★★★★★
Lendio business loans
$1,000
$5,000,000
Varies by lender
Operate business in US or Canada for 6 months or more, have a business bank account, minimum 500 personal credit score, at least $20,000 in monthly revenue
Submit one simple application to potentially get offers from a network of over 75 legit business lenders.
Olympus Business Capital
Finder Score: 3.8 / 5: ★★★★★
Olympus Business Capital
$500
$100,000
Not stated
Been in business for 6 months registered with the state, active and open bank account in business name, have $10,000 of revenue each month
No credit needed. Funding up to $100k with a variety of finance options to best fit your business needs.
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American Express® Business Line of Credit
Finder Score: 4.4 / 5: ★★★★★
American Express® Business Line of Credit
$2,000
$250,000
N/A
Minimum FICO score of at least 660 at the time of application, have started your business at least a year ago, and an average monthly revenue of at least $3,000
Access lines of credit for your small business even if you aren't currently an Amex customer.
FundThrough Invoice Factoring and Financing
Finder Score: 4.5 / 5: ★★★★★
FundThrough Invoice Factoring and Financing
$500
$10,000,000
Not applicable
At least $100k in accounts receivable to one customer, invoice B2B or government agencies, invoices are for completed work, no construction or real estate, no explicit liens on receivables
Get an advance of up to $50,000 in just one day with this fully automated platform.
Fundible
Finder Score: 4.9 / 5: ★★★★★
Fundible
$1,000
$10,000,000
Rates start at 1% per month
500+ FICO score, $200,000 annual revenue, 6 months in business, most recent business bank statements
Same day approval
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Fundera business loans
Finder Score: 4.9 / 5: ★★★★★
Fundera business loans
$2,500
$5,000,000
Varies based on lenders
$60,000+ of annual revenue, 550+ personal credit score, in business for 6+ months
Get connected with short-term funding, SBA loans, lines of credit and more.
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Where to get a $50,000 no-doc business loan

While you can get a $50k business loan at banks and credit unions, your best shot at a no- or low-doc business loan is with an online lender. Online lenders typically have a streamlined application and lending process that utilizes algorithms and other technologies to link directly to your accounts. These processes eliminate the more common practice of submitting piles of paperwork.

“No-doc business loans are frequently advertised online, on the radio and on television,” says Ben Johnston, COO at Kapitus. “A simple Google search will reveal many types of no-doc lenders, as well as aggregation sites that compare different lenders.”

“Before choosing a no-doc lender,” Johnston continues, “read the company’s reviews and search for information about that company online. See if they are mentioned in the press and if they disclose their management team and company history. Generally speaking, the longer a company has been in business and the more positive information available, the more sustainable and reputable they are.”

What is a no-doc business loan?

A no-doc (aka no-document) business loan refers to loans that require little to no submission of paper documentation to qualify for a business loan. No-doc lenders may only need to view your bank statements or link to your online accounts to grant loan approval. You’ll still need to fill out an application, usually online, and sign a contract.

No-doc loans are more common for short-term financing needs and typically have fast turnaround times. But, you could have higher interest rates than with other types of funding, and you may have to agree to a daily or weekly repayment schedule.

No-doc business loans may be your best option if you don’t qualify for other types of business financing, since no-doc lenders generally have less strict eligibility requirements. These types are also a good option for companies that simply need a fast short-term influx of funding to cover cash flow shortages or to fund other projects.

How to get a $50,000 no-doc business loan

Lender application processes vary, but the process is generally as follows:

  1. Define your loan purpose. Whether you need quick funding to address cash flow shortages or want to purchase a piece of equipment, defining your goal helps locate lenders that specialize in that type of financing.
  2. Compare lenders. Compare the interest rates, fees and loan terms of lenders that offer no-doc business financing for your loan purpose.
  3. Get pre-approved. If possible, ask lenders to pre-approve your application before performing a hard credit check. Preapproval gives you a basic idea of the rate and terms you might qualify for before deciding on a lender.
  4. Gather your documents. As mentioned, some “no-doc” loans may still require minimal documentation. Find out ahead of time if you’ll need to submit bank statements or other documentation.
  5. Apply for the loan. After filling out the loan application, you’ll typically have an approval answer the same day. Be sure to review the contract terms carefully before signing.

How to qualify

Requirements to qualify for a $50K no-doc business loan may depend on the lender and loan purpose, but here are some basic criteria you typically need to meet:

  • Credit scores. Most no-doc business loan lenders will check both your personal and business credit scores. Some may require a score of 680 or more, but other lenders will consider credit scores as low as 500.
  • Proof of revenues. You may need to provide several months of bank statements or give the lender access to your business accounts. You may also need to meet minimum income requirements.
  • Time in business. Many business lenders require companies to be at least two years old, but some no-doc business loans may be more lenient if you meet other criteria.
  • Downpayment or collateral. Depending on the loan type and your financial situation, a no-doc lender may require a downpayment or collateral to secure the loan.

How much does a $50K loan cost?

The cost of a $50,000 no-doc business loan can vary widely depending on the lender and the loan type. For example, many lenders charge interest rates or factor rates that range from 3% to 60% or more.

It’s important for borrowers to be aware that no-doc loans are usually more expensive for a reason, says Johnston. “Because these loans are issued with relatively little due diligence and often without collateral, the loss rates on no-doc business loans tend to be higher than full-doc loans. As a result, their cost is also higher.”

Other lenders, such as invoice financing or factoring companies, may charge a factor rate instead of an interest rate. A factor rate is basically a percentage of the loan you’ll need to pay on top of the principal. For example, a factor rate of 1.2 for a $50,000 loan means you would owe a total of $60,000 ($50,000 x 1.2).

No-doc loans may also come with origination or other fees. Ask your lender and read the fine print to understand what additional charges may be applied to your loan.

Many no- or low-doc business loans have shorter loan terms, which make them more expensive to budget. In addition, short-term financing may require a weekly or daily repayment schedule, which may not be feasible for some businesses.

Use our business loan calculator to compare monthly loan payments based on different interest rates and loan terms.

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5 types of $50K no-doc business loans

If you’re looking for a no- or low-doc business loan, consider these five loan types to see which meets your business needs.

1. Merchant cash advances (MCAs)

MCAs might be a good solution for companies that bring in a lot of revenue from debit and credit card sales. Merchant cash advance providers lend you a lump sum in exchange for a percentage of future credit card sales. This type of financing is usually very expensive and typically requires a weekly or daily repayment plan.

Consider if you…

Pros
  • Have high sales volume
  • Get revenue mostly from card sales
  • Have short-term cash needs
Cons
  • Don’t have a lot of card sales
  • Qualify for other loans
  • Can’t budget for weekly payments

2. Business lines of credit

A business line of credit could be a good choice if you’re not sure how much you need and want some borrowing flexibility. Lines of credit can be drawn from as needed for typically one to two years, and you only pay interest on what you borrow. You’ll typically need a good credit score, but you may only have to provide recent bank statements to qualify.

Consider if you…

Pros
  • Aren’t sure how much you need
  • Want borrowing flexibility
  • Have a good credit score
Cons
  • Want a fixed amount of money
  • Have a one-time expense

3. Invoice factoring

Invoice factoring requires little to no documentation because it’s almost entirely dependent on the value of your invoices. It’s a type of lending where you sell your unpaid invoices to a factoring company that advances funding based on a percentage of your unpaid invoices. The factoring firm then collects on the invoices until the loan is repaid, including interest and fees, which can be steep.

Consider if you…

Pros
  • Have a lot of unpaid invoices
  • Need a fast influx of cash
  • Are sure your customers will pay
Cons
  • Don’t have many unpaid invoices
  • Want to keep control of your invoices
  • Have less-expensive loan choices

4. Invoice financing

Invoice financing is similar to invoice factoring in that you borrow money based on the value of your unpaid invoices. The difference is that you maintain control of your invoices and repay the loan as customers pay their bills. Because of the high rates and fees, both invoice financing and factoring should only be considered for very short-term financing.

Consider if you…

Pros
  • Have a lot of unpaid invoices
  • Need a fast influx of cash
  • Don’t want to sell your invoices
Cons
  • Don’t have many unpaid invoices
  • Don’t want to handle unpaid invoices
  • Have longer-term needs

5. Equipment loans

When you take out an equipment loan, which is similar to a consumer auto loan, the asset you purchase is used as collateral for the loan. Because it’s a secured loan, it may have more competitive interest rates than other types of business financing, but there is a risk of losing the asset if you default on the loan.

Lenders could require a downpayment on an equipment loan and will need proof of sufficient revenue to repay it, but lenders may require very little additional documentation. Loan terms for equipment financing are typically longer than other low-doc loans, which can be easier to budget.

Consider if you…

Pros
  • Need expensive equipment
  • Have money for a downpayment
Cons
  • Don’t have equipment needs
  • Can’t afford the downpayment

Bottom line

If you have cash flow shortages or want to jump on a business opportunity, no-doc or low-doc loans can provide a speedier way to access needed funding. No-doc lenders use technologies to eliminate the need for a lot of paperwork, allowing borrowers to qualify in minutes and receive funding within a day or two. Just be sure to do your research and compare multiple business lenders to get the best deal.

Frequently asked questions

Can I borrow more than $50K with a no-doc business loan?

Yes. Lenders that offer no-doc business loans offer financing anywhere from thousands to millions of dollars. Of course, qualifying for higher-dollar loan amounts depends on your revenues, credit scores and other factors.

Can I get a $50,000 no-doc business loan to start a business?

Maybe. Usually, no-doc business loans rely on business revenues and business credit scores as well as personal credit history to determine loan approval. However, if you have excellent personal credit, a low debt-to-income ratio (DTI) and sufficient income, you may qualify for a $50K loan to start a business.

Can I get a $50,000 no-doc business loan with bad credit?

Maybe. If you meet other lender requirements, such as strong financials and other criteria, you may be able to get a $50,000 no-doc loan even with bad credit. In fact, many lenders, such as BusinessLoans.com and Credibly, will consider borrowers with scores as low as 500 for some loan types.

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To make sure you get accurate and helpful information, this guide has been edited by Megan B. Shepherd as part of our fact-checking process.
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Written by

Writer

Lacey Stark is a freelance personal finance writer for Finder, specializing in banking, loans, investing, estate planning, and more. She has 20 years of experience writing and editing for magazines, newspapers, and online publications. A word nerd from childhood, Lacey officially got her start reporting on live sporting events and moved on to cover topics such as construction, technology, and travel before finding her niche in personal finance. Originally from New England, she received her bachelor’s degree from the University of Denver and completed a postgraduate journalism program at Metropolitan State University also in Denver. She currently lives in Chicagoland with her dog Chunk and likes to read and play golf. See full bio

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