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Best no-doc business loans in June 2024

These no-doc loans are faster and easier to apply for compared to your typical business loan — but more expensive.

What is a no-doc business loan?

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. 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 June 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.

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

10 best no-doc business loan providers

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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  • 12+ types of business loans analyzed
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We're big on editorial independence. That means our content, reviews and ratings are fair, accurate and trustworthy. We don't let advertisers or partners sway our opinions. Our financial experts put in the hard work, spending hours researching and analyzing hundreds of products based on data-driven methodologies to find the best accounts and providers for you. Explore our editorial guidelines to see how we work.

Best overall

Lendio business loans

4.8
★★★★★

Finder score

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Lendio is one of the largest business loan marketplaces, partnering with more than 75 lenders. It comes highly rated by past clients, and you can prequalify for a range of options in just a few clicks and compare terms across different no-paperwork providers. Since no-doc financing tends to come with higher-than-average rates, using a marketplace to compare offers can help you find a competitive deal with less work than comparing on your own.

Best lending marketplace

BusinessLoans.com

4.4
★★★★★

Finder score

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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.

Best invoice factoring

FundThrough Invoice Factoring and Financing

4.5
★★★★★

Finder score

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on Businessloans.com's secure site
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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 $500to $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.

Best line of credit

American Express® Business Line of Credit

4.4
★★★★★

Finder score

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Amex's lines of credit are some of the fastest on the market. It offers decisions in as fast as a few minutes and 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.

To qualify, you'll need a 660 credit score, at least one year in business and $3,000 in monthly revenue.

The required FICO score may be higher based on your relationship with American Express, credit history, and other factors.
All businesses are unique and are subject to review and approval.

Best working capital loan

Backd

4.4
★★★★★

Finder score

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.

Best short-term business loan

OnDeck short-term loans

4.6
★★★★★

Finder score

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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.

Best equipment loan

National Business Capital business loans

4.3
★★★★★

Finder score

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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.

Best for merchant cash advances

Credibly business financing

3.8
★★★★★

Finder score

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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.

Best for inventory financing

Kickpay e-commerce business loans

3.9
★★★★★

Finder score

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.

Best new business loan

LoanBuilder business loans

4.2
★★★★★

Finder score

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.

Best no-doc loans: By the numbers

Compare no-doc and low-doc lenders side by side.

LenderAPRsLoan amountsTurnaroundLoan terms
LendioVaries by lender$1,000 to $5,000,000Not stated3 months to 25 years
BusinessLoans.comNot stated$5,000 to $3,000,0001 to 7 days3 to 120 months
FundThrough2.75% to 8.25% financing fee$500 to $10,000,000Offers same day funding1 to 3 months
BluevineStarting at 6.2%$5,000 to $250,0001 day6 or 12 months
BackdCompetitive$10,000 to $2,000,0001 to 2 days6 to 16 months
OnDeckAverage is 60.9%$5,000 to $250,000Offers same day funding3 to 24 months
National Business CapitalVaries by lender100% of the equipment value1 dayUp to 5 years
CrediblyNot applicable$5,000 to $600,0001 day3 to 24 months
KickpayFee of 3% to 7% of the manufacturing cost$20,000 to $500,0002 to 9 days16 weeks
LoanBuilderFee of 2.9% to 18.72%$5,000 to $150,0001 business day17 to 52 weeks

Methodology: How we choose the best no-doc providers

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.

How no-document lenders work

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.

Getting a business loan with EIN only

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.

No-doc business loans: What you need to know

Watch our 60-second video!

Types of no-doc business loans

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 line of credit (LOC)

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.

Unsecured short-term business loans

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.

Merchant cash advances (MCAs)

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.

Invoice factoring

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.

Invoice financing

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 loans

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

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.

How to find the best no-doc lender

When comparing no-doc lenders to find the best one for your business needs, ask these five important questions:

  1. Is this the right loan for what I’m trying to accomplish? Find the right loan type for your needs. If you need new equipment, look at equipment financing. For a one-time expense, look into a fixed-term loan.
  2. Can this lender give me all the funding I need? Look for a provider that offers the amount you’re looking for. Taking out too much or too little can put you in a worse financial position.
  3. Are the rates and fees competitive? You can often save more with a lender offering a low APR — a rate that combines interest and fees.
  4. How long will it take to get my money? Applying with a lender that offers quick turnaround is especially important if you’re trying to get cash for an urgent business emergency.
  5. Do I meet the eligibility requirements? Don’t waste your time applying with lenders you can’t qualify for.

Pros and cons of online no-doc lenders vs. banks

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.

Pros

  • Quick application process. Most no-doc lenders use AI to scrape your accounts for the information they need, which can lead to a decision within minutes or hours compared to weeks or months with a bank.
  • Faster funding. A quick decision allows lenders to fund your loan within 24 to 48 hours from approval.
  • Options for bad credit. Many lenders are willing to work with poor- and fair-credit borrowers.

Cons

  • Higher interest rates. No-doc loans are seen as higher risk by many lenders and can come with a higher interest rate compared to the average business loan rates.
  • Daily or weekly repayment. Depending on the lender, you may have to pay back your loan in weekly or even daily repayments, which can be harder to make and less flexible than a more traditional monthly payment.
  • May be more expensive. Some no-doc lenders require down payments or charge high underwriting fees.

No-doc loans include top business loan features

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.

Other types of no-doc business lending

Alternatives to no-doc providers

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.

  • Business loan marketplace. Also sometimes called a connection service, a marketplace allows you to fill out one set of forms that can be completed within minutes and submit your information to several lenders at once. You can apply for free, though some marketplaces charge packing fees to apply for an SBA loan.
  • Community bank. This option may require lots of documentation the first time around. But once your loan officer gets to know your business, they may be able to get your financing within a day or even hours without requiring extra paperwork.
  • Startup funding. No-doc loan providers tend to require at least three months in business to qualify, so if you’re looking for startup financing, you’ll need to look for lenders who specifically cater to brand new businesses and those that haven’t yet opened their doors.

Frequently asked questions

Is there really such a thing as a no-doc business loan?

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.

Is it hard to qualify for a no-doc business loan?

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.

Where is the best place to get 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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Written by

Kat Aoki

Kat Aoki was a personal finance writer at Finder, specializing in consumer and business lending. She’s written thousands of articles to help consumers make better decisions on their home loans, bank accounts, credit cards, cryptocurrency and more. Kat is well versed in working with leading brands in the real estate, mortgage and personal finance industries, and her expertise has been featured on Forbes Advisor, Lifewire and financial comparison sites like iSelect and realestate.com.au. She holds a BS in business administration from California State University, Sacramento and enjoys hiking and yoga in her spare time. See full profile

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