Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Get a business loan with no paperwork
Skip the red tape and get your funds quickly with a paperless loan.
Updated

Here’s how to cut out the pain of paper and pencil with a no-paperwork business loan.
What is a no-paperwork business loan?
A no-paperwork business loan doesn’t mean you won’t fill out any forms. It simply means you won’t be required to complete paper forms or fax documents to your lender.
No-paperwork lenders typically require you to submit an online application and possibly scan a few key documents. You might also need to give them access to certain business accounts for verification.
Why are online lenders less likely to require paperwork?
Online no-paperwork lenders don’t require paper forms because their processes usually involve you completing your information through an online application. They also employ shortcuts to analyzing and verifying your business information. In other words, they’re willing to dig into your financial records themselves.
One way they might do this is by connecting to your company’s bookkeeping software or taking advantage of temporary read-only access to your business accounts. They can also run a hard check on your personal credit score online.
Online business lenders that don’t require physical paperwork
Are online business loans actually faster?
Yes. Whereas bank applications can take weeks or months, no-paperwork loans may deliver your money in days. With online applications, your lender can process information quickly and with a smaller underwriting staff.
No paperwork business loans are also faster because lenders typically ask for access to your accounting software and bank accounts online. It cuts down on the time it takes to provide documentation and speeds up the underwriting process by giving your lender raw data — rather than answers that need to be verified.
Is it safe to give a lender access to a bank account or accounting software?
It’s generally safe. Many lenders don’t store login credentials in a database and they’re usually not accessible to more employees than absolutely necessary — if at all.
Sharing this kind of sensitive information with any third party does come with risk, however. This is for the simple reason that it gives hackers one potential point of access to your accounts or software. Remember, even the most secure encryption is not impenetrable. It’s advised to change your financial account passwords every 3 months to keep your information safe.
How to find the best no-paperwork lender
When comparing no-paperwork lenders to find the best one for your business needs, ask these 5 important questions:
- Is this the right loan for what I’m trying to accomplish? Find the right loan type for your needs. Need new equipment? Look at equipment financing. Need funds to cover a one-time expense? Look into a fixed-term loan.
- 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.
- 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.
- How long will it take to get my money? Applying with a lender that offers quick turnaround times is especially important if you’re trying to cover an urgent expense.
- Do I meet the eligibility requirements? You probably don’t want to waste your time apply with lenders you don’t qualify for.
Bottom line
No-paperwork loans are a good option for businesses that need money fast to cover emergency expenses. They’re also a convenient way to avoid waiting around for a bank loan to go through.
Make sure to read the fine print — some online lenders can hide fees and repayment conditions that could wind your business up in even more debt.
Want to explore more options for financing your business? Check out our guide to business loans and compare your choices.
Frequently asked questions
More guides on Finder
-
Investing in your 30s: 8 wealth-building tips
Prepare to revamp your asset allocation and explore new investment classes when you’re in your 30s.
-
Splash Auto Finance car loan review
Splash Auto Finance specializes in car loans for borrowers with less-than-ideal credit histories.
-
Compare short-term business loans
Compare business financing options for quick cashflow fixes.
-
9 expert tips to finance a startup
Tried and true advice for starting a new business.
-
Debt.ca debt relief services review
If you’re struggling with your finances, Debt.ca helps you consider your debt relief options and connects you with local debt specialists.
-
Closing costs in California
California is one of the more expensive states for Canadian snowbirds to buy real estate.
-
Closing costs in Arizona
Canadian snowbirds in Arizona benefit from lower closing costs compared to other popular states.
-
14 ways to pay off your student loans faster
Wipe out your student debt faster and save money with these 14 quick tips.
-
7 common student loan myths debunked
When it comes to student loans, it can be hard to tell fact from fiction. To help you out, we’ve debunked 7 of the most common student loan myths.
-
Getting a mortgage over 60
Here’s what to look for in a mortgage, what to avoid and how to qualify if you’re thinking about getting a mortgage after 60.