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Get a no-doc business loan

Online business loans and lines of credit may be faster than your typical bank loan—but you could end up paying more.

No-document — or no-doc — business loans can be a good choice for small businesses owners that need short-term working capital fast. By connecting to your accounting software and bank accounts no-doc lenders can often fund a business loan by the next business day.

But for larger loans, say, over $100,000, even no-doc lenders might ask for some kind of paperwork. You may also find that no-doc lenders tend to charge higher rates and fees than traditional banks. If costs are your main concern, consider a bank first.

However, if you have a strong credit score and a solid history of repaying loans on time and in full, you could qualify for a competitive rate from a non-traditional lender.

6 best lenders with low or no document requirements

SharpShooter Funding Business Loan

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on SharpShooter Funding's secure site
SharpShooter Funding offers loans for small business in amounts from $500 to $500,000 with terms ranging from 6 months to 5 years. Offers unsecured term loans, merchant cash advances and invoice factoring to meet a variety of business needs. Businesses need to have been in business for at least 6 months with a monthly revenue of at least $10,000.

OnDeck Business Loan

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on OnDeck's secure site
OnDeck Canada offers fast business loans ranging from $5,000 to $300,000 with terms between 6 and 18 months. Types of financing include secured term loans, lines of credit and merchant cash advances. Both fixed and flexible repayment terms are available.

Loans Canada Business Loan

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on Loans Canada's secure site
Loans Canada provides a single, streamlined application process that matches business owners with a list of possible lenders. Loan types vary with amounts ranging from $2,000 to $350,000, and terms of up to 5 years. Interest rates vary based on your credit score, how long you've been in business and other factors.

Lending Loop Business Loan

Lending Loop is Canada's first fully regulated peer-to-peer small business lending platform. If your business meets minimum credit criteria, the company's credit assessment team will review your loan application and assign your business a loan grade ranging from A+ to E. Your loan request will be published on a marketplace to be reviewed and funded by various lenders.

iCapital business loan

Offers lines of credit, merchant cash advances, secured business loans and term loans for Canadian businesses. All types of credit are acceptable as long as businesses don't have any open bankruptcies. Weekly, biweekly and monthly repayment schedules are available for secured business loans. Plus, there are no early repayment fees for term loans.

Lendified small business loans

Lendified offers fast and affordable business loans with no collateral required. Loan amounts can be anywhere between $5,000 and $150,000, with terms ranging from 3 months to 2 years. Approved applicants can receive funds in as little as 48 hours. Interest rates range from 8%–18%.

How we picked the best no-doc business lenders

These lenders represent some of the more flexible and transparent options available to borrowers with good credit. To compile our list, we considered the loan types available, minimum and maximum APR, repayment terms and the loan amount. We also considered options for a wide range of financing needs.

What is a no-doc business loan?

A no-doc business loan doesn’t mean you won’t fill out any forms. It means you won’t be required to complete paper forms or fax documents to your lender.

In some cases you can get around document requirements altogether by connecting with your business’s other online accounts.

Some lenders are low doc rather than no doc, only requiring applicants to submit an online application and scanned copies of a few key documents. You might also need to give them electronic access to certain business accounts for verification.

Why are online lenders less likely to require paperwork?

Online lenders don’t require paper forms because their processes usually involve you submitting your information through an online application. They also employ alternative methods 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.

Are online business loans actually faster?

Yes. Whereas bank applications can take weeks or months, no-doc loans may deliver your money in days or even 24 hours. 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 few months to keep your information safe.

How to find the best no-doc lender

When comparing no-doc lenders to find the best one for your business needs, ask these 5 important questions:

  1. 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.
  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 times is especially important if you’re trying to cover an urgent expense.
  5. Do I meet the eligibility requirements? You probably don’t want to waste your time apply with lenders you don’t qualify for.

Online business loan providers that don’t require physical paperwork

Name Product Interest Rate Loan Amount Loan Term Minimum Revenue Minimum Time in Business Loans Offered
SharpShooter Funding Business Loan
Prime pricing from 9.00%
$500 - $250,000
6 - 120 months
$10,000 /month
100 days
Unsecured Term, Merchant Cash Advance, Invoice Factoring
To be eligible, you must have been in business for at least 100 days with a minimum of $10,000 in monthly deposits.

SharpShooter provides capital to small businesses that are underserved by banks and credit unions. It measures overall business health and potential rather than focusing strictly on traditional metrics. Fill out a simple application and get pre-approved in minutes. Receive your funds within 24 hours.
Swoop Funding Business Loan
4.00% - 25.00%
$1,000 - $5,000,000
3 - 60 months
$10,000 /month
24 months
Term, MCA, LOC & more
To be eligible, you must have been in business for at least 24 months and have a minimum of $100,000 in annual revenue.

Swoop partners with banks and alternative lenders to match your business with the right funding options. Register for free and browse your offers without affecting your credit score.
OnDeck Business Loan
8.00% – 29.00%
$5,000 - $300,000
6 - 18 months
$10,000 /month
6 months
Secured Term, Line of Credit, Merchant Cash Advance
To be eligible, you must have been in business for at least 6 months with a minimum monthly revenue of $10,000.

OnDeck offers fast and simple financing. Apply in less than 10 minutes with your basic business information and see your loan offers without hurting your credit score. Get approved within 1 business day, and choose your term, amount and payback schedule once approved.
Loans Canada Business Loan
Prime Pricing from 9.00%
$2,000 - $350,000
3 - 60 months
$4,166 /month
100 days
Unsecured Term
To be eligible, you must have been in business for at least 100 days, have a credit score of 410+ and show a minimum of $4,166 in monthly deposits ($50,000/year).

Loans Canada connects Canadian small business owners to lenders offering financing up to $350,000. Complete one simple online application and get matched with your loan options.
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Bottom line

No-doc 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. And be sure to compare your options before deciding on one lender.

Frequently asked questions

Can I get a business loan without paperwork if I’m self-employed?

You could, although your options may be limited. Make sure your personal finances are in top shape to get the best deal. You’ll likely need to provide your tax Notice of Assessments for the last 2 years to show proof of income. Alternatively, you could consider a personal loan for business use.

The lender asked for scanned documents. Is this legit?

Yes, legit business lenders can request scanned documents to verify things like your business ownership or income statements — or even identification. If the document contains personal information such as your Social Insurance Number (SIN), you may want to ask if you can block that part out of the document or revisit the lender’s privacy policy to be sure that information won’t be shared.

Will I need to provide collateral to get a no-doc business loan?

Not always. Only some lenders and loan types require collateral. Learn more about collateral in our guide to comparing secured and unsecured business loans.

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