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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.
| Interest Rate | Fee based, prime starting at 6.33% |
|---|---|
| Loan Amount | $4,160 - $150,000 |
| Loan Term | 3 - 24 months |
| Interest Rate | 8.00% – 29.00% |
|---|---|
| Loan Amount | $5,000 - $300,000 |
| Loan Term | 6 - 18 months |
| Interest Rate | 6.60% - 29.00% |
|---|---|
| Loan Amount | $4,000 - $500,000 |
| Loan Term | 3 - 60 months |
| Interest Rate | Starting at 4.96% |
|---|---|
| Loan Amount | $1,000 - $500,000 |
| Loan Term | 3 - 60 months |
| Interest Rate | From 9.99% |
|---|---|
| Loan Amount | From 9.99% |
| Loan Term | 12 to 120 months |
| Loan Amount | $5,000-$150,000 |
|---|---|
| Loan Term | 3 - 24 months |
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.
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.
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.
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.
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.
When comparing no-doc lenders to find the best one for your business needs, ask these 5 important questions:
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.
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