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Get a no-doc business loan

These business loans and lines of credit are faster — but more expensive — than your typical bank loan.

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 over $100,000, even no-doc lenders might ask for some kind of paperwork. No-doc lenders also tend to charge higher rates and fees than a traditional bank loan. If costs are your main concern, consider a bank first.

Best lenders with low or no document requirements

Our team reviewed over 220 business loan providers before selecting these best no-doc and low-doc lenders. We selected these lenders based on the documentation requirements, turnaround time and requirements — while also considering rates and terms. We also included options for a wide range of financing needs.

  • Best for comparing options: Lendio
  • Best short-term business loan: OnDeck
  • Exclusively online connection service: Biz2Credit

Business loan marketplace

An online marketplace allows you to compare multiple options at once, saving you time when you want to check your rate with more than one provider. Generally you don’t need to provide any documents to prequalify through a business loan marketplace. And most offer options through lenders that don’t require paperwork to complete the application.

Lendio business loans

Finder rating 4.75 / 5 ★★★★★

Lendio is one of the largest business loan marketplaces, partnering with more than 75 lenders. You can prequalify for a range of options with just a few clicks and compare the terms you might qualify for with different no paperwork providers. But be sure to reach out to the lender to make sure it doesn't require any paperwork before you continue with your application.

Short-term business loans

OnDeck short-term loans

Finder rating 4.6 / 5 ★★★★★

OnDeck is an online lender that specializes in short-term loans and lines of credit for small businesses. It only requires most borrowers to submit 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 expensive. OnDeck tripled its starting APRs in response to COVID-19 — save this lender for when you're willing to pay extra for convenience.

Exclusively online connection service

Biz2Credit business loans

Finder rating 4.7 / 5 ★★★★★

Biz2Credit is a lender connection and comparison service. The lenders it's partnered with offer loans with a starting rate of 6.5%, and fees vary depending on the size of the loan. Biz2Credit could help get connected to a lender for a maximum loan amount of $6 million with a loan term of up to 36 months. It also offers cash advances. You need a credit score above 500, at least two years in the business, and your business must be profitable.

Why are online lenders less likely to require paperwork?

Online lenders don’t require paper forms because their processes usually involve you completing 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.

Are online business loans actually faster?

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.

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 three 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 five 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.

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. Or consider a personal loan for business use while you’re self-employed.

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 Security number, 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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