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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 March 4, 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 many 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 can’t qualify for a traditional loan, a no-doc loan may be a good alternative.
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.
Best overall
Lendio business loans
4.8
★★★★★
Finder score
Lendio is one of the largest business loan marketplaces, partnering with more than 75 lenders. You can prequalify for a range of options in a few clicks and compare the terms you might qualify for with 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. But be sure to reach out to the lender to make sure it doesn't require any paperwork before you continue with your application.
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Pros
- Partners with over 75 lenders
- Wide range of different types of financing
- Options for bad credit
Cons
- Not a direct lender
- Some lenders may require paperwork
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| Loan amount | $1,000 – $5,000,000 |
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| APR | Starting at 3% |
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| Min. Credit Score | 500 |
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| Loan term | 3 months to 25 years |
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| Requirements | Operate business in US or Canada for 6 months or more, have a business bank account, minimum 500 personal credit score, at least $20,000 in monthly revenue |
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| Loan amount | $1,000 – $5,000,000 |
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| APR | Starting at 3% |
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| Min. Credit Score | 500 |
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Best lending marketplace
BusinessLoans.com
4.4
★★★★★
Finder score
Similar to Lendio, BusinessLoans.com is a lending marketplace to help match small businesses to one of their online lending partners. You provide some basic information about you and your business either online or on their app. The free service connects you to at least five of their partners that provide offers within minutes based on your qualifications.
The service works with businesses with all types of credit, but you must have been in business for 1–2 years and have a minimum annual revenue of $75,000–$250,000, depending on the lender you want to work with.
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Pros
- Low minimum credit score
- Funding turnaround as fast as 24 hours to one week
- See offers with no hard credit check
- No fee to use the service
Cons
- Not a direct lender
- Not clear on lender fees
- Qualifications can exclude smaller businesses
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| Loan amount | $5,000 – $3,000,000 |
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| APR | Varies by loan type and lender |
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| Min. Credit Score | 500 |
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| Loan term | 3 months to 10 years |
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| Requirements | Must have been in business between 1 to 2 years, have a minimum revenue of $75,000 to $250,000 and have a minimum credit score of 500 to 650. |
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| Loan amount | $5,000 – $3,000,000 |
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| APR | Varies by loan type and lender |
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| Min. Credit Score | 500 |
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Go to site
Read review
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.
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:
- 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.
- 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 is especially important if you’re trying to cover an urgent expense.
- 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 than you may find at a traditional bank.
- 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.
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.
