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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.

6 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.

Short-term business loans

Short-term business loans are typically unsecured. And when you work with an online lender, you may not need to provide much more than your bank account information and proof of revenue to qualify.

Just keep in mind that short-term means quick repayment and lower total loan amounts. You'll usually have anywhere from 18 to 36 months to pay back your loan. And most lenders cap the amount you can borrow at $250,000.

OnDeck short-term loans

Finder rating 4.6 / 5

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on OnDeck Capital's secure website

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.

Business lines of credit

Business lines of credit that don't require document are also typically short term solutions for cash flow problems.

What makes them unique is your ability to make multiple draws from your line when your business needs it. So while you may need to provide some documentation up front — similar to a term loan — you won't need to give your lender any documents when you need to make a draw.

Fundbox lines of credit

Finder rating 4.2 / 5

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on Fundbox's secure website

Fundbox is one of the few true no-doc lenders out there for business lines of credit. Instead of asking for financial statements and tax returns, it connects to your accounting software and bank account. This makes it possible to get approved within minutes — and funded as soon as one business day after you request a withdrawal. But in this case, the no document requirement has its drawbacks. Fundbox doesn't work with every type of accounting software or connect with every bank account. And its starting fees are high — roughly equivalent to a 35% APR.

Equipment loans

There are some lenders that offer no-doc equipment loans. Provided you have a quote from a vendor and some proof of revenue, you may not need to provide any extra documentation to apply. And unlike short-term loans, equipment loans are secured. This means lower interest rates and better overall terms.

National Funding business loans

Finder rating 4.75 / 5

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on National Funding's secure website

National Funding is an online lender that only requires you to have a quote from a vendor when you apply for an equipment loan. And with interest rates starting at 4%, it may be one of the least-expensive online lenders out there. But it only offers equipment financing up to $150,000. And it may not be as fast as some other no-doc lenders out there — it can take 24 hours to get a decision and you'll have to speak with a specialist during that process. But it's relatively simple compared to other equipment financing options.

Invoice factoring

Invoice factoring is rarely a no-doc option. However, BlueVine does have this option. All your business needs is the invoices you plan to sell.

BlueVine invoice factoring advances

Finder rating 4.45 / 5

BlueVine is one of the only online lenders that offers no-paperwork invoice factoring — but only on factoring under $250,000. You can opt to connect to your business bank account and accounting software instead of submitting bank statements. When you want to sell an invoice, all you have to do is log in to your BlueVine account and select the invoice from your dashboard. Its advance rates of 85% to 90% are a little low compared to other factors. And the fee of 0.25% per week is on the higher side of average.

Inventory financing

Inventory financing is one of the most common no-doc options. Services like Kickpay, Amazon Lending and Square Capital all base your approval on how well your e-commerce business does. Because of this — and because the data is drawn directly from your sales — you won't need to provide any documentation like a business plan or profit and loss sheet.

Kickpay e-commerce business loans

Finder rating 3.7 / 5

Kickpay offers advances to fund 16 weeks of inventory for most types of e-commerce businesses. It connects with your bank account, e-commerce store and fulfillment center instead of requiring documentation. It sends the funds directly to your manufacturer and deducts a percentage of each order as repayment. It charges a fixed fee of 3% to 7% of the advance — which is low compared to other similar options. But you could pay extra fees if you see an unexpected drop in sales. And it can take between eight and 12 days to get funding after you apply.

Merchant cash advance

Merchant cash advances typically only require you to submit credit card statements to qualify. This is one of the simplest options out there for businesses that do a high volume of credit card sales.

However, merchant cash advances are also one of the most expensive types of financing. Even the best options like Fora Financial can be costly if your business. And depending on your business, you may need to provide tax returns and balance sheets along with credit card statements.

Fora Financial business loans

Finder rating 4.1 / 5

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on Fora Financial's secure website

It's hard to find a merchant cash advance provider that requires fewer documents than Fora Financial. You only need to submit three months of credit card statements when you apply. It charges relatively low factor rates of 1.1 to 1.9 — with an early payoff discount as high as 30%. This might be the best merchant cash advance provider out there. But some customers give it poor reviews and it can take a few days to fund your loan. And Fora may also ask to see tax returns, balance sheets and profit and loss statements when you apply for a merchant cash advance.

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. 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 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 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.

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. 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 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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