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 April 5, 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 some 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 don’t qualify for a traditional loan, a no-doc loan may be a good alternative.
There are only a few no-doc business lenders, so we’ve also included lenders with low document requirements in this list — some only needing bank statements. We’ve also included financing options, such as credit lines and factoring, in our top picks:
35+ business loan lenders reviewed and rated by our team of experts
12+ types of business loans analyzed
Evaluated under our unbiased rating system covering 10+ categories
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Lendio is one of the largest business loan marketplaces, partnering with more than 75 lenders. It comes highly rated by past clients, and you can prequalify for a range of options in just a few clicks and compare terms across 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 with less work than comparing on your own.
Pros
No fee to the borrower
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
Loan amount
$1,000 – $5,000,000
APR
Varies by lender
Min. Credit Score
500
Loan term
3 months to 25 years
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
Similar to Lendio, BusinessLoans.com is a lending marketplace that matches small businesses to lending partners. Just provide some basic information about you and your business online or on their app, and if eligible, and you'll be connected to partners based on your qualifications.
The service works with all types of credit, even bad credit, but suggests a general set of requirements to qualify. For example, you should be in business for one to two years and have a minimum annual revenue of $75,000 to $250,000. But some lenders may be more flexible, depending on the type of financing.
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
Loan amount
$5,000 – $3,000,000
APR
Varies by loan type and lender
Min. Credit Score
500
Loan term
3 months to 10 years
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.
FundThrough offers no-paperwork invoice factoring and financing. You can opt to connect to your business bank account and accounting software instead of submitting bank statements. It's also one of the few companies that offer up to 100% advance rates and offers amounts from $500to $10,000,000.
And unlike many factoring companies, FundThrough doesn't require your business to sign a contract to commit to a minimum number of months of financing. But you need at least $100,000 in outstanding invoices to qualify, and it doesn't work with some industries, like construction or real estate.
Pros
True no-doc invoice factoring
Accepts 500 credit score
Requires only three months in business
Cons
High invoice requirement
Serves limited industries
Loan Amount
$500 to $10M
Fee for Terms
2.75% - 8.25%
Min. Credit Score
500
Loan Term
1 day - 61+ days
Requirements
At least $100k in accounts receivable to one customer, invoice B2B or government agencies, invoices are for completed work, no construction or real estate, no explicit liens on receivables
Bluevine's lines of credit are some of the fastest and least expensive on the market. It offers decisions in as fast as five minutes and is a true no paperwork lender, with the option to connect with your bank account rather than providing bank statements. And you can access funds within 24 hours for a $15 fee.
Rates start at a low 6.2% APR (including a variable origination fee), but they can reach as high as 86% for lower credit borrowers. On the plus side, there are no opening fees, maintenance fees or prepayment penalties. To qualify, you'll need a 625 credit score, at least two years in business and $40,000 in monthly revenue.
Pros
No-doc application
Low starting APR
24-hour turnaround
Cons
Not all industries qualify
Not available in NV, ND, SD
No options for partners or sole proprietors
High revenue requirement
Loan amount
$5,000 – $250,000
APR
Starting at 6.2%
Min. Credit Score
625
Loan term
6 or 12 months
Requirements
24+ months in business, $40,000+ in monthly revenue, 625+ credit score
Backd working capital loans are short-term financing designed to help small businesses cover overhead costs. It only takes a few minutes to apply and you can get funds within 24 to 48 hours after approval. It also has flexible eligibility criteria, only requiring one year in business, $100,000 in annual revenue and a 600 personal credit score.
But with a relatively minimum loan amount of $10,000 and short repayment timeframes of 6 to 16 months, it isn't ideal for longer term expenses and you may face high semi-monthly, weekly or daily payments. It also doesn't work with some high-risk industries like legal services and real estate.
Pros
Quick application
Accepts fair credit
Only requires one year in business
Cons
Daily and weekly payments may be inflexible
Potentially high monthly cost
Some industries are ineligible
Loan amount
$10,000 – $2,000,000
APR
Competitive
Min. Credit Score
600
Loan term
6 to 16 months
Requirements
1+ years in business, $100K+ annual revenue, 600+ FICO, business bank account, US based business
OnDeck is an online lender that specializes in short-term loans and lines of credit for small businesses. It requires most borrowers to submit only 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 an expensive option — save this lender for when you're willing to pay extra for convenience.
Pros
Same-day funding available
Reduced fees for repeat borrowers
Some loans can be repaid early to save on interest
Cons
High starting APR of 29.9%
Choice between prepayment penalty or higher rates
Same-day funding only available in certain states
Requires some documents
Loan amount
$5,000 – $250,000
APR
Average is 60.9%
Min. Credit Score
625
Loan term
3 to 24 months
Requirements
Companies in business at least 1 year, $100,000+ in gross annual revenue, majority owner with a 625+ personal credit score, active business checking account
National Business Capital is a lending marketplace that allows you to fill out a one-page application and get offers from a pool of its 75+ lending partners. We chose this service because, while it has a higher annual sales requirement, there's no minimum credit score and no restrictions on the kind of equipment you purchase. But because it's a marketplace, you won't know what kind of APR you might get until you get offers from one or more of NBC's partners.
Pros
Requires bank statements only
No restrictions on equipment type
No minimum credit score
Up to 100% LTV
Cons
Doesn't provide an APR range until you've applied
High annual sales requirement
Loan amount
$100,000 – $10,000,000
APR
Starting at 1.5%
Min. Credit Score
700
Loan term
6 to 120 months
Requirements
700+ FICO score, 1+ Year in Business, $500,000 in Annual Revenue
Credibly merchant cash advances (MCAs) are relatively low-cost compared to other options. Instead of interest, Credibly uses a factor rate, which starts at a low 1.11. This means you'll pay a fee of 11 cents per dollar you borrow. While it may be expensive compared to other business loans, many cash advance companies start higher.
Credibly also accepts credit scores as low as 500 and as little as six months in business, making it one of the only options available to business owners with poor credit. However, there's a one-time 2.5% underwriting fee when you take out the advance and a $50 monthly admin fee on top of the factor rate. It also requires some documentation, such as bank statements and business tax return — but far less than a traditional lender.
Pros
Low factor rates
Accepts 500 credit score
Only requires 6 months in business
Cons
Requires some documents
2.5% underwriting fee
$50 monthly admin fee
Loan amount
$5,000 to $400,000
Starting Factor Rate
1.11
Min. Credit Score
500
Loan Term
3 to 15 months
Requirements
500+ credit score, 6+ months in business, $15,000+ average monthly bank deposits
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 manufacturing cost 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.
Pros
True no-doc loan
Sends funds directly to your manufacturer
Low financing fee of 3% to 7% of the manufacturing cost
Cons
May cost more if your sales drop
Can take over a week to fund
Must use an eligible fulfillment center to qualify
Loan Amount
Up to $500,000
Fixed Fee
3% to 7% of the manufacturing cost
Loan Term
Up to 16 weeks
Requirements
Must use a third party fulfillment center, inventory must be stored in the US, 3 months of sales history.
Loan Amount
Up to $500,000
Fixed Fee
3% to 7% of the manufacturing cost
Best new business loan
LoanBuilder business loans
4.2
★★★★★
Finder score
Ideal for newer businesses with low revenue, LoanBuilder offers short-term loans from $5,000 to $100,000 – and up to $150,000 for repeat borrowers. As a relaxed eligibility loan, you only need to have been in business for nine months, with a minimum annual revenue of $33,300 to qualify.
Instead of interest, LoanBuilder charges a flat fee on the loan amount, which could be anywhere from 2.9% to 18.72%, according to sources online. However, this could translate to steep APRs in some cases. But its application process is low doc, requiring just four months of bank statements. Funds are typically available as soon as the next business day.
Pros
Don't need to be a PayPal business owner
Fixed fee is paid over the life of the loan
Generally good customer reviews online
Cons
Minimum 680 FICO score required
Fees and equivalent APRs not disclosed on website
Requires a personal guaranty
Loan amount
$5,000 – $150,000
APR
2.9% to 18.72%
Min. Credit Score
680
Loan term
17 to 52 weeks
Requirements
Annual business revenue of $33,300+, 9+ months in business, 680+ personal credit score
Loan amount
$5,000 – $150,000
APR
2.9% to 18.72%
Min. Credit Score
680
Best no-doc loans: By the numbers
Compare no-doc and low-doc lenders side by side.
Lender
APRs
Loan amounts
Turnaround
Loan terms
Lendio
Starting at 3%
$1,000 to $5,000,000
Not stated
3 months to 25 years
BusinessLoans.com
Not stated
$5,000 to $3,000,000
1 to 7 days
3 to 120 months
FundThrough
2.75% to 8.25% financing fee
$500 to $10,000,000
Offers same day funding
1 to 3 months
Bluevine
Starting at 6.2%
$5,000 to $250,000
1 day
6 or 12 months
Backd
Competitive
$10,000 to $2,000,000
1 to 2 days
6 to 16 months
OnDeck
Average is 60.9%
$5,000 to $250,000
Offers same day funding
3 to 24 months
National Business Capital
Not stated
100% of the equipment value
1 day
Up to 5 years
Credibly
Not applicable
$5,000 to $600,000
1 day
3 to 24 months
Kickpay
Fee of 3% to 7% of the manufacturing cost
$20,000 to $500,000
2 to 9 days
16 weeks
LoanBuilder
Fee of 2.9% to 18.72%
$5,000 to $150,000
1 business day
17 to 52 weeks
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.
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.
Types of no-doc business loans
No- and low-doc lenders often offer several short-term loans and financing, although some specialize in certain types of loans, like lines of credit. Others may require more documentation for certain loan types or if you need a large amount of money.
The types of business loans and financing that may qualify you with no or very few documents include:
Business line of credit (LOC)
Business lines of credit are a flexible way to borrow — especially when you don’t know how much is needed upfront. Lines can go as high as $250,000, and you only pay interest on what you use. Most lenders let you borrow against the line as you pay it down over a term of one to two years.
And they can be a truly no paperwork business loan. Some lenders only require the last three months of your bank account statements, which can be verified by digitally connecting to your bank account. But they’re not for bad credit borrowers, as you generally need a credit score in the mid-600s to qualify.
Unsecured short-term business loans
Short-term loans offer a lump sum you pay back in installments that include principal and interest and fees, if applicable. Short-term business loans have varying repayment terms but are typically between a few months to a few years.
The difference between unsecured and secured loans is that unsecured loans don’t require collateral, like equipment or real estate, making them faster to apply for. OnDeck is one provider that offers short-term loans and only asks for your last three months’ bank statements to qualify.
Merchant cash advances (MCAs)
If your business has a lot of credit card transactions, merchant cash advances could be the solution to temporary cash-flow slumps. MCAs let you borrow against your future sales with a lump sum you repay with each swipe of your credit card sales, plus a fee.
However, this form of financing is expensive and should only be used as a last resort. But as a low-doc option that accepts bad credit borrowers, MCAs can be ideal for emergencies. Just make sure your business can afford the repayments to avoid a cycle of borrowing.
Invoice factoring
With invoice factoring, you sell your unpaid invoices to a factoring company, which offers an advance of 80% to 95% of your invoices’ value up front. The factoring company then takes over the job of collecting on the invoices for you.
And depending on the lender, it can be quick. There are online lenders, like FundThrough, that let you pull invoices from your record-keeping software directly into their system. This can help you get funded quickly without a lot of paperwork.
Invoice financing
Also known as accounts receivable financing, invoice financing is an alternative to factoring. With this option, the lender uses your business’s unpaid invoices as collateral for a term loan. You can typically borrow up to 80% of the invoice’s value and pay a fee of 2% to 5% rather than interest.
Applying for invoice financing is low-doc, as with invoice factoring, and can even be faster. The difference is that with invoice financing, you keep control over your unpaid invoices and your clients don’t need to know you’re low on funds.
Equipment loans
Equipment financing is a type of business loan used to buy equipment. The loan amount you can get is based on the value of the equipment, which serves as the loan’s collateral. Because it’s a secured loan, rates can be more competitive than with other types of no-doc business loans.
Most lenders allow you to finance around 80% to 100% of your equipment’s value and may require minimal paperwork. National Funding is one lender that offers quick turnaround equipment funding and states you could have funds within 24 hours or less.
Inventory financing
Inventory financing is any short-term funding used to cover the cost of buying inventory before you sell. Similar to an equipment loan, you can take out a term loan or line of credit to finance the inventory you need for your business and use that inventory as collateral.
Some lenders specialize in financing inventory by offering something close to a merchant cash advance, but it’s not quite standardized.
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 get cash for an urgent business emergency.
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 compared to the average business loan rates.
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.
According to Finder’s Consumer Confidence Index, nearly 60% of respondents agreed that low fees were a top consideration when shopping for a business loan. Though not far behind, at nearly 50%, business owners also checked the box for fast funding speed. Low interest, flexible requirements and low-doc requirements followed closely.
*This question was answered by a small sample of self-employed people who’ve taken out or are thinking about taking out a small business loan.
Most of the top features that business owners look for when choosing a business loan happen to feed right into the pros of working with a no-doc lender. While overall costs of getting a no-doc loan may run higher, you’ll get faster funding, more flexible eligibility requirements and low or no documents required to apply.
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.
Is there really such a thing as a no-doc business loan?
No, not really. All loans, even no-doc loans, require some paperwork like bank statements and a signed agreement. But no-doc loans are designed to minimize paperwork and allow you to handle all aspects of the loan digitally.
Is it hard to qualify for a no-doc business loan?
No-doc loans are generally easier to qualify for than traditional loans. Some lenders, especially online lenders, accept scores as low as 500 on no-doc loans, like merchant cash advances. And other no-doc loans, like invoice financing or factoring, may not consider your credit score at all. As long as you can show sufficient revenue or invoice value, you could qualify for a no-doc loan.
Where is the best place to get a no-doc loan?
Your best bet for finding a no-doc loan is with an alternative online lender. While banks and credit unions may offer some of the same products as the lenders listed above, they likely require more paperwork and processing time.
Top 10 best business guides
Explore the top business loan guides to help you along your business journey. From information on the best business loans on the market or your best startup loan options, to business loans that require little to no paperwork and more.
Kat Aoki is a personal finance writer at Finder, specializing in consumer and business lending. She’s written thousands of articles to help consumers make better decisions on their home loans, bank accounts, credit cards, cryptocurrency and more. Kat is well versed in working with leading brands in the real estate, mortgage and personal finance industries, and her expertise has been featured on Forbes Advisor, Lifewire and financial comparison sites like iSelect and realestate.com.au. She holds a BS in business administration from California State University, Sacramento and enjoys hiking and yoga in her spare time.
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