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. No-doc loans typically offer amounts ranging from $5,000 to $250,000 with repayment terms of 3 to 24 months. 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 7.75% as of December 2024. So, you can expect to pay points above that for a no-doc loan. Some no-doc loan programs can also require weekly or 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:
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Compare no-doc and low-doc lenders side by side.
| Lender | APRs | Loan amounts | Turnaround | Loan terms |
|---|---|---|---|---|
| Fundera | Varies by lender | Up to $5 million | 24 hours to 14 days | 3 to 300 months |
| Lendio | Varies by lender | $1,000 to $10,000,000 | Not stated | 3 months to 25 years |
| FundThrough | 2.75% to 8.25% financing fee | $500 to $10,000,000 | Offers same day funding | 1 to 3 months |
| American Express | N/A | $2,000 to $250,000 | 3-9% 6-months 6-18% 12-months 9-27% 18-months 12-18% 24-months | |
| Backd | Competitive | $10,000 to $2,000,000 | 1 to 2 days | 6 to 16 months |
| OnDeck | Average is 56.4% to 56.6%. | $5,000 to $400,000 | Offers same day funding | 3 to 24 months |
| National Business Capital | Varies by lender | 100% of the equipment value | 1 day | Up to 5 years |
| Credibly | Factor rates start at 1.11 | $5,000 to $600,000 | As soon as 24 hours | 3 months to 10 years |
| Fora Financial | Undisclosed | $5,000 to $1,500,000 | As soon as 24 hours | 4 to 18 months |
| LoanBuilder | Fee of 2.9% to 18.72% | $5,000 to $150,000 | 1 business day | 17 to 52 weeks |
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.
New businesses and startups without previously established credit can apply for business financing with only their Employer Identification Number (EIN). But without a business credit score, most lenders 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. Or you could look into business loans that don’t require a credit check.
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 to borrow a large amount.
The types of business loans and financing that may qualify you with no or very few documents include:
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 LOCs can be either secured or unsecured, and secured LOCs may require more paperwork than the unsecured variety.
Short-term loans offer a lump sum you pay back in installments that include principal and interest plus fees, if applicable. Short-term business loans have varying repayment terms but are typically between a few months and 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 of bank statements.
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.
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. Some online lenders, like FundThrough, let you pull invoices from your record-keeping software directly into their system. This process can help you get funded quickly without a lot of paperwork.
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 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 is any short-term funding used to cover the cost of buying inventory before you sell it. 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.
When comparing no-doc lenders to find the best one for your business needs, ask these five important questions:
Getting a no-doc business loan is a streamlined application process with minimal paperwork. Follow these steps to increase your chances of approval.
To qualify for a no-doc business loan, lenders may consider these factors:
While collateral isn’t always required, it can increase your chances of approval and potentially lower your interest rates. Financial data, including incoming invoices, can help demonstrate your business’s ability to generate revenue and repay the loan.
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.
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.
You’ll find that most lenders 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 have other options.
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.
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.
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.
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