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Applying for virtually any business loan will require at least some paperwork. Although true no-doc business loans don't really exist, there are some options that require far less documentation than traditional small-business loans.
A no-doc business loan refers to a business loan that requires minimal documentation, such as only business bank statements, to apply. Business loans with minimal documentation tend to have higher interest rates and shorter repayment terms than business bank loans or SBA loans. However, for borrowers who can’t qualify for more traditional funding options and/or those who need capital quickly, no-doc business loans can offer flexible qualification requirements and fast funding times.
How much do you need?
We’ll start with a brief questionnaire to better understand the unique needs of your business.
Once we uncover your personalized matches, our team will consult you on the process moving forward.
The documentation that traditional lenders request — typically bank account, cash flow and profit and loss statements — helps them paint a picture of your business’s ability to repay a loan. Lenders that require less documentation can typically do so because they are basing their lending decision off of other factors, like the amount of collateral you can pledge or your incoming invoices. They may also turn to other risk mitigants like high interest or weekly payments. These methods can help lenders feel more secure that they will be repaid so they don’t need to look so deeply into your business’s financials.
These types of financing tend to require minimal paperwork.
Unsecured short-term business loans
Unsecured short-term business loans don't require physical collateral, such as equipment or property. Compared with secured, longer-term loans, these products tend to have less documentation and fund faster.
Many short-term lenders only ask for minimal paperwork, and some even allow you to connect your financial data to their system so that they can evaluate your business information more quickly, without asking you to upload various documents.
As an example, in order to apply for a short-term loan from OnDeck, you only need to provide basic information about yourself and your business, as well as three months of business bank statements. According to the lender, the application process can be completed in minutes and funds can be available as fast as the same day.
Therefore, if you need a quick business loan, an unsecured loan may make sense. But you should be careful and confident in your ability to pay it back — short-term loans tend to have high interest rates and quick repayment terms.
OnDeck’s maximum term is
24
months, for instance, and interest rates can range as high as 99.9
% (based on loans originated in the half-year ending March 31, 2024; minimums provided are rates that at least 5% of customers received). You’ll likely need to provide a personal guarantee on an unsecured business loan as well, which creates additional personal liability.Business line of credit
Like unsecured short-term loans, many online business lines of credit have minimal documentation requirements. These credit lines offer flexible funding that can be used for working capital and general business expenses.
For example, Fundbox offers a business line of credit up to $150,000 with repayment terms of
3
or 6
months.To apply, you’ll sign up for a Fundbox account, enter some basic information about yourself and your business and then provide financial data by connecting your accounting software, business checking account or another source. The entire process can be completed in just a few minutes and if approved, you can receive funds as quickly as the next business day.
Invoice factoring
Invoice factoring isn’t technically a loan, but it does provide businesses with money quickly and with minimal paperwork. With invoice factoring, also called accounts receivable factoring, you free up cash by selling unpaid customer invoices to a third-party company at a discount. Typically, you’ll get around 85% to 90% of your money upfront, with the rest coming — minus fees — after the invoice is paid.
When you apply for invoice factoring, many factoring companies give you the ability to create an account and connect your accounting or invoice software to their online platform.
With the company FundThrough, for example, you can provide basic information about your business and connect your QuickBooks account to the FundThrough platform. Then, you can pull invoices from QuickBooks into FundThrough and select which ones you’d like to submit for funding. Once they’re approved, funds are deposited into your bank account as soon as the next business day.
Invoice financing
Similar to invoice factoring, invoice financing, or accounts receivable financing, allows you to use unpaid customer invoices to get funding for your business. Instead of selling your invoices to a third-party company, you use them as collateral against a business loan.
Applying for invoice financing is simple like factoring, and can even be faster. Your application requirements will vary based on your lender, but generally you’ll be asked for things like bank information, articles of incorporation and access to your invoices.
Merchant cash advances
Merchant cash advances (MCAs) provide upfront funding that you repay with a portion of your credit or debit card sales, plus a fee. These advances require minimal paperwork, as you may be able to qualify with just a few months of your business’s credit card statements.
However, it’s important to note that MCAs are one of the most expensive types of business financing and require frequent (sometimes daily) payments.
APRs on merchant cash advances can reach triple digits and these products can quickly create a cycle of debt that’s difficult to break. If possible, you’ll want to look at all other options before turning to an MCA.
🤓 Nerdy Tip
You may also see merchant cash advances referred to as business cash advances or business payday loans.Online, alternative lenders are typically the ones that require minimal paperwork to apply for a loan. Here are some lenders to consider when comparing your no-doc business loan options.
| Product | Max loan amount | Min. credit score | Learn more |
|---|---|---|---|
 OnDeck - Online term loan NerdWallet Rating Apply now with Fundera by NerdWallet | $250,000 | 625 | Apply now with Fundera by NerdWallet |
 Bluevine - Line of credit NerdWallet Rating Apply now with Fundera by NerdWallet | $250,000 | 625 | Apply now with Fundera by NerdWallet |
 Giggle Finance Merchant Cash Advance Apply now with Fundera by NerdWallet | $5,000 | 300 | Apply now with Fundera by NerdWallet |
 Fundbox - Line of credit NerdWallet Rating | $150,000 | 600 | |
 AltLINE - Invoice Factoring NerdWallet Rating | $5,000,000 | 300 | |
 FundThrough - Invoice Factoring | $10,000,000 | 300 |
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To get a business loan with minimal documentation, you’ll likely be limited to working with alternative or online lenders. The application process will, in many ways, follow the typical process of applying for a small-business loan. » Learn how to apply for and get a small-business loan
- If you’re a startup with few or no business financial documents. If you’re a pre-revenue startup with no business financials, you may consider crowdfunding your business, which involves raising money in small amounts on an online platform.
- If you’re an early-stage business with good personal credit. There are several business credit cards you can get with minimal documentation; however, you’ll usually need strong personal credit to qualify and get the best rates and terms.
- If you have bad credit or no personal income. If poor credit or lack of personal income gets in the way of traditional financing, you may try a friends and family loan to finance your business. To avoid the potential for personal disputes, just make sure you put any agreement into writing.
Frequently Asked Questions
True no-doc business loans don’t exist, but there are options that require minimal paperwork to get funding.
Because no-doc business loans typically exist for businesses that don’t qualify for traditional forms of lending, they can be fairly easy to qualify for; however, they will likely come with higher interest rates and shorter repayment terms.
Most banks and credit unions do not offer no-doc business loans. Online lenders are more likely to offer loans with less paperwork.
The application details you need to provide will vary based on your lender and loan type. The minimal documentation you’ll need will typically include the following:
- Business plan.
- Business legal documents and tax ID number.
- Invoices for invoice financing.
- Business bank statements.