Should you get a no-doc business loan?
No-doc business loans may be a good option in specific situations. You might consider one if:
- You need funding quickly (within days).
- You have a lower credit score.
- You’re a new business with limited financial documentation.
- You can manage frequent payments.
Not a fit? Click here to learn about top alternatives.
Most business loans require at least some paperwork to apply. Although true “no-doc business loans” don't exist, there are some options that require far less documentation than traditional small-business loans.
What is a no-doc business loan?
A no-doc or low-documentation business loan is one that requires minimal documentation, such as business bank statements, to apply. These loans can help if you can’t qualify for traditional funding or need fast access to cash. However, they tend to have higher interest rates and shorter repayment terms than business bank loans or SBA loans.
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.
How do no-doc business loans work?
Traditional lenders rely on detailed paperwork to help them assess your business’s ability to repay a loan. For example, you might be asked for:
- Three years of tax returns.
- Balance sheets.
- Income statements.
- Cash flow projections.
- A business plan.
Lenders that require little paperwork, on the other hand, rely on other factors to evaluate your application. They might consider your collateral, incoming invoices or a personal guarantee.
Because there are fewer documents to review, these lenders can provide fast funding — typically within a few days.
Nearly no-doc business loan options
Here’s a breakdown of the types of financing that tend to require minimal paperwork:
| No-doc loan options | Best for | How it works | Key drawbacks |
|---|---|---|---|
| One-time cash needs. | Lump-sum loan repaid over a short period of time, typically 3 to 24 months. | High rates, short terms and frequent payments can stifle cash flow. | |
| Ongoing access to working capital. | Use funds as needed and only pay interest on what you borrow. | Short repayment terms and potential for extra fees, like draw or inactivity fees. | |
| Business-to-business (B2B) companies with unpaid invoices. | Sell unpaid invoices for cash, minus fees. | Fees can add up quickly if your customers take a long time to pay their invoices. | |
| B2B companies who want control over unpaid invoices. | Unpaid invoices serve as collateral for a cash advance which you repay as you collect payment from customers. | Fees can add up quickly if your customers take a long time to pay, or if they don’t pay at all. | |
| Businesses with lots of credit/debit card sales and few financing options to turn to. | Cash advance that’s repaid using a percentage of future card sales. | Extremely expensive. APRs can reach triple digits. |
Unsecured short-term business loans
Best for: One-time cash needs when you want funding quickly.
Skip if: You need several years to repay the debt or are concerned about making frequent payments.
Unsecured short-term business loans don't require physical collateral, like equipment or property. Compared with secured, longer-term loans, these loans tend to require less documentation and fund faster.
Many short-term lenders ask for very little paperwork. 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.
If you need a quick business loan, an unsecured loan may make sense. But you should be confident that you can repay it — short-term loans tend to have high interest rates and quick repayment terms.
OnDeck, for instance, has maximum terms of 24 months and rates can reach up to 99%. Unsecured business loans typically require a personal guarantee as well, which puts your personal assets at risk.
» MORE: Best fast business loans
Business line of credit
Best for: Ongoing working capital and flexible borrowing.
Skip if: You need a large lump sum for a single purpose.
Many online business lines of credit require very few documents. 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 $250000 with repayment terms ranging between 3 and 24 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 two business days.
Invoice factoring
Best for: B2B businesses with unpaid invoices that need quick cash.
Skip if: You want to keep control of your customer payments.
Invoice factoring isn’t technically a loan, but it does provide businesses with money quickly and with minimal paperwork.
With invoice factoring, you free up cash by selling unpaid customer invoices to a third-party company at a discount. Typically, you can get up to 90% of your money upfront (and sometimes more), 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
Best for: B2B businesses that want to borrow against invoices while maintaining customer relationships.
Skip if: You have a limited volume of outstanding invoices.
Invoice financing allows you to use unpaid customer invoices to get funding. Unlike factoring, you don't sell your invoices to a third-party — instead, you use them as collateral for a loan. You control repayment from your customers and collect it directly from them.
Requirements vary by lender, but you'll generally need bank information, articles of incorporation and access to your invoices.
Merchant cash advances
Best for: Businesses with strong card sales and limited financing alternatives.
Skip if: You can qualify for other funding options.
Merchant cash advances (MCAs) provide upfront funding that you repay with a portion of your credit or debit card sales, plus a fee. You may be able to qualify with just a few months of your business’s credit card statements.
MCAs are one of the most expensive types of business financing — with APRs that can reach triple digits. They require frequent (sometimes daily) payments. As a result, these products can 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.
Lenders that offer no-doc business 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 | |
|---|---|---|---|
 Bluevine - Line of credit Nerdwallet Rating with NerdWallet Small Business | $200,000 | 625 | with NerdWallet Small Business |
 AltLINE - Invoice factoring Nerdwallet Rating with NerdWallet Small Business | $5,000,000 | 300 | with NerdWallet Small Business |
 Backd - Line of credit Nerdwallet Rating with NerdWallet Small Business | $1,000,000 | 650 | with NerdWallet Small Business |
 Fundbox - Line of credit Nerdwallet Rating with NerdWallet Small Business | $250,000 | 600 | with NerdWallet Small Business |
 Kapitus - Term loan Nerdwallet Rating with NerdWallet Small Business | $750,000 | 625 | with NerdWallet Small Business |
 Giggle Finance - Merchant cash advance with NerdWallet Small Business | $15,000 | 300 | with NerdWallet Small Business |
 FundThrough - Invoice factoring with NerdWallet Small Business | $10,000,000 | 300 | with NerdWallet Small Business |
 OnDeck - Online term loan Nerdwallet Rating with NerdWallet Small Business | $400,000 | 625 | with NerdWallet Small Business |
Pros and cons of no-doc business loans
Pros
Simple application that can be completed within minutes.
Access to funds within a few business days.
Easy to qualify; available to startups and borrowers with bad credit.
Cons
Higher interest rates than traditional options.
Shorter repayment terms and more frequent payment schedule.
Risk of debt cycle, especially for businesses with cash flow challenges.
How to get a no-doc business loan
To get a business loan with minimal documentation, you’ll likely work with an alternative or online lender. Here’s what to expect:
1. Choose a lender.
Evaluate a lender’s requirements to find the best fit for your needs. They’ll likely consider your personal credit score, time in business and annual revenue.
2. Gather the basics.
Most low-doc lenders will ask for business bank statements (three months worth), a business tax ID and basic owner information.
3. Connect your data.
Many lenders allow you to connect your bank account or accounting software instead of uploading documents.
4. Submit your application.
After you submit your application, many low-doc lenders can approve you within the same day (or at most a few days).
5. Get funds.
Your lender will likely send the funds directly to your business bank account. Specific timing will vary based on the lender and your bank.
🤓 Nerdy Tip
Want to compare several lenders without impacting your credit? Consider using a business loan marketplace, like NerdWallet Small Business. You complete one simple application, see multiple options and get advice from lending experts.
Alternatives to no-doc business loans
If a no-doc business loan isn’t right for you, consider these alternatives:
- For better rates and terms: Look into microloans. These loans have flexible requirements and are an affordable option for newer businesses or borrowers with bad credit. Although you may have to provide more documentation, you’ll see lower rates as a result.
- For startups with good personal credit: Consider a business credit card to cover everyday expenses. For larger needs, you might opt for a personal business loan — but keep in mind your personal credit will be impacted if you can’t pay.
- For avoiding debt: Research small-business grants. These will require a thorough application, but you won’t be evaluated on traditional loan requirements. Plus, grants provide funds you don’t have to repay.
Frequently asked questions
Is there such a thing as a no-doc business loan?
True no-doc business loans don’t exist, but there are options that require minimal paperwork to get funding.
Is it hard to get a no-doc business loan?
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, expect higher interest rates and shorter repayment terms.
Which banks offer no-doc business loans?
Most banks and credit unions do not offer no-doc business loans. Online lenders are more likely to offer loans with less paperwork.
What do you need for a no-doc business loan?
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.
Can you get a business loan without tax returns?
Many online and alternative lenders offer no- or low-doc business loans that require only a few bits of information and minimal documentation. These lenders typically don’t require business tax returns to extend a business loan.
If you’re a startup currently without business tax returns but you’re open to providing more documentation than the low-doc options require, explore our list of business loans for startups.
