Best No-Doc and Low-Doc Business Loans

Though all business loans require some paperwork, these lenders offer a streamlined process with fewer business documents required to apply.

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Written by
Katie Ziraldo
Updated on: September 16, 2025
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OnDeck: Best for same-day funding

$5,000 to $250,000

32.72%  Minimum APR offered to at least 5% of customers (not the lowest rate offered)

Up to 24 months

  • Business tax ID number
  • 3 months of business bank statements
  • Social Security number

    • Pros
    • Same-day funding available
    • Can help build business credit
    • Qualified borrowers can pay off their loans early with no penalties
    Cons
    • Requires daily or weekly loan payments
    • May charge an origination fee
    • Not available in North Dakota

    Why we picked it

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    If you need fast funds to cover an emergency expense or take advantage of a limited-time business opportunity, OnDeck may be one of your best options. Though many alternative lenders state that loans can fund as soon as the same day you apply, most are vague about the details.

    But OnDeck is very transparent about its funding timeline: Loans up to $250,000 are eligible for same-day funding if the application is submitted before 10:30 am ET on a normal business day. Otherwise, loan funds will be deposited in two to three business days. This transparency might make it easier to decide if OnDeck is right for you. Just keep in mind that in exchange for fast funding, OnDeck tends to charge higher interest rates than some of its competitors.

    Read our full OnDeck review.

    How to qualify

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    To qualify, you’ll need to meet OnDeck’s criteria of:

    • Minimum credit score: 625
    • Minimum time in business: 12 months
    • Minimum annual revenue: $100,000
    See Your Business Loan Offers

    Fundbox: Best for financing regularly

    Up to $250,000

    4.66%

    3 or 6 months

    No specific paperwork required, but borrowers must connect a business checking account with at least 3 months of transactions

    Pros
    • Low time-in-business and annual revenue requirements
    • Only pay interest on what you borrow
    • No prepayment penalties
    Cons
    • Short repayment terms
    • Requires weekly loan payments
    • Requires a personal guarantee

    Why we picked it

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    If you need extra cash to cover ongoing expenses such as payroll and inventory, Fundbox’s business line of credit could be a good choice. It offers flexible financing of up to $250,000 that business owners can draw upon as needed, paying interest only on the borrowed funds. With low time-in-business and annual revenue requirements, this is also a viable option for startups.

    However, a personal guarantee will be required, which can put your own assets at risk if you fall behind on your payments. For this reason, it’s important to avoid borrowing more than you can afford to repay. With short repayment terms and weekly payment schedules, you’ll need to make sure you’re prepared to make your Fundbox payments before making a withdrawal.

    Read our full Fundbox review.

    How to qualify

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    To qualify, you’ll need to meet Fundbox’s criteria of:

    • Minimum credit score: 600
    • Minimum time in business: 3 months
    • Minimum annual revenue: $30,000
    See Your Business Loan Offers

    SBG Funding: Best for borrowers with bad credit

    Up to $10,000,000

    1.75% monthly

    6 to 48 months

  • 4 months of bank statements
  • Identification (like a driver’s license)
  • Voided check

    • Pros
    • Low minimum credit score
    • Low time-in-business requirement
    • No hard credit checks
    Cons
    • Monthly interest rates make it difficult to compare costs with other lenders
    • Lender website and representatives provide conflicting information about loan amounts, terms and eligibility requirements

    Why we picked it

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    If your credit score is making it difficult to qualify for business financing, consider SBG Funding Funding. This alternative lender offers no-doc business loans for borrowers with personal credit scores as low as 550. Since there is no hard credit check, applying won’t impact your credit score.

    However, you may need to do some calculations to compare SBG Funding Funding against other loan providers and offers. SBG Funding Funding uses monthly interest rates to represent the cost of borrowing, so while starting rates may look appealing, annual percentage rates could be much higher. It’s also worth noting that SBG Funding’s website and representatives provide conflicting information about loan amounts and repayment terms, so you may need to apply to learn more.

    Read our full SBG Funding review.

    How to qualify

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    To qualify, you’ll need to meet SBG Funding’s criteria of:

    • Minimum credit score: 550
    • Minimum time in business: 6 months
    • Minimum annual revenue: $180,000
    See Your Business Loan Offers

    Taycor Financial: Best for financing equipment

    $500 to $2,000,000

    4.99%

    12 to 84 months

  • Business tax ID number
  • Social Security number
  • Tax returns, financials and bank statements may be needed for loans over $400,000

    • Pros
    • Fewer documents required to apply for equipment loans up to $400,000
    • Provides funding to cover the full cost of equipment with no down payment required
    • No prepayment penalties
    Cons
    • Charges a documentation fee
    • May require a personal guarantee
    • Additional documentation required for larger projects

    Why we picked it

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    If you need to purchase or upgrade essential business equipment, Taycor Financial is our top pick. Though additional documentation may be required for larger, more complex projects, equipment loans up to $400,000 are available with a simple online application — no tax returns required.

    While some equipment lenders require a down payment, Taycor Financial offers 100% financing, meaning the lender will cover the full cost of the equipment you’re purchasing. That being said, the equipment will typically be used as collateral, and a personal guarantee could also be required.

    Read our full Taycor Financial review.

    How to qualify

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    To qualify, you’ll need to meet Taycor Financial’s criteria of:

    • Minimum credit score: 600
    • Minimum time in business: Not required
    • Minimum annual revenue: No specific minimum
    See Your Business Loan Offers

    altLINE: Best for financing unpaid invoices

    $30,000 to $5,000,000

    75% to 90%

    0.75% to 3.50%

  • Business tax ID number
  • Accounts receivable aging report
  • Identification (such as a driver’s license)

    • Pros
    • Collects outstanding invoice payments on your behalf
    • Funds available in as little as 24 to 48 hours
    • Willing to work with startups and borrowers with bad credit
    Cons
    • Charges origination and wire fees
    • Fees increase the longer an invoice is left unpaid
    • Eligibility depends on the creditworthiness of your customers

    Why we picked it

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    If unpaid invoices are the root of your cash flow problems, working with an invoice factoring company like altLINE could be the solution. With invoice factoring, you can essentially sell outstanding invoices for a cash advance. altLINE’s cash advances are typically between 75% and 90% of the invoice’s value. Once the invoice has been paid in full, you’ll receive the remaining balance minus any applicable fees.

    Unlike traditional financing, eligibility for invoice factoring depends on the creditworthiness of your customers, which may make it easier for borrowers with bad credit to qualify. However, fees increase the longer an invoice is left unpaid, so this could end up being a more expensive form of financing.

    Learn more about altLINE.

    How to qualify

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    Invoice factoring companies base eligibility on your invoice history, which means your business won’t need to meet minimum credit score, time-in-business or annual revenue requirements to qualify. Instead, eligibility will depend on the value of your outstanding invoices and the creditworthiness of your customers.

    See Your Business Loan Offers

    What is a no-doc business loan?

    The term “no-doc business loan” refers to any small business loan that requires minimal paperwork for approval.These loans typically have higher interest rates and shorter repayment terms than traditional bank loans or a Small Business Administration (SBA) loan. However, they’re often a good option for those who may not be able to qualify through traditional lenders.

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    How no-doc business loans work

    Although they’re commonly referred to as “no-doc loans,” lenders typically require some proof that you’ll be able to repay the amount you want to borrow. This proof can come in a variety of forms, such as:

    In the absence of more detailed financial documents, some lenders may require a higher credit score to qualify, while others may require collateral or a personal guarantee.

    Some lenders may also ask to see additional documentation once you submit your loan application, but once approved, you can expect to receive funding fairly quickly. Occasionally, lenders will be able to offer same-day funding. However, it may take others a couple of business days or more to fund your request.

    Types of no-doc and low-doc business loans

    Low-doc and no-doc business loans are generally offered by online, alternative lenders that specialize in financing for businesses that might struggle to qualify with a traditional lender. Alternative lenders provide loans to startups, businesses with bad credit and businesses whose urgent need for funding outweighs the high interest rates and harsher repayment terms.

    Financing options for small business owners that offer reduced paperwork include:

    Short-term business loans

    • Documents required: Expect online lenders to request basic documents such as financial statements or tax returns. They might also run a credit report and request a personal guarantee from the business owner(s).

    Online lenders may offer low- or no-doc short-term loans requiring much less borrower documentation than traditional lenders, including banks and credit unions. Some of these loans are unsecured, meaning collateral isn’t required, which also reduces documentation.

    Short-term loans have fixed term lengths ranging from a few months to a few years. Loan amounts start at a few thousand dollars and can reach as high as $250,000 or more, depending on the lender’s criteria and borrower qualifications.

    Minimum payments often begin as soon as the day after the loan is funded and continue throughout the term of the loan. Lenders may deduct payments automatically from your bank account.

    Business line of credit

    • Documents required: Expect lenders to ask for a combination of simple documents such as bank statements, proof of business operations (for example, credit card sales) or a list of assets. Lenders will also run a credit report to assess your creditworthiness.

    A business line of credit is a flexible form of financing that a business can draw from as needed instead of borrowing a lump sum. You’ll pay interest only on the amount you use, which is great if you need less than you expected or you’re able to pay it back faster than the repayment term, which is typically between six and 24 months but can go as high as 60 months.

    Invoice factoring

    • Documents required: Factor companies want to see a sample of your customer invoices to estimate how risky and time-consuming it will be to collect payment.

    Invoice factoring involves selling your unpaid customer invoices to a specialized finance company called a factor instead of waiting for your customers to pay you. Factoring provides business owners with fast cash and saves them the time and effort of collecting money. The factor charges a fee on the value of the invoices they buy.

    Invoice factoring providers care more about your customers’ creditworthiness than yours, since they are repaid by your customers. As a result, factoring terms are most attractive if you have reputable customers such as large corporations or the government. Keep in mind that you’ll likely still be on the hook for repaying the factor if the invoices are determined to be uncollectible after the payment due deadline, which is typically 30 to 90 days after invoicing.

    Merchant cash advance

    • Documents required: The merchant cash advance lender needs documentation of your credit and debit card sales history through statements from your card processors and/or business bank accounts.

    A merchant cash advance (MCA) works differently from other types of financing: Businesses receive funding in a lump sum and then pay back the advance plus fees over the next few months with a portion of their ongoing credit and debit card sales.

    MCA lenders typically collect payments daily or weekly, directly from the borrower’s bank or merchant account. Like other loans for bad-credit borrowers, MCAs tend to carry high interest rates, but they can be an option for businesses with poor credit that urgently need funding.

    Pros and cons of no-doc business loans

    ProsCons
     Save time on filling out documentation

     Receive funding more quickly than traditional loans, especially if no collateral is required

     Lenders may be more likely to work with bad credit    		 Higher interest rates and less favorable repayment terms

     May require granting access to business accounts or software

     Often have lower funding amounts than traditional loans

    How to get a no-doc business loan

    In general, the process for getting a no-doc business loan is very similar to applying for a traditional business loan. However, there are some unique considerations you may want to weigh. Before you submit your loan application, take the following steps:

    1. Research online lenders: As a rule of thumb, online lenders are more likely to offer low- and no-doc business loans. Research lenders to find out which ones may be a good fit.

    2. Compare documentation requirements: Research each potential lender’s eligibility requirements as you create your shortlist. If you need help getting started, LendingTree’s small business lender reviews cover general qualification criteria.

    3. Shop around for the best rate: Gathering loan offers from multiple lenders is a great way to save money on your small business loan. Getting preapproved can help you find out what rates you qualify for without impacting your credit score, so you can compare terms to see which one is the best fit for you.

    4. Apply for the loan: Once you know which low-doc business loan lender is the right fit for you, gather the required documents and start the application process. You can typically do this online or over the phone with an account representative.

    Alternatives to no-doc business loans

    There are other funding options for business owners who don’t qualify for a traditional business term loan.

    • Microloans are small loans, generally under $50,000. Most microlending programs focus on underrepresented or disadvantaged communities, or the populations and businesses that serve them.
    • Bootstrapping means funding your business through your sales and savings rather than borrowing money.
    • Business credit cards may be easier to qualify for than business loans, but these business credit cards can come with steep interest rates.
    • Personal loans are based on an individual’s credit and assets. But as with credit cards, using a personal loan for business puts your own assets at risk.
    • Crowdfunding works through peer-to-peer (P2P) platforms where you publish a campaign explaining your business, hoping to catch the interest of individuals willing to lend to it.
    • SBA loans are made by traditional lenders to borrowers who meet the criteria for an SBA guarantee. Documentation is more extensive and approval time is longer than standard business loans, but the rates and terms can be very favorable for small businesses.

    How we chose the best no-doc business loans

    We reviewed more than 15 lenders to determine the best no- and low-doc business loans. To make our list, lenders had to meet the following criteria:

    • Documentation: To be considered, lenders must offer a streamlined application process with fewer documents required than traditional lenders.
    • Rates and terms: We prioritized lenders with competitive fixed rates, fewer added fees and greater options for loan amounts and repayment terms.
    • Repayment experience: We considered each lender’s reputation and business practices, favoring lenders that report to all major credit bureaus, offer reliable customer service and waive prepayment penalties.
    • Eligibility criteria: To include options for businesses at different stages of life, we looked for no-doc lenders with a range of time-in-business, annual revenue and minimum credit score requirements.

    Frequently asked questions

    No-doc business loans may help if your credit score or lack of credit history makes it hard to get a business loan. But if you can meet the requirements for one, you may find better interest rates and longer repayment terms with standard loan products.

    Minimum credit score depends on the lender and the type of no-doc loan. Unsecured business loans and revolving lines of credit may require credit scores of 600+, but invoice factoring and MCAs place less importance on the borrower’s credit score.

    The citizenship requirements for no-doc business loans will vary by lender. You’ll need to research lenders to get a sense of their business loan requirements before applying.

    It may be possible to get a business loan with just an employer identification number (EIN) if you have a strong credit score. But most lenders will require some additional documentation to prove you can repay the loan.