Subscribe on LinkedIn to stay connected with the best resources to grow your business. ♻️Share and we appreciate your continued support.♻️

“Someone once told me growth and comfort do not coexist. And I think it's a really good thing to remember." –Ginni Rometty, Chairwoman, IBM

What's a No-Doc Business Loan?

Getting money for your business doesn't have to be a headache. With a no-doc business loan, you now have access to lines of credit, merchant cash advances and other forms of funding without tons of documentation like a traditional loan requires.

A No-Doc business loan is a form of business financing that requires way less documentation than traditional business loans, including Small Business Administration (SBA) loans (which is a long checklist). However, although the name suggests that the business loan requires no documentation, most lenders still need some level of paperwork for no-doc business loans.

Nevertheless, the requirements are much less than traditional loans.

There are four main types of no-doc business loans. Business line of credit, invoice factoring/financing, merchant cash advances and short-term loans. Let's dive deeper into each one.

The Best No-Doc Business Loans

 Exploring no-doc business loans? Want to know what banks offer no-doc business loans? Here are some of the leading options that support your small business:

1️⃣ Zero Percent Interest

DFX's Zero Percent Interest Program (also known as the Business Line Hybrid) offers flexible financing with no collateral and the least amount of documentation possible. This credit card stacking program functions like a line of credit, except the funds continuously revolve as long as the borrower repays the line monthly.

The Business Line Hybrid Program offers up to $150,000 per individual with 0% interest for 6 to 18 months. There are no income, assets, cash flow, or collateral requirements, making it a great alternative to a traditional loan or even an unsecured business line of credit for startup companies. 

Aside from being a “no-doc business loan” as it can get and offering top-notch interest rates, the Business Line Hybrid Program takes three weeks or less to process, and you can get a pre-approval in 24 hours. These features make it easier for you to access business loan funds as quickly as possible, which can help pay for urgent business expenses or hop on sudden opportunities.

💯 REAL TALK: To qualify for this loan, you need a personal credit score of at least 680. Plus, you must not have any liens, judgments, bankruptcies, or late payments; have less than five inquiries per bureau in the last 12 months; and have under 40% utilization on all revolving accounts.  

If that's not you yet, bring in a credit partner who does—perhaps a friend, spouse or business co-owner—to access their credit and provide a personal guarantee for the loan. Depends on your relationship to them lol (because that could be sticky). s

2️⃣ Fundbox Business Line of Credit

Fundbox’s Business Line of Credit can get borrowers up to $150,000 for payroll, inventory, and business expenses, with flexible repayment terms of 12-24 weeks and no prepayment penalty.

A no-doc business line of credit is similar to a business credit card, in the way it allows borrowers to pay for typical expenses without having to gather extensive documentation, as you would with a traditional business loan. However, you would have to pay off the line to continue using it, just like a credit card.

Fundbox offers an online application process via its app, with potential funding as soon as the next business day. Qualifications are easier than an SBA loan, requiring a 600+ personal FICO score, $100,000 in annual revenue, and a business checking account. A decision can be received in as little as three minutes.

REMEMBER: NEVER apply without having established a solid credibility, especially when filling out online applications like these.

3️⃣ Clarify Capital Low-Doc Equipment Financing

Businesses need equipment. 🗜️ For small business owners, that's often a heavy, costly purchase, whether they're new or established. To help lighten this load for businesses, Clarify Capital offers a low-doc loan for equipment financing, including computers, heavy machinery, vehicles, and more.

With this type of low-doc business loan, you receive an amount depending on the price of the equipment you’re purchasing. The loan's term is based on the equipment's expected use time, allowing you to select a repayment schedule that fits its use period. Plus, the equipment secures the loan. Once you repay the loan, the equipment's all yours. 

Clarify Capital’s Equipment Financing lets small business owners finance the full value of the equipment they need at interest rates starting from 6%. A personal credit score of just 550 is enough to qualify, and there's hardly any paperwork, making it a hassle-free option.

If you can't buy equipment with cash or get a bank loan, you can't grow your business. A low-doc equipment loan is a more more accessible alternative to acquiring new equipment.

4️⃣ Raistone or Amerifactors Invoice Financing

Invoice financing or factoring s a tool for business owners to turn unpaid invoices into immediate cash by allowing business owners to access funding using unpaid invoices. With this kind of no-doc loan, businesses use those unpaid invoices as collateral or sell them to the lender directly. 

This type of funding works best for businesses with a business-to-business (B2B) model and receivables. Usually, these companies sell goods or business services to large clients on credit (Think Walmart). The clients then receive invoices with the total balance and due date, meaning they don’t have to pay immediately after receiving the goods or services. For some, unpaid invoices can lead to cash flow issues.

They can borrow against or sell these unpaid bills to a lender without providing extensive documentation. Businesses dealing with delayed payments from big clients often face cash flow troubles. Invoice financing solves this by allowing access to funds without waiting for clients to settle their dues.

Businesses dealing with delayed payments from big clients often face cash flow troubles. Companies like Raistone and Amerifactors offer invoice financing, which solves this by allowing access to funds without waiting for clients to settle their dues. The lender takes a percentage of the invoice as payment for the loan. Consequently, operations continue smoothly without financial hitches. Providers such as Raistone and Amerifactors finance these invoices, advancing cash quickly and keeping a small portion as a fee.

5️⃣ Greenbox Capital Merchant Cash Advance

Merchant cash advances (MCAs) provide a quick source of cash for businesses that need to increase working capital but have no collateral, making it some of the simplest and fastest, no-collateral startup business loans. Basically you're borrowing money against future debit or credit card sales. In return, the lender receives a percentage of your sales multiplied by a factor rate.

Most MCAs utilize factor rates rather than traditional interest rates. These factor rates typically range from 1.1 to 1.5 and are applied to the initial loan amount. For instance, a $50,000 loan with a factor rate of 1.1 would total $55,000.

Greenbox Capital provides merchant cash advances to businesses that average at least $7,500 in monthly revenue for the three months leading up to the application. Advances vary from 70% to 120%, translating to amounts between $3,000 and $500,000. This option is particularly beneficial for businesses that require quick cash and handle numerous card transactions but lack collateral or have low credit scores.

Additionally, the Greenbox merchant cash advance offers convenience with minimal requirements, akin to other no-doc business loans. Typically, you will need only three months of bank statements along with a few other financial documents. Credit approval can be achieved in just a few hours, and if successful, Greenbox will deposit your funds within 24 hours.

💯 REAL TALK: This is a last resort for many of our clients. If you can find funding elsewhere, try that first so you don't fall into the mca debt spiral which happens to a lot of companies who don't know exactly what they're getting into.

There's also many predatory lenders in this space that charge ridiculously high interest rates make sure you have a plan for the funds and you read through the terms before accepting.

6️⃣ American Express Business Line of Credit

American Express has a flexible business financing solution to small business owners who need quick and easy access to funding. The Amex Business Line of Credit is available to borrowers with at least a 660 credit score, an average monthly revenue of at least $3,000, and 12 months of business operation. Amex Small Business Card Members may have pre-approval.

Your loan amount's decided by the lender, based on your credit history, repayment track record, and your business and personal finances, so be prepared to share those. MAKE SURE EVERYTHING MATCHES!

Bt connecting your business banking directly to your application, AMEX can check your loan eligibility instantly. You'll have the freedom to borrow any amount at any time with this flexible loan option.

Each time you take out money, it counts as a new loan with its own fees. Monthly repayments are required, and the available credit may reset regularly, reflecting your financial status.

Apply through their online app, choosing from loan durations of 6-24 months. You pay fees on what you borrow, and you can settle your loan early without any extra charges.

 💯 REAL TALK: DO NOT apply without establishing your credibility and a solid foundation first.

7️⃣ OnDeck Term Loan

OnDeck’s business term loan is similar to a traditional small business loan or personal loan, but with a quicker application and less paperwork. You can borrow between $5,000 and $250,000 with up to 24 months to pay it back. Choose daily or weekly repayments and potentially skip the remaining interest by paying early.

With fixed payments, the amount you pay stays the same, aiding in managing your finances more predictably. Be advised! Payments can be automatically taken from your business account but applying for OnDeck’s loan won't affect your credit score.

Another benefit of OnDeck’s small business term loan is that the application doesn't need a hard credit pull. You can complete your application quickly and, once approved, receive funding as soon as the same day. Plus, OnDeck reports to business credit bureaus, which will help you grow your business’ credit history and grow your business further. 

If approved, you could receive your funds on the same day and help build your business credit. How does a term loan or unsecured business loan differ from a line of credit? A term loan gives you all the funds upfront in a lump sum rather than borrowing smaller increments with a credit line – great for significant spending like equipment, down payments on property, or expanding your team.

8️⃣ Bluevine Business Line of Credit

Bluevine is another online lender that offers a line of credit up to $250,0000, allowing borrowers to access funds as needed and only pay fees on the amount used. The line of credit is designed to help business owners access funds on demand and replenish their credit upon repayments. It's flexible and adjusts based on your business's financial profile.

To qualify for Bluevine’s business line of credit, you need at least 24 months of business operation, a 625+ credit score, and generate at least $40,000 in monthly revenue. Required documents you need to submit are 3 months bank statements, and your business must be in good standing with your Secretary of State. **Note that businesses in Nevada, South Dakota, and North Dakota are not eligible.

With these requirements in mind, Bluevine’s no-doc business loans best fit medium to large businesses with a steady revenue, no bankruptcies in the past 12 months, and a good credit history. Funding can be received within 24 hours, with repayments made through fixed weekly or monthly payments over 6 or 12 months.

9️⃣ TD Bank Business Solutions Credit Card

Business credit cards are ideal for borrowers needing a small or moderate limit, similar to startup loans without revenue requirements.

The TD Business Solutions Credit Card offers unlimited 2% cashback on eligible purchases. Visa benefits (e.g., cellphone insurance), contactless payments, and a $400 cashback (in statement credit) when you spend $3,000 within the first 90 days. 

Key features include no rotating Spend Categories, caps, annual fee for qualified users or limits, as long as your credit is in good standing, and no annual fee if you qualify.

While they typically have smaller limits and higher interest rates compared to lines of credit, they provide rewards and may be available for those of you with bad credit.

Conclusion

A no-doc business loan is a great alternative to traditional loans, especially for quick funding. It suits business owners with bad credit, low revenue, or limited history. The key is to select a loan that fits your needs best.

Resources to Help You Execute:

Watch my YouTube channel to LEARN 🧠💰 ⬇️ FREE COURSES

🔍 The Domino Effect 👩🏻‍💻 Financing for Diverse Entrepreneurs

THE BUSY WOMAN'S GUIDE: 10 Steps to Starting Your Own Business

Hey, I get it—I’ve been in your shoes. Juggling work, family, and life while trying to start a business feels overwhelming. That’s exactly why I wrote The Busy Woman's Guide: 10 Steps to Starting Your

Business. I took all the hard-earned lessons from my own journey and boiled them down into simple, manageable steps. You don’t have to do it all at once, but with this guide, you’ll know exactly where to start—and I’m here to help you along the way.

GRAB YOUR GUIDE 💻🧠

Join The Domino Effect, a growing community of  Founders & Small Businesses. Receive all the latest advice and offers from our network straight to you.

We’ll keep you up to date with all the latest news from The Domino Effect and our community. Hear from our Funders, receive exclusive offers from our partners and make the most of our handy guides and blogs designed to make your business run a little smoother, while accessing the best resources to capital. 

JOIN NOW

Here is a quick checklist to get you started. Remember imperfect action beats inaction, get started, stay consistent and let's Build! 🚀

• 📚Claim Your Business Credit Building Guide: https://financeguide.dominofxgroup.com/

• 📲 Funding Planning Session: https://plan.dominofxgroup.com/

• Subscribe on LinkedIn to stay connected with the best resources to grow your business: https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=718759297885977395

• Tired of doing it all on your own and ready to get automated? Profitlifter CRM and Marketing system. They are THE BEST! Schedule a free consult and download their free info so you can get a feel of how it works. Click here.

• Check out our YouTube for FREE COURSES and trainings to help you GROW your business.