Can You Get a Business Loan
With Less Paperwork?
No Doc business loans are not a possibility when trying to get a business loan without providing any financial documentation such as business bank statements. There are alternatives that have require less documentation such as reduced (or low) documentation loans. Credit cards are an alternative to business loans that may provide you business funding without having to provide documentation other than an application.
Common reasons why a business is searching for a No Doc Business Loan is because they can't provide business bank statements, the bank statement cash flow doesn't support business funding, or time is of the essence and the business owner doesn't have the time of a lengthy application process.
If you don’t fit into one of those three categories, then you should seriously consider the other funding products that exist in the finance marketplace. No-Doc loan options present a greater risk to lenders than traditional loan options because they have to make decisions with less paperwork to determine risk.
If you do fit into one of the three above categories, it’s important to know the differences in terminology and set proper expectations for documentation for the No-Doc business loans that are available.
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What Types of No-Doc Business Loans Are There?
No Documentation Business Loans
A no documentation business loan does not exist. Most business funding products will require not only an application but also documentation for eligibility. Credit cards are an alternative, that in some cases, does not require anything other than an application to get an approval and receive funds.
Stated Income Business Loans
Stated income loans do mean that you may have to provide paperwork, but you can “state” without proving your personal income from the company. There are many products that are stated income, such as short-term options, Business Cash Advances, no doc business line of credit and Merchant Cash advances. Invoice financing doesn’t even ask you to state your income as a small business owner. Sometimes business cards, in rare circumstances, may ask not only to state income but prove it with verification.
Low Doc Business Loans (also known as Reduced Doc)
Low Doc or Reduced Doc refers to financing that will require minimal company paperwork such as bank statements and/or merchant processing statements but rarely ask for financial statements like tax returns, profit & loss, balance sheet, A/R, or A/P. If you are seeking a no doc business loan for your startup or small business, this might be one of the best options for you.
No-Doc Loan Programs have loans that can be used for, but are not limited to;
- Cash Flow
- Inventory or supplies
- Hire new employees
- Emergency Cash infusions, such as Emergency relief for accounts receivable issues
What are the Pros and Cons of a No-Doc Business Loan?
Low Documentation business loans can lead to eligibility and approval. The benefits of these products allow business owners who either can’t or won’t provide certain documentation the ability to still get approved for funding for the business.
Unfortunately, for those businesses that don’t invoice your customers on a regular basis, then this product is not for you, and you will need to look at other options.
- Reduced to No documentation provided for decision
- Speed-Processing times on No-Doc fundings are usually 1 day
- When you are turndown for financial statements. No-Doc business loans offer a solution.
- Rates can be higher than traditional financing options.
- Fees may cost more than traditional loans
- Terms may be shorter in duration
- May not offer some flexibility traditional options do
- Loan Amounts may be limited
Frequently Asked Questions
Advice, Tips, Warning’s about No-Doc Loans
In recommending a No-Doc loan, it starts with asking the question, why? Traditional loans offer better terms and product options than No-Doc business loans. So, are you looking at loans without documents because you were declined based on the documentation? Are you choosing a No-Doc business loan for llc or startup because you cannot produce the bank statements and documentation? Are you experiencing an emergency with your company and don’t have time to produce documentation?
If the answer is YES to any of the three main questions or situations, then we would recommend No-Document loans. If the answer is NO, take the time to look at better finance opportunities that offer better rates, costs, and terms.
Apply for No-Doc Business Loans Today!
AdvancePoint Capital offers an easy small business no doc loan experience. Our customers love the fast, streamlined process and high approval rates that come from working with us. No documentation. No bank verification. All scores are considered.
Applying for a loan with AdvancePoint Capital is as simple as a 1, 2, 3, 4 process. Start with this online form, then fill out the short application page, wait a few hours for your approval, and then get your money!