Sometimes working with banks or larger financial institutions can make it hard to obtain capital for your small business. The basics of applying for the loan are complicated and the process requires so much paperwork which can take months before an approval. No doc business loans can provide a welcome solution to this issue if you’re looking for fast funding.
In many cases, a business owner may not have the time to search for the dozens of required documents. They may also have technical issues or delays with third parties, or be denied because of what is in their documentation.
No-documentation loans skip over all of this hassle and get right to solving your funding problem immediately.
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A No Doc Loan, as the name implies, offers business owners the ability to secure funds quickly, without the hassle of large amounts of paperwork. In some cases, you only need to fill out an online application.
True No Doc Loans - Simply fill out the application and allow your lender to review your credit eligibility, then voilà, you have an answer to your loan need right away!
Low Doc Loans - Low doc business loans will require you to produce bank statements or merchant processing documents, but in most circumstances will not require financial statements.
Stated Income Loans - What is unique about this loan option is that while lenders will request documents stating your business income, you will not be asked to provide any paperwork like bank statements that prove this.
No documentation loans can cover a variety of business expenses such as equipment, staffing, marketing, supplies, and inventory, or can be used to help relieve emergencies.
Even with higher fees and APR (annual percentage rate), no-documentation loans offer a fast solution during times of financial need in the course of a business' life. Some of the benefits of using No Doc loans are:
Working CapitalTransportation Company
Merchant Cash AdvanceBar Restaurant
Line of CreditPPE Wholesale
Many No Doc loans have been around for some time but simply are known by a different name. From short term business loans to invoice financing, here are the top no and low doc business loans that are available for use in the market:
Invoice Financing - An invoice financing provider will deliver a lump sum of money upfront in exchange for a percentage of your outstanding invoices. A business owner can typically receive between 80%-90% of the invoice amount and the remainder is placed in a reserve account. Once the invoice financing provider collects payments from customers and deducts fees from the reserve account, the remaining portion is sent to the business owner. This type of low doc loan requires a simple application to be filled out, an accounts receivable report, and customer information.
Merchant Cash Advance - Also known as a business cash advance, the merchant cash advance grants a lump sum of money to be given to the business owner in exchange for a percentage of future credit card sales. The only documentation required for this low doc option is 3 months of bank statements, 3 months of merchant processing statements, and an online application
Business Line of Credit - With a simple online application, an applicant can receive a business line of credit. The line of credit can cover just about any type of business expense up to the maximum credit limit allowed.
Short Term Business Loan - These types of loans don't require applicants to provide financial statements. Only a bank statement and an online application will be necessary to get started.
No doc business loans just might be your best solution. Contact us for a personalized solution to your funding hurdles.