When you have immediate needs for your LLC business, no-doc loans offer a faster way to obtain funding than more traditional bank loans. Whether you’re looking for a business line of credit, equipment financing or a short-term loan, a number of lenders can help you meet your business goals with little to no paperwork and fast turnaround times.
Check out these lenders that offer no- or low-doc business loans for LLCs, including types of loans, loan amounts and loan terms.
| Lender | Types of loans | Loan amounts | Loan terms | |
|---|---|---|---|---|
| Lendio | LOC, MCA, term loans, invoice financing | $1K to $5M+ | 3 months to 10 years | |
| BusinessLoans.com | LOC, MCA, term loans | $5K to $3M | 3 months to 10 years | |
| American Express® Business Line of Credit | LOC | $2k to $250k | 6, 12, 18 or 24 months | |
| FundThrough | Invoice factoring and financing | $500 to $5M | 1 to 61+ days | |
| Fundible | Equipment loans, LOC, invoice factoring | Up to $6M | 5 months to 10 years | |
| Bluevine | LOC | $5K to $250K | 6 or 12 months | |
| OnDeck | LOC, Short-term loans | $5K to $250K | 3 to 24 months | |
| National Business Capital | LOC, equipment financing | $100K to $10M | 6 to 120 months | |
| Credibly | MCA, working capital | $5K to $400K | 3 to 15 months | |
| Kickpay | Inventory financing | Up to $250K | Up to 16 weeks | |
| LoanBuilder | Short-term loans | $5K to $150K | 17 to 52 weeks | |
| Backd | Working capital | $10K to $2M | 6 to 16 months | |
| Clarify Capital | LOC, Invoice factoring, equipment financing | Up to $5M | Not specified |
Business lenders consider a number of factors before granting loan approval, possibly including the structure of your business. However, operating as an LLC shouldn’t impede getting a no-doc business loan, providing you meet other criteria.
“Obtaining no-doc or low-doc loans for Limited Liability Companies (LLCs) can indeed be a challenging process,” says Jon Morgan, CEO and editor-in-chief of Venture Smarter, a business consulting firm that specializes in helping startups and small businesses scale and grow. “The primary reason for this is the nature of these loans. They are designed to require less documentation than traditional loans, which can be particularly beneficial for businesses that have complex income structures or those that value privacy.”
“However, this lack of documentation can make it difficult for lenders to assess the risk associated with the loan. As a result, lenders often perceive these loans as higher risk. Despite these challenges, it’s not impossible for an LLC to secure a no-doc or low-doc loan. It just requires a strong business credit history and a solid relationship with the lender.”
business loans require extensive documentation during the underwriting process. This may include providing bank and financial statements, tax returns, business proposals and more. A no-doc business loan, on the other hand, requires almost no paperwork. No-doc lending typically refers more to specific types of business loans.
“Merchant cash advances (MCAs), lines of credit (LOCs) and some short-term business loans are more likely to be no- or low-doc,” explains Michael Baynes, co-founder and CEO of Clarify Capital. “These types of loans often focus more on recent business performance and cash flow rather than historical financial health. Long-term loans, most real estate loans and SBA loans generally will not be no-doc or low-doc due to their stringent risk assessments and requirements for detailed financial documentation.”
The online loan application process allows some lenders to connect directly to your business bank accounts, which can eliminate the need for piles of paperwork. In turn, this cuts down on the approval process timeline, making funding much quicker than with traditional business loans. However, this convenience usually means higher interest rates and fees due to the increased risk to lenders.
It can be tempting to apply for the fastest funding options, especially if you have a business opportunity that needs immediate action. But consider the risks along with the rewards before jumping in.
Follow these five steps to apply for a no-doc business loan for your LLC.
The exact requirements to qualify for a no-doc loan for your LLC may vary based on lender and loan purpose, but here are basic criteria you’ll likely need to meet.
For LLCs looking for faster funding options, no-doc business loans can be an efficient way to achieve that goal. Some common no- or low-doc loan types include business lines of credit, MCAs, invoice financing or factoring, equipment financing and short-term business loans.
No-doc loans are usually more expensive than traditional business loans, including higher interest rates and fees. However, the streamlined application process and fast funding can help LLCs meet immediate financial needs and jump on new business opportunities with minimum fuss.
Think sole proprietors can’t get loans? Think again — see how to fund your business today.
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