All business loans require you to submit a long list of documents to show that your company can manage debt. These often include your personal financial information along with information about your company's income, income, and taxes. Undocumented business loans are designed for entrepreneurs who don't have the extensive financial documents that lenders usually require. In general, you should only apply for a business loan without documentation if you don't have a sufficient credit or business history to qualify for a more traditional form of business financing.
Borrowers can use business lines of credit for ongoing, long-term cash needs, such as buying equipment or investing in marketing campaigns. True business loans without documentation are rare or non-existent, but even business loans with limited application requirements may not be a good option. Most businesses need some money to pay for rent, inventory, equipment, payroll services, and other operating expenses before generating sales. Even so, several types of business loans have less stringent documentation requirements than other, more traditional forms of business financing. While some lenders offer business loans with bad credit or business loans without documentation for businesses with an irregular or limited credit history, there are actually no business loans without a credit check.
Depending on the state in which your company is located and other attributes of the company and the loan, it can be issued by a member of the OnDeck family of companies or by Celtic Bank. If you haven't accumulated a lot of savings yet, loans could help act as catalysts for your company's growth. When applying for a business loan without documentation, lenders often require only basic information, such as identification documents and proof of income or income. They can also be a good option for borrowers who have difficulty getting approved for other types of business financing.
You need consistent cash flow from somewhere to keep track of your business loan payments, whether from the company or from you personally. Undocumented business loans can be a good option for entrepreneurs looking for quick access to capital without the need for extensive documentation. Also known as asset-based finance or alternative finance, undocumented business loans allow small businesses to access capital without the need to thoroughly document your income and assets. Knowing where to look for the right business finance in a sea of traditional for-profit lenders, online lenders, not-for-profit lenders, and collective funders can be confusing.
A merchant cash advance (MCA) is another form of short-term funding that can provide businesses with quick access to cash for their immediate needs of working capital.
