One of the things that put off many borrowers is the requirement for numerous documents. If not that you need the funds to achieve your projects, you probably would do away with the idea of going to the bank that would ask you for countless documents.
If you have been wondering if ever you can get along with very few or no documents at all, then you are at the right place.
The No Doc Business Loans are everything you need if the idea of paperwork puts you off. With a no doc business loan, you can get the loan to finance your project or business in a short time.
It is available to almost everyone, especially owners of small businesses who want a quick boost for their business. If you are also a business owner who needs to finance your business’ purchase of cars or vans, the no-doc creates a solace for you.
Types of No Doc Business Loans
If you are looking for a business car or van finance, then a no doc loan does the trick. It provides the following loan option that you can maximise.
Short Term Loans
These are the loans you get and repay within a reasonable short time. Often, the repayment period is between three and eighteen months. The repayment schedule is a regular weekly or daily payment.
However, it is not totally a loan that requires no documents. There are some documents you have to submit to the lender. Some of what you would often need are;
As you can see, this paperwork is not things that should give you problems; anyone could submit these without any hassle.
With this short term, you can get the amount of your loan to be as high as $300,000. However, being a short-term loan with very few documents, the interest rates are a bit high. You get as high as a 10% interest rate. For some, it is higher.
For this, the lenders do not concern themselves with your financials. Rather, much attention is paid to the details of your outstanding invoices and customers’ repayment history. This is the most important thing for getting an invoice financing no doc business loan.
The reason for this is because lenders give you an advance on your outstanding invoices. This is so you can free up your cash flow. You can get up to 85% of the value of your outstanding invoice.
Like a short term no doc business loan, you would also need a few documents to have access to the loans. They are;
Short Term Lines of Credit
This is most suitable for any of your business-related expenses. Whether it be to finance your business car or van or another thing to boost your business growth, this is what you need.
With this, you have access to more funds than what you need. You only pay interest on the amount you take to fund your business projects. Once you repay, the lender refills your credit line with more fund.
The downside of this is that your business-related project should not be outrageous. This is because many lenders offer a small amount to pull from. Another thing is that you have to pay higher interest, and the repayment schedule is always within a short time. Interest rates can be from 10% to as high as 80%.
You would also need to provide the following:
Merchant Cash Advances
For this kind of no doc business loans, the lender needs to purchase your future credit card sales and advance you some amount of money.
To repay this, the lender will take an agreed percentage of your credit and debit card sales for every day until you repay the loan and interest in full.
This has to be the most accessible and convenient no doc loan for business owners. However, the downside of this is that your lender calculates your interest using factor rate. This is usually way higher than many other interests on loans.
Again, since the lender has a percentage of your credit or debit card sales, it means payment and interest will be every day. Without a doubt, this will have a massive effect on your business cash flow.
For a merchant cash advance, all you need is your social security number, tax identification card, address and bank statements.
Why No Doc Business Loan
With no doc business loan, you stand to gain the following:
In case you have more question on the no doc business loan, you can contact us below.