Getting a business loan with less documentation is possible, but it may come with higher interest rates and stricter repayment terms. Here are some options to consider:
- Online lenders – some online lenders have a streamlined application process and may require less documentation than traditional banks.
- Invoice financing – a type of loan that is secured by outstanding invoices. The lender uses the invoices as collateral, rather than requiring extensive business documentation.
- Microloans – smaller loans, usually under $50,000, that are designed for small businesses and startups. Microlenders may have a less rigorous application process.
- Lines of credit – a flexible loan option that allows you to draw funds as needed and pay interest only on the amount you use.
- Personal guarantee – offering a personal guarantee, such as a co-signer or collateral, can sometimes reduce the documentation required for a business loan.
It is important to do your research, compare offers from multiple lenders, and carefully consider the terms and conditions before applying for a loan.