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Loans to Keep Your Business Moving™

About Low Doc Small Business Loans:
We offer Low Doc Small Business Loans from $5,000 to $250,000. The term of the loan is between three and 12 months with cash flow repayments being either daily, weekly or fortnightly.

How are Unsecured Low Doc Small Business Loans Different from A Traditional Business Loan?
You can apply for Low Doc Small Business Loans Loan in under ten minutes and receive a fast response - in often as little as one hour. The application is 100% online and funds can usually be provided the same business day. Traditional business Loans reference an interest rate per annum plus other fees and charges. Low Doc Small Business Loans details the total amount payable upfront inclusive of any interest, fees or charges that is then broken down into either a daily, weekly, or fortnightly repayment figure.

A Low Doc Small Business Loan is typically used for:
We’re totally committed to helping small businesses access the funds they need to grow. Our fast, flexible funding can be used for business renovations, marketing, to purchase inventory, new equipment, general working capital and much more.

How do I apply?
We’ve made it easy and fast. Simply click the apply button and complete our online form. All you need to have ready is your driver’s licence number and your business ABN. You can choose to allow us to use an advanced bank verification system link to instantly verify your bank information online, in which case - have your main trading bank account details handy. Alternatively, you can choose to upload copies of your bank statements. Please make sure you have three months of statements as PDF documents ready to upload.

How fast will I get a response?
We can often provide a response in one hour - if you apply during standard business hours and allow us to use an advanced bank verification system link to instantly verify your bank information online. If you choose to upload copies of your bank statements, we can provide a decision in as little as one business day.

How fast will I get the money?
We know growing your business is important, so Low Doc Small Business Loans will work hard to get money to you as soon as possible. If you apply before 4pm on a business day and your application is approved, we can usually have money in your account the same or next business day.

How much can I borrow?
The total amount of your loan will depend on the specific circumstances of your business. The Low Doc Small Business Loans Score platform looks at a variety of factors to determine the health of your business. Based on this information, Low Doc Small Business Loans may be able to provide you an unsecured loan amount up to $250,000. We also offer a secured business loan of up to $500,000

How do you charge for Low Doc Small Business Loans?
Low Doc Small Business Loans doesn’t charge interest because terms are usually less than 12 months. Instead we offer a factor rate. A factor rate is expressed as a decimal figure not a percent. It varies based on your industry, how long you have been in business, the health of your cash flow and other factors. When a factor rate is used, interest is charged to the principal when the loan is originated, it doesn't compound.

What are the fees?
We know fees can be confusing, so we made it simple and transparent – there are no hidden fees and the amount due from day one includes the establishment fee. There is no compounding interest. There are no additional fees (excluding any late payment or default fees) and no penalties for early repayment.

Is there any penalty for early repayment?
There are no fees for early repayment and no balloon payment at the end of your loan. We are transparent with our customers about the total amount due and the date of the final payment. Once you make the final payment your balance will be $0.

How do repayments work?
It’s important to offer you easy ways to pay back your loan. To help you avoid missing repayments we offer daily, weekly or fortnightly repayments that are automatically deducted from your nominated business account.

About business Loans - What is asset-based borrowing (a secured loan)?
Asset-based borrowing is when a business owner uses an asset they own to secure a loan. The asset can be either a personal asset like the family home, or a business asset like a truck or piece of equipment. The clear majority of lenders, including the big banks, tend to secure Loans against an asset. If you have trouble paying back the loan, then the lender may sell your asset. It’s a way of securing new financing by using the value of what you already have.

What is an unsecured loan?
An unsecured loan is when the health of a business is used to determine creditworthiness, without the business owner needing to secure the loan by putting up an asset as security. Larger banks tend not to offer these as the arduous paperwork, low returns and higher risks involved don’t make it worthwhile. Many small business owners find themselves having to use an asset to secure a loan, or being declined.

How Can I Fix My Cash Flow for Small Business to Get a
Low Doc Small Business Loans?

Because even the most sympathetic lender won’t give you a great APR if you have Cash Flow for Small Business, we recommend making every effort to give you a Cash Flow for Small Business a boost before resorting to a loan. It’s not a quick process, but the effort will be more than worth it overall. Here are a few of your first steps to better credit:

  • Get to know your credit report. Is your credit as bad as you think it is? Have you checked your credit report lately? Surprisingly, the answers to those questions are “no” and “no” for many people. If you haven’t already done so, pull a free credit report. This will also let you verify that there aren’t any errors or fraudulent activity keeping your credit in the dumps. If there are, you can file a dispute. Check out our guides on the Best Credit
  • Report Site and the Best Free Credit Report Site if you need recommendations.
  • Make more payments, and do it on time. It’s probably obvious that you need to pay your bills on time to raise your credit score. (If you’re having trouble, set up automatic payments that can save you from forgetting.) Less obvious might be that making smaller payments more frequently can help, too, because it can show you’re using less of your available credit — a good thing for your credit score — when credit bureaus look at your data.
  • Don’t use most of your available credit, even if you pay it off on time. Your credit utilization ratio — your outstanding balance vs. your total credit limit — should be no more than 30%, but 10% or less is ideal, experts say. That means that even if you have a $10,000 limit on your card, charging more than $3,000 on it can negatively impact your credit score. This holds true whether you pay off your balance every month.

Resist the urge to close accounts. Got a credit card you don’t use? It’s probably tempting to close your account, but it’s best to leave it open. Why? Again, having credit that you don’t use is good for your score. Keep the account active by using it to pay a small bill from time to time. Having the same account open for several years also lengthens your credit history, which has a positive effect on your score.

For more tips on repairing your credit, look at our in-depth article, How to Raise Your Credit Score.

What Kind of Loans Are There for People with Cash Flow for Small Business?

Loans for Cash Flow for Small Business range from conventional personal, auto, and home loans with less-favourable terms to short-term, no-credit-check loans like payday and auto title loans. All have pros and cons, but some are a much wiser choice than others — and some should be avoided entirely.

No Doc Unsecured Personal Loans

No Doc Unsecured Personal loans for Cash Flow for Small Business, available through brick-and-mortar banks, credit unions, and online lenders including those profiled above, are loans made for any purpose. The amount the lender will be willing to part with varies widely based on your credit and whether the loan is secured (backed with collateral that your lender can seize if you cannot pay back the loan) or unsecured (no collateral required). If you want to do business locally, credit unions can be a particularly good choice because they might be more flexible with their lending criteria than bigger banks – especially if you’re a long time customer.

Experts warn against borrowing from lenders who don’t thoroughly check your credit history, repayment ability, and other financial circumstances. You should also be wary of expensive insurance add-ons that ensure the loan will be paid back if you die or become disabled.

If you have very Cash Flow for Small Business, Low Doc Small Business Loans can be a viable option — it will be easier to qualify and you’ll receive more favourable terms, such as a higher loan amount and a lower APR. However, you must be sure you can repay your loan on time or you could lose whatever collateral you’ve agreed to use — typically, your home, car, or savings account.

Another option is getting a co-signer with better credit to sign for a loan with you. The lender will then use the co-signer’s credit to determine the terms. Of course, doing so puts the co-signer at huge risk. He or she is equally responsible for payments if you suddenly can’t afford them. If you think there’s any chance you will default, save your friend or family member the trouble of becoming a co-signer or you’ll risk their finances — and your relationship — too.

Can you get a mortgage with Cash Flow for Small Business?

Even after the subprime mortgage crisis, it’s still possible to get a mortgage with Cash Flow for Small Business. Of course, your choices will be more limited. Experts say it’s wise to work with mortgage brokers who can help you evaluate your options. One of them is an adjustable-rate mortgage, which can be easier to qualify for than conventional fixed-rate loans. But these loans come with greater risks that I describe in my post Best Mortgage Rates.

One of the best places to look is the Federal Housing Administration’s loan program. Because the government backs these loans, lenders can still offer competitive interest rates while accommodating borrowers with credit scores of 580 and above. You’ll need a down payment of at least 3.5% — far less than the typical 20% required for conventional mortgages. The major downside is that you’ll pay high mortgage insurance payments over the life of your loan.

Experts say one related kind of loan to avoid is a mobile-home loan. High interest rates are very common, and even if you can get one with terms comparable to those of a regular subprime mortgage, mobile homes depreciate so quickly that refinancing is difficult.

Cash Flow for Small Business auto loans - Low Doc Small Business Loans

Cash Flow for Small Business auto loans are simply loans for car buyers with Cash Flow for Small Business that have less favourable terms — generally a higher APR and a lower loan amount — than auto loans made to buyers with good credit.

There are reputable lenders who focus on Cash Flow for Small Business auto loans that I detail in a separate post on the Best Cash Flow for Small Business Auto Loans. However, beware: Unscrupulous dealers may take advantage of bad-credit customers with shady tactics including leading you to believe your credit is even worse than it is or requiring you to buy add-ons to get financing. In general, you also shouldn’t pay interest rates in the high double digits or sign for a loan with terms longer than five years.

Payday Advance loans

Payday loans might be the most ubiquitous loan for people with Cash Flow for Small Business. Unfortunately, they’re also almost always a bad deal for you.

Payday loans are typically small, usually $500 or less, and made for a short period of just a week or two before repayment is required on your next payday. They’re easy to get if you provide proof of income. The lender usually requires you to write a check for the loan amount plus interest that can be used for repayment. You may even give the payday lender electronic access to your account.

The main problem with payday loans is the astronomical finance charges. According to the Consumer Finance Protection Bureau (CFPB), you may pay $10 to $30 to borrow $100. If you pay $15 to borrow $100, that’s an APR of a whopping 400%. Many lenders allow you to pay only the interest and roll over the loan. This tempting scenario traps many low-income borrowers in a cycle of debt since they can only afford to pay back the interest. In fact, the CFPB has found that more than a third of borrowers take out between 11 and 19 payday loans over the course of a year. A quarter owe money to payday lenders for more than 80% of the year.

Some states have cracked down on payday lenders by capping interest rates, but 32 still allow the practice unabated. Bottom line? You’re best off avoiding payday loans.

Auto title loans

Do not confuse auto loans that are meant for car buyers with auto title loans. Auto title loans require you to use your car as collateral to get a loan that can be used for any purpose. The amount of these loans varies, but it’s usually for much less than your car is worth. You usually won’t need a credit check to get an auto title loan.

Auto title loans have short terms (usually 30 days or less) and extremely high interest rates that can range from 84% to more than 300%, according to the Centre for Responsible Lending (CRL). These kinds of loans can easily trap borrowers who can’t afford to repay the loan in a cycle of debt as they continually renew the loan with interest-only payments. The CRL and Consumer Federation found that a borrower of a $951 auto title loan pays more than $2,000 in interest on a loan he or she renews eight times.

Many lawmakers have cracked down on auto title loans, which are now illegal in 31 states, according to the CRL. If auto title loans are still legal in your state, beware. Like payday loans, they simply aren’t a smart choice for those with Cash Flow for Small Business.

Spotting Cash Flow for Small Business Loan Fraud

Low Doc Small Business Loans Cash Flow for Small Business puts you in a vulnerable position when you’re searching for a loan. But just because your terms won’t be as favourable as they would be with excellent credit doesn’t mean you should accept any old offer. Keep your eyes peeled for these red flags while searching for the best Cash Flow for Small Business loans:

  • Guarantees. Legitimate lenders won’t tell you that you can get a loan without knowing your income, credit score, and other personal information.
  • Any lender who guarantees that you’ll qualify before evaluating your information is probably bad news.
  • Upfront fees. It’s against the law for lenders to charge you simply for filling out an application.
  • Lots of uninitiated contact. Be careful if you’re getting constant mailings or calls from a certain company. Legitimate lenders don’t need to hound potential customers.
  • Fishy-sounding names. Some unscrupulous companies will closely copy the names of legitimate lenders to profit from their better reputations.
  • Make sure you’re really doing business with the right company.
  • Pushy requests for personal information. You should only provide personal information to a company you trust once you know what kind of loanyou’re applying for. Be particularly cautious about giving out information over the phone, especially if you didn’t initiate the call.
  • Scare tactics. It’s common to shop around for the best deal and wise to take time to evaluate how much you can safely borrow. Your lender shouldn’t pressure you to make a deal before you’ve considered your options.

Primarily, take a few minutes to check up on a lender yourself. Look at online reviews and the company’s Better Business Bureau profile. Be suspicious of consistently positive or negative reviews — the truth is probably somewhere in between. Double-check a company’s address, too.

Being proactive at the beginning of your search can save you a lot of trouble down the road.

Interest rates are a big consideration when you’re searching for a loan with Cash Flow for Small Business, but there are other factors to consider.

Here are the criteria I focused on in my search for the best loans for Cash Flow for Small Business:

  • Higher loan limits: While it’s common for some lenders to cap loans for Cash Flow for Small Business at low amounts such as $1,000, the best lenders allow larger loans for those who need them.
  • Reasonable APRs: Unfortunately, you’re not going to land a low interest rate with a Cash Flow for Small Business score. Exorbitant APRs are out there, especially if you have very Cash Flow for Small Business and are trying to get a loan without collateral. The best lenders keep their interest rates competitive relative to your credit score.
  • Reasonable fees: Common fees include charges for loan originations, late payments, prepayments, and unsuccessful payments. Some lenders charge most or these; others don’t charge any fees at all. The best lenders keep fees to a minimum and charge a reasonable amount for those they do require.
  • Flexible terms: You may want to pay off a loan as quickly as possible to save on interest, or you might want a longer term to keep your payments low. The best lenders don’t lock you into one or two predetermined terms, such as three or five years.
  • Easy-to-find specifics: The best lenders understand that potential borrowers want to know potential APRs, loan amounts, terms, and fees before they start an application and include that information on easy-to-find pages on their websites.
  • Extensive reach: Different state regulations mean lenders may operate only in certain states. The best lenders have a wider reach.
  • Reputation: I considered each lender’s online reviews and status with the Better Business Bureau. BBB accreditation isn’t a necessity, especially for newer companies, but it is a plus. I also considered how long the company has been in business. I gave the least weight to individual reviews, as it’s common for prospective borrowers to give negative reviews for reasons such as being denied a loan.

Finding the Best Loan When You Have Cash Flow for Small Business

Be sure to evaluate a range of choices when you’re searching for the best Cash Flow for Small Business loans. You’ll want to find a lender who knows your credit score is just one part of a bigger picture, and you’ll need to make sure you understand what kind of loan you need, what kinds of loans to avoid, and how to avoid frauds. You’ll want to consider all your options to find the best loans for Cash Flow for Small Business that work well with your unique situation. A great place to start is to compare multiple loan companies using our free loan search below.

Loans to Keep Your Business Moving™