Best No Doc Small Business Loans Instant Decision
With the use of technology and algorithm, kabbage has revolutionized the business funding. Kabbage an alternative lending platform, can leverage your business data and fast underwrite the process to offer you a no doc unsecured business loan.
Which is completely done online using API ~ algorithm programming interface. You do not have to send in any paperwork or visit any of their offices to get a business loan. Expect instant business loan decision within few minutes.
Unsecured No Doc Business Loans:
Kabbage offers short term unsecured business loans for all kind of businesses. Can qualify from $2,000 to $250,000 online.
- No interest rates, Only monthly fees from 1.5% to 10% (Monthly Fees explained in detail below)
- Pay Fee only for the outstanding loan amount for the month.
- Short term Business loan 6 month or 12 month
- No origination fees and No prepayment penalties.
- No Collateral required.
- Years in Business 1 year +
- Business must generate Min $50,000 in sales a year. [OR]
- Must have an average $4,200 in business sales from the last 3 months.
- No minimum credit score requirements: Bad Credit OK.
How to get a No Doc Business Loan?
- Must have a bank online checking account.
- Need at least one online payment service accounts like WePay, Authorize.net, PayPal, amazon payments, credit card processing, Intuit QuickBooks Payments, WePay etc.
- You must be using min one business accounting platform for example Intuit QuickBooks online, Xero, Zoho Books etc.
- Fill in the online loan application form and connect your business service accounts for verification, underwriting process.
- If approved, can get business loan up to $150,000
- Instant loan deposited to your PayPal account same day.
- takes 1 to 3 days loan deposited to your bank account.
No Doc Business Loans Instant Decision: [How to apply~ see below]
Hassle free. Sign up is easy and your information will always stay safe & secured. Kabbage will assess your business and its performance. Once approved, you can start using your business loan right away. Or you can withdraw from your kabbage account whenever you need extra cash.
Kabbage will verify your real business data along with your personal, business credit score. Choose any of your business service accounts to qualify.
Get instant decision in real time. Save time with no paper work. Apply now and qualify for quick business loan unsecured. You’re just a few clicks away from a business loan. Securely link your business accounts and learn right away how much loan you can qualify for.
Follow these steps to get unsecured no doc business loans now.
Business Loans Reviews:
It is very simple to create your kabbage profile, just like the way you sign up to linkedin, social media. Use your regular or business email address to build a profile. It’s kind of your LinkedIn profile might look, except you are going to get a business loan.
When you create a profile at LinkedIn you add Facebook, twitter accounts to it. Likewise, here you will add your business accounts like to get verified from kabbage.
You will share your business accounts data for review. You give permission to kabbage via access point (API~ Application programming interface).
Kabbage has set up with these sites and other platforms to pull the data along with personal information.
This is non-traditional and alternative business funding. Usually banks ask for tax returns, excellent credit score to analyze your business.
Along with credit score, kabbage looks at your business sales, revenue, time in business to underwrite the process in few minutes. They think business performance is more important than a decade old standardized number.
Kabbage uses a variety of factors to determine the loan amount a business can qualify for. Based on these factors your business can qualify for loan amount from $2,000 up to $250,000.
Once approved, you can receive business working capital loan in approximately seven minutes to your PayPal account or 1 to 3 days for bank account via ACH.
No Doc Small Business Loans Rates:
There is no interest rate, only monthly fees for your outstanding loan amount each month. Monthly fees will be decided based on your Kabbage score.
- Monthly Fees only: 1.5% to 10%
How kabbage fix its monthly fee rates for its qualified customer:
The kabbage score is the formation of many data points and use this to fix the business loan monthly fee rates.
These data points are from business revenue, years in business, credit history. Also the ongoing monitoring of the transaction data from the services you linked.
The more services you link the better. Kabbage can understand your business & can provide better term with low monthly fees.
Best Business Loans Unsecured Repayment and Fee Structure:
Kabbage has 6 month or 12 month business loan term to repay the amount. As you know, Kabbage fix its monthly fees in varied ways compare to other business loan lenders.
Based on your kabbage score you pay monthly fee from 1.5% to 10%. For the first two months of a 6 month term, you will pay 1.5% to 10% & remaining 4 months regardless of your kabbage score you pay only 1% fee.
For 12 month term, you pay 1.5% to 10% for the first six months and pay only 1% for the remaining six months.
Lets See 6 month business loan monthly fees below:
You can pay back the loan early. There is no prepayment penalty. By paying early you save on your monthly fees.
How this 6 month Business Loan Monthly Fees/rates Works:
First calculate the total monthly fee & the principal you will pay at the end of the 6 month.
Example: lets assume your monthly fee for $10,000 business loan is 1.5%. For the first 2 months it will be 3% total and remaining 4 months it will be 4%.
So, total 7% you pay at the end of 6 month term.
Now, divide 7% by 6 month = You will be paying average 1.1667% monthly fee per month up to 6 month.
Below kabbage fee structure table:
Example 6 month term: 1.5% monthly fee rate for $10,000 business loan.
You will be paying 1/6 x principal + monthly fee till the end of the term.
Below 2nd Example for 10% monthly fee rate for $10,000 business loan with 6 month term.
For 12 month Business Loan: Monthly fees rates 1.5% to 10%.
Example: Suppose if you qualify for 12 month term for $10,000 business loan at 5% monthly fee then see below business loan monthly repayments.
You will be paying 1/12 x principal + monthly fee till the end of term.
Note: There is no prepayment penalty. So, you can pay off the loan early and save on monthly fees.
Instant Underwriting Process:
First step in the loan application enter your personal and business information.
Like business name, industry, type of business like LLC, sole proprietorship, or DBA which means doing business as. Also your phone number, address, & tax ID.
Once you have completed the first step, you will then move to business section.
The second step, business review section is the major factor. The information you provide to kabbage will use it for underwriting purpose.
You need to connect your business accounts that you use for your business. It may be any business accounts which you use on regular basis to run your business.
Login to your accounts and allow kabbage to access it in real time. Allow kabbage to verify your business performance.
Business performance such as transactions, sales, amount of revenue from your business. If you have more than one account that is generating money, kindly enter those accounts as well. More revenue you show more business loan you can get.
Let us see an example by connecting checking account and PayPal. Select the PayPal button at instant business review section. It will redirect you to PayPal website. Once you login to PayPal account and link Kabbage to it.
Which will access your business transactions, monthly revenue, and other information well.
For PayPal account verification: Please ensure you have provided PayPal with your business Tax ID number.
Please note: Kabbage doesn’t see or store your account login and password throughout the process.
When kabbage completes its review, they will request for other information. Information like your driver license, SSN. Let’s you know its decision whether you qualify for a business loan and the amount you get.
Business Online loan application is simple to use and can apply from your computer or mobile.
Next step, link your business accounts with kabbage to review your business cash flow.
During the process, you will live kabbage website and login into your business accounts. Kabbage will never see or store your password.
Remember, your personal and business info will be always protected 24X7.
After approval, it’s very easy to withdraw funds. Access your funds select the amount you need and the funds are deposited into your account. Use only the amount you need when you need it.
Kabbage provides working capital for both online and small business (bricks and mortar).
Visit the site, apply online, go through the entire underwriting process. Actually have cash in your account in seven minutes or less. This is one of the quickest way to get no doc business loans you could ever imagine for.
Kabbage has revolutionized the business funding compare to traditional and other alternative lending.
By giving access to your business accounts it not only saves time but also don’t need any paper work.
Next step, Kabbage will ask you to select the service(s) you would like to get reviewed. It is best to link the service that contains the most revenue transactions.
Note: You can add one or more services for review. This will give additional benefits like getting more business loans.
For Example, You link your bank’s checking account and log in to your bank to give Kabbage access to review the transactions & verify your account to deposite the funding.
Finally, business loan application last process is brief from requesting personal information including the last 4 digits of your SSN. They will do a soft credit pull after you submit your business loan application.
Once approved, you will see the business loan amount which will be ready to withdraw. After you finalize the amount, term and fees before you get access to cash you need to ‘agree’ for a hard pull.
Every 24 hour you can withdraw funds. Withdraw funds to your bank business account or debit card or PayPal. Choice is yours.
How to Withdraw Funds from your account:
So let’s say you qualify for $20,000 you might decide that you only want to access $10,000. So once you make that decision kabbage will deposit that money directly into your PayPal account instantly or your business checking account (2-3 business days).
Later, a week or following day if you need additional business loan then you can draw additional fund from your kabbage account. Kabbage will put those funds into your PayPal or checking account.
Draw against your line as often as once a day. Pay only for what you take. Each time you draw the loan amount is treated as an agreement between you and the kabbage.
Use short term business loans for your business purpose whenever is required. You pay for the loan you utilized instead of paying for entire business loan amount.