What Documents Do I Need to Apply for a Business Loan?

The documents you’ll need to apply for a loan can vary widely depending on whether you apply with a bank, an online lender, or at an online lending marketplace like Lendio. Banks will almost always require far more documents and research than lending marketplaces will. Not to mention bank applications are usually long – really long.

Yikes.

Yikes indeed. But no worries, here at Lendio we understand the time constraints and unique needs of new or growing small businesses like yours.

Well, that sounds awesome!

Aw, shucks, we’re flattered.

But, about those documents…?

Oh, right. To fill out an application at Lendio, you’ll be required to know some basic information about your company and your personal situation, such as an approximate credit score, the amount of sales your company does on a monthly basis, the industry your business is in, company debt, and the reason for the loan. None of that information requires any documentation if you know your company well – but if any of that sounds confusing, you’ll want to find out the details to make the application process easier. Either way, we don’t require you to provide any documentation to complete the application process.

So I don’t need any documents to apply for a business loan with Lendio?

For your initial application, we don’t require you to send in any documents besides providing business account bank statements for the past few months. You don’t need documents for that either, as you can link your bank account information. But you do have the option to upload those documents online right in the application, if you’d like to.

After your application is complete and you have a general idea of the kinds of loans and rates you’ll qualify for, you’ll be paired with one of our personal funding managers. They’ll let you know if you need any other documents to facilitate your loan. For many loans, no additional information is required. However, for certain kinds of loans, additional information may be necessary, such as an equipment estimate if you’re applying for an Equipment Loan, or a more detailed history of your business if you’re applying for a large Commercial Real Estate Loan. But your funding manager will help you finalize the process and walk you through what additional documents you may need.

That’s it?

Yep, that’s all, folks.