No load mutual funds are simply mutual funds without loads. Let’s look at load funds.
What is a load? A load is a commission for selling you the mutual fund. There are front-end loads and back-end loads. A front-end load is a commission you pay when buying the mutual fund. Front-end loads can be anywhere between 3% and 6.25%. A back end load is paid when you cash out of the mutual fund. Back end loads start at around 5%, and then drop 1% for every year you own the mutual fund. There is another kind called a level load. Level loads have a lower initial commision (around 1%), but have a higher 12b-1 fee (around 1%).
What are 12b-1 fees? 12b-1 fees are also called “annual distribution fees”. The 12b-1 fee is charged annually on the value of your mutual fund holdings. These fees can be anywhere from 0.25% to 1%. Most load mutual funds have 12b-1 fees.
No load mutual funds do not have the loads. They might however have the 12b-1 fees. Mutual funds without the loads or the 12b-1 fees are called 100% no-load mutual funds or true no-load mutual funds.

No load mutual funds are usually better than load mutual funds. Why? With no load mutual funds, you are not starting out with a chunk of your money already missing. If you have to pay 5% at the beginning of own the fund, or when you sell the fund, or pay fees during the years you own the fund, that is pretty hard for a fund manager to make up. Fund managers already have a hard enough time just trying to beat the index funds. But the ones managing load funds not only have to beat the index funds, they have to beat them by several percentage points in order to make up for the loads and fees.
Stick with no load mutual funds!