No Doc Loans

No Doc Loans: How to easily get approved for loans that require no documentation whatsoever. These are the loans that you need if you are unable to state where you get your income from because you’re self employed, or, you have bad credit and you need a lender to take a chance on getting you a personal loan with bad credit.

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The latter is usually the reason most people look into no doc loans, or some people refer to them as low doc loans. Either way, many people are able to qualify for loans that they otherwise would not have been able to, which is a great thing for those with bad credit and less than desirable credit histories.

There are many different reasons that you would obtain this type of financing and we are going to cover them all in this site: that way, when you need a fast loan without providing any type of documentation, you’ll know where to go and what you’ll need. Many people are also being approved for no doc mortgage loans and no doc home loans, which is great for first time home buyers and those who want to buy a home but their credit is way too bad to get traditional financing from a normal bank or lender. This is fast becoming one of the hottest loan options for those who wouldn’t otherwise qualify for such personal loans. Before you apply with any lender, it’s important that you ensure the lender is qualified, as well as certified in your locality to give you a loan. A recent influx of loan sharks has caused many borrowers to get scammed, as well as put their lives in danger. A site called, can help you find legit loan sharks.

If you feel that you fall into the category of needing a loan without providing documentation, then researching this financial term would be in your best interest. Again, many people with horrid credit are qualifying every single day. The lenders who offer these financial instruments are not part of banks usually and are considered private lenders who will take your word for how much you make, etc. It’s really a no lose situation for a borrower.

So what kind of no doc loans are available?

No Doc Mortgage Loans

For anyone with bad credit who has tried to obtain a traditional mortgage and was met with failure, we understand your pain. Like any other hard working citizen, you want to be able to live the dream just like anyone else – and that means owning your very own home.

However, like many people in this economy, it’s becoming a fact of life for thousands of people to be turned down for traditional financing. This is not good for our economy because the less people who qualify for mortgages, and thereby buy houses, the worse our economy gets.

That’s why many private lenders are offering no doc mortgage loans. These loans are made just for people who have terrible credit situations. They are very similar to stated income loans, but vary in difference. With no doc loans, you provide no documentation at all and the lender goes by whatever you say in regards to income you make. They don’t check it out for themselves and will take your word for it. You’ll usually pay a lot of money in interest charges for a no doc mortgage loan, but for many, many people they seem to think that it’s worth it, and many times it is worth it because the person gets the house they want…or the car they desperately need…or the they get the no doc personal loan that they have desperately needed yet big banks and traditional lenders have done nothing but turn them down.

So, yes for many people the pros outweigh the cons in the matter. Traditional mortgage rates, as of right now, is around 3-4%. Which isn’t too bad. Now if you are approved for a no doc home loan, you can expect that rate in increase dramatically. How much? It depends with each lender to be honest. This is something you’ll have to research further and go with a lender who has a low interest rate. Don’t accept a loan with extremely high interest rates — especially if it’s a large ticket item such as a home because you’ll never pay it off and will always just be paying the interest. Make sure that you’re dealing with a reputable no doc loan lender to ensure your safety and financial security.

No Doc Loans And Stated Income Loans

Many people get these two terms mixed up and therefore need to understand their various roles in the personal loan world. No doc loans are considered slightly more difficult to obtain they require no doc (documentation). You have to find the right type of lender who is willing to give you this type of alone, however it is entirely possible and they are given out everyday by private lenders. They also carry heavier interest charges than traditional personal loans.

So what about the stated income loan…how does that work? In this type of loan, the loan is based on your income, yet the interest rate is considerably lower than a low doc loan. Also, these loans are much easier to obtain because you are laying it all out on the line, so to speak, with your financial information and stated income. If you are interested in this type of loan, you should know that you can still be qualified even if you have bad credit and have a lot of debt. Some people even get these types of loans for debt consolidation reasons. Therefore, these are the two main differences between no doc loans and stated income loans.

No Doc Loans To Buy An Auto

For many people without transportation and verifiable income they usually need to inquire about an auto loan on the basis of a low doc loan. Traditional banks and lenders will not even touch you if your credit is bad, therefore don’t even try to get a standard auto loan from your bank. What you can do is apply for a no doc loan or a stated income loan. Either one of these loans should be able to help you get an auto so you can have a mode of transportation. Just keep in mind that the interest rates on both loans types are higher than loans for normal banks. If you’ve ever bought a vehicle from a ‘buy here, pay here’ car dealer, then you can expect comparable interest rates. However, due to the declining economy and banks refusing to loan money like they used to, many people are opting for these no documentation need loans everyday. If you’re on the fence about applying for one of these loans, the best advice we can give you is to go ahead and try it to see if you’ll qualify. With so many private lenders out there, it should be too difficult to get approved. Tip: compare interest rates from private lenders to ensure that you will get maximum benefit and the lowest interest rates as possible.

No Doc Loans To Start A Business

Do you have an outstanding idea for a business, yet can’t seem to find an investor, bank, or lender to help you finance the idea? Maybe you’re trying to expand but the cashflow just isn’t there. Well, if that’s the case then you certainly need to be looking into no doc loans for business owners. There are so many good people out there with great business ideas, yet no one wants to give them a chance just because they made a few mistakes in the past and now have bad credit and debt piling up?

That doesn’t make sense to us… and it doesn’t make sense to the investors who are willing to loan you cash right now…no doc needed. What should you look for when applying for these non conforming loans? You should look for a great interest rate provided by the personal loan lender. If you feel as though you aren’t getting a great APR % on the loan, don’t be afraid to shop around. Don’t accept the first stated income loan or no doc needed loan that comes across your desk because a lot of these private lenders like to push the APR % boundaries and get as much interest as possible. Make sure to research the no doc loan lender’s business before you make an obligation and accept the loan offer.

5 Responses to No Doc Loans

  1. I would like to apply for a loan for home improvements on my property. Please contact me asap. I have a full time job plus receive a monthly Social Security payment however, I am a 1099 employee so I do not have paystubs.


  2. i want to apply for a no doc loan please

  3. Hello. I have a business income net between 20,000-50,000 per month. I am interested in pre-qualifying for a Jumbo loan up to 1mil for a single-family dwelling purchase. Could you please email me on my options. I like the idea of a no-doc loan if possible…Thank You…Brittany

  4. We are interested in purchasing a vacation home. I am looking for a no doc loan with 20% down. Willing to pay higher ineterest rate. My wife and I are both physicians.

  5. I would like to apply for a no doc loan. Please contact me asap. I have a full time job that i have been at for over 2 years.


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