Can I Get a Loan Without a Bank Statement?
Is your bank account running low / do you get paid in cash / have you only just opened your account? If yes, then you might be wondering “Can I get a loan without a bank statement?” Although tricky, it is possible with our guidance & support. Find out how!
Low Doc Loans – When Should You Get One?
Are you in need of a loan and you don’t want to deal with the endless list of documentation required? A low doc loan can help you get the loan that you’re after. What Are Low Doc Loans? Low doc loans are a loan type that is available for self-employed or small business owners who do not have the necessary documentation required to apply for a loan with traditional lenders. Rather than supplying an endless list of documentation, all you will need is a form of income declaration or reduced income. This may include an accountant’s declaration or a business […]
Simple Guide to Low Doc Loans that Banks Won’t Tell You
It is difficult to get your mortgage loans approved when you are self-employed or you’re in the informal job sector. It is because of the unspoken bias against the self-employed as well as new entities and companies experiencing a bad year, or those with seasonal income. Conventional lenders are sceptical about approving their loan applications because they are considered as high-risk borrowers. While employees in established companies can provide employment records, and established business present income tax returns for the past three years—you may not have the financials to prove your income. Corporations who suffered from losses and new entities […]
What Lenders Won’t Tell You About Low Doc Loans
Low doc loans are designed for people who cannot provide sufficient documentation to prove income, as commonly required by banks and traditional lenders. Because of its high-risk nature on the part of the lender, there are some restrictions to it to compensate for the risk of not being repaid. Low doc loans could come with the following issues: Higher APRs and Fees What would a lending company do to ensure that it could recover the borrowed amount in the fastest way possible, before the borrower decides to default on the loan? Most probably, it would increase the interest rate. That’s […]
Low Doc Loans and the Documentation Required
Getting your hands on a loan usually involves a lot of annoying paperwork. You need to bring proof of your payment with a paystub. You need to bring out the tax returns and the W2 forms. You have to pull out bank statements from all of your accounts. Basically, you have to bring in a lot of paperwork that will prove to the bank that you can qualify for a loan. However, not all people can bring this kind of documentation – which is very troublesome if you actually need that loan. In these cases, low doc loans represent a […]
How to Stay Away From Low Doc Loans Hoaxes
Loans are a great way to get back on track. You borrow a good amount of money, you show your collateral, you give them proof that you can actually pay back the loan – and then you go forward with the monthly payments until you are done with the loan. However, that is just the ideal case. For other people, there’s the option of low doc loans. Why Low Doc Loans? Sometimes, we do not have the necessary documentation; and if we do, it may not put us in a very good light – even if we do […]
The Requirements You Need to Meet for Low Doc Loans
So, you’re self-employed and need a personal loan? Well, conventional loans require you to submit payslips, tax returns, and other proof of income, but don’t let that bring your hopes down. Low doc loans allow you to get loans without all that paperwork. It doesn’t matter if you’re self-employed or unemployed. They require you to sign an income declaration form that will constitute the basis of a lender’s assessment. There’s a high chance you get asked about your assets and liabilities. As the lender relies solely on your own declaration, they usually charge higher interest rates to offset the […]
Creative Budgeting – Living on Tight Budgets
Budgeting is the key to save money. How do you save? Do you spend first and save what is left or you save first and spend what is left? Do you save a portion of your monthly income? What if your income is just enough for your monthly expenses? It is time to cut your usual expenses. You may not notice it but you probably have been spending on the wrong item, or you live a lavish lifestyle. Budgeting is normally what moms do and with a little creativity they make the most out of it. Everyone can put themselves […]