Finding yourself in need of a loan isn’t always comfortable. The mere idea of loans comes with so much baggage in and of itself, doesn’t it? Not to mention it’s never as easy as just walking into a bank and requesting a loan. It usually involves specific documentation, information, and restrictions. This can get particularly hard if you’re not conventionally employed or a United States citizen. It’s harder to qualify for loans this way. In such cases, the best way to go could be a no doc loan.
What is a No Doc Loan?
A no doc loan is a loan that does not require tax returns or pay stubs to show to the lending institution. This means that while most loans will ask for proof of income, no doc loans (or low doc loans) won’t ask for this much information. This allows for people who generally can’t meet regular requirements can still apply and receive a financial loan.
It is important to note that while it is easier to qualify for a no doc loan, it does entail certain conditions. These often mean that a larger deposit or down payment t is required, or that the loan will have a higher interest rate or up to %70 cash out only.
Who No Doc Loans Are For
Given their less strict requirements, no doc loans strongly benefit people who can’t provide tax returns as a proof of income. This applies to those who are self-employed, freelancers. Seasonal employees, or straight-up unemployed. Since these people can often struggle to meet certain loan requirements, a no documentation loan can help them find the financing they’re looking for.
Additionally, no doc loans can help recent immigrants to the United States. People who haven’t lived long enough in the country, such as relatives or students, have a harder time building good credit or enough income to take a loan against. These are also the people who are often in need of such loans in order to buy or refinance . Since no doc loans have lower standards, it’s easier for immigrants to obtain them.
US Direct Lender
The whole process of obtaining financial loans can be quite complicated. It’s a thorough process that can get nerve-wracking or even anxiety-inducing depending on your current situation. This is why you don’t want to be alone throughout this. You need someone there to advise you on what would work best for you. After all, finances aren’t for everyone.
Our first instinct is to turn to banks. It’s normal, since it’s what we know. But these monolithic international banks can be quite intimidating. They’re too corporate, and you never quite know what’s going on in there and on top of that their rates most of the time are higher because of their high overhead. This is why trusting a smaller, more personal institution like US Direct Lender can be a lot more comfortable. We are here to help you out with any doubt you may have, no matter how small. Contact us, either through our website or by calling us at (626) 460-8900. Our NMLS number is 1826089. We look forward to assisting you on this new financial journey.