No Doc, No Fax Loans Equal Faster Approvals, Less Hassles
When you need cash fast, a no doc, no fax loan can get you speedier approvals. Finding and faxing documents and then having them verified by lenders can take lots of extra time. This can keep you from getting your cash when you actually need it.
These loans also work great for those who are self-employed, freelancers, independent contractors, or commission-based sales professionals. Sometimes, these workers have a tougher time documenting and verifying all their income. A no doc loan can eliminate the need to do so. Some borrowers also prefer no doc loans for privacy reasons. They don’t want others to know exactly how much money they make or they don’t like others having access to their personal and private information.
Credit Scores and No Doc Loans
Typically a no doc loan is based on your credit score and rating. If it is above a certain level it shows the lender you are a good credit risk – even if you can’t document all your income. You will still have to provide basic information, including your social security number so the lender can access your credit report and score.
Any other information that is needed is included in the secure, online application. That means no faxing of sensitive documents and no requirement to go to a bank and show your paperwork to a loan officer. You can do everything quickly and easily from the comfort of your own home.
Other Low Doc Options
If you’re self-employed or work on commission and receive irregular paychecks you may also want to consider a low doc loan. This is similar to a no documentation loan, but you can get a lower interest rate by providing basic documentation, such as your most recent tax return.
Other Types of Low Doc Loans
You can also qualify for business and short-term cash with other loans that require minimal paperwork. One type of business loan is based on a percentage of your credit card receipts. There is also a personal loan based on your paycheck called a payday loan.
For the business loan, the lender reviews your credit card receipts each month and extends you credit based on a percentage of the receipts. If your business consistently brings in $10,000 a month, you might qualify for a $5,000 loan against your future credit card receipts.
For payday loans, the lender reviews your paycheck to see how much you make and how often you get paid. You usually need to earn at least $1,000 each month to qualify. They also base the repayment schedule on when and how often you get paid. Some will require a one-time payment on your next pay date, while others may offer installment payments. Installments are a series of payments instead of one lump sum payment.
For example, if you get paid every two weeks, you may receive three pay periods to pay back the loan. So you’d have six weeks instead of only two weeks to take care of the debt.
The Advantage of Competing Lenders
It’s always a good idea to compare lenders – no matter what kind of loan you decide to apply for. By reviewing more than one loan offer you can compare rates, terms and paperwork requirements. This places you in the best position to make a sound decision.
Loans.net gives you that advantage. We offer many different kinds of loans and access to a huge network of lenders. With one simple and secure online application, you get your information in front of hundreds of lenders.
Some lenders provide you instant approvals, while others may ask you for more documentation. But you get to decide, which loan makes the most sense for you – all things considered. You can review costs, interest rates, repayment terms, and documentation requirements before making your decision.
Always read the loan offers carefully and make sure you are clear on all terms and costs. If not, ask your lender to make it clear and don’t move ahead with the loan until you completely understand your obligations.
Pay Nothing Unless You Find the Loan You Want
And you don’t pay anything unless you find the loan you want. There’s no fee to complete an application or submit it to the lenders. You only pay if you accept a loan – and then the cost is usually factored into your loan payment. So no upfront fees.