No Doc Equity Loans – What Exactly Are They?

A no doc equity loan is basically a mortgage loan against your house that doesn’t require any documentation from you. Usually you would submit income documentation, job verification documents, have your credit checked, and there might be some other documentation that they might need, but with a no doc loan you won’t have to worry about any of those documents.

The finance company will check your credit and as long as your credit is good enough and you have sufficient equity, then you get the loan. This can be a good loan for certain situations, but is not a loan for everybody.

If you are own your own business, then a no doc loan is possibly for you. You will not have to prove income, which can be very difficult for some businesses. You will not have to verify your job, which can also be very difficult for business owning individuals. You will, however, have to pay a higher rate with this form of a loan and you might not be able to get as much of a loan as if you are able to prove your income and your job.

If you work as an independent contractor, then a no document equity loan might be for you. Independent contractors often have a hard time proving their true income and they can have some trouble verifying their job so this type of loan can work wonders for them.

Bartenders, Servers, and all others that have trouble proving their true income can benefit from an equity loan with no documentation. If you get paid on a regular basis and you have worked at your job for a couple of years, then you do not want this type of loan for yourself and your family.

However, those that struggle to prove their real or true income should consider looking into a no documentation equity loan to help them get what they need.