NO DOC LOANS
- YOU DON’T PROVE TAXES W2'S OR PAY STUBS
- USEFUL FOR THE SELF EMPLOYED, 1099 CONTRACTORS, OR BUSINESS OWNERS
- NEED A 680+ PERSONAL CREDIT SCORE (COVID RELATED)
NO DOC STATED INCOME BUSINESS AND START UP BUSINESS LOANS
WHAT IS A NO DOC LOAN OR LINE OF CREDIT?
Our no doc loan is a loan underwritten using stated income. Stated income is using the gross amount of income that you made for the year. All the income you made before tax write offs. Since its a stated income product you will not have to prove financial documents including corporate or personal taxes, w2's or pay-stubs.
WHO USES IT?
The self employed, 1099 contractors or any existing business that writes off most or all of their taxable income or even businesses that show a loss on their taxes can qualify. Using stated income (the total income you actually make gross NOT what you show after deductions) allows you to show more income to maximize you're working capital needs.
WHY DO I NEED THE NO DOC PRODUCT?
DO YOU WRITE OFF ALL OR MOST OF YOU'RE INCOME ON YOUR TAX RETURNS? If you are self employed, a business owner or a 1099 contractor their is a very high probability that you will asked to verify both business and personal income taxes. If you're taxable income does not meet the minimum underwriting requirements (adjusted income is too low) then the loan will be turned down leaving you frustrated without the working capital needed to run your business.
HOW DOES A BANK LOOK AT MY PERSONAL TAX RETURNS TO QUALIFY ME FOR A LOAN?
A bank, credit union or online lender will look at your adjusted gross income. This is the income you claim you make to the IRS after all deductions.
HOW DO WE QUALIFY YOU FOR FINANCING?
Simple. We use stated income. We don't ask you for taxes, paystubs or W2's. You're income is based off what you tell us it is. Its stated and not verified. A 680 minimum personal credit score is needed to qualify. (Covid related) Our product highlights are below.
Income is stated instead of being proven. Taxes, W2’S or Paystubs are not required. Higher stated income means a higher loan approval.
Clients that have higher debt utilization or more maxed out credit will qualify for smaller amounts ($10,000 to $15,000).
All industries and occupations are allowed. This includes business owners, 1099 contractors, and cash only paid clients.
Clients with light credit or low trade lines will qualify for a limited amount of funding. (up to $35,000) until credit becomes more established.
Our no doc loans are NOT ACH or factoring loan. Terms are up to 7 years. Loan payback is paid once a month. Not Daily.
Clients need a minimum credit score of 680+ (Covid related) to qualify.