NO DOC LOANS
- YOU DON’T PROVE TAXES W2'S OR PAY STUBS
- USEFUL FOR THE SELF EMPLOYED, 1099 CONTRACTORS, OR BUSINESS OWNERS IF YOU WRITE OFF ALL OR MOST OF THE INCOME ON YOU'RE TAXES
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 based off stated income. Stated income means your true income. The total income you made for the year. Checks, cash, credit cards and any other income that you made. Since its a stated income product you will not have to prove financial documents including taxes, w2's or pay-stubs.
WHO USES IT?
The self employed, 1099 contractors or any existing businesses that writes off most or all of their taxable income or even takes a loss. Using stated income (the total income you actually make gross NOT what you show after deductions) allows you to show more income and maximize you're working capital needs. Our investors look at different aspects of your credit file to determine your borrowing power.
WHY DO I NEED THE NO DOC PRODUCT?
DO YOU WRITE OFF ALL OR MOST OF YOU'RE INCOME ON YOUR PERSONAL 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 underwriting requirements then the loan will be turned down leaving you frustrated without the working capital needed to run you're business.
HOW DOES A NORMAL BANK LOOK AT MY PERSONAL TAX RETURNS TO QUALIFY ME FOR A LOAN?
They think you're adjusted gross income (income after tax write-offs) is your income. If you make $100,000 a year and write off $90,000 a year as business related expenses then you're real income is only $10.000 a year or $833.33 a month. With you're existing monthly bills (houses, cars, credit cards, student loans etc.) you're ability to pay them back (making $10,000 a year) is even worse. If your tax returns make you appear on paper that you're living off the cash flow of the business then you're not profitable and won't qualify for financing.
HOW DO WE QUALIFY YOU FOR FINANCING?
Simple. We use stated income. We don't ask you for taxes, bank statements or a 4506t form to the IRS. You're income is based off what you tell us it is. Its stated and not verified. A 650 minimum personal credit score is needed to qualify. 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 who have had a few problems in the past (late pays, collections, charge offs) may qualify for smaller dollar amounts ($10,00 to $20,000) and go thru a probationary phase to qualify for more in the future.
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.
Call Us at 1-888-294-2584 and ask to speak to one of our loan specialists today!
Our no documentation loans and lines of credit are perfect for the self employed or businesses that don't show enough profit on their tax returns or cannot prove their ability to pay the loan back because they write all their profit off.
If you have ever been turned down by a bank because you can't prove your income we can probably help you!
Our most popular unsecured business and start up specialty loans
- ALL industries allowed!
- Cash only businesses allowed!
- Only need a 650 FICO score minimum to qualify.
- Home based businesses ARE allowed!
- Small business owners don't show taxes. Income is stated, not verified and not proven. Benefits low profit margin businesses!
- NOT a factory/ACH! Loan payments monthly, NOT daily!!
- Can show a loss on taxes
- UP TO $500,000!