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 on 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 it’s a stated income product, you will not have to prove financial documents, including taxes, W-2s, or pay stubs.
WHO USES IT?
The self-employed, 1099 contractors, or any existing businesses that write off most or all of their taxable income, or even take 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 your working capital needs.
WHY DO I NEED THE NO DOC PRODUCT?
DO YOU WRITE OFF ALL OR MOST OF YOUR INCOME ON YOUR TAX RETURNS? If you are self-employed, a business owner, or a 1099 contractor, there is a very high probability that you will be asked to verify both business and personal income taxes. If your 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 NORMAL BANK LOOK AT MY PERSONAL TAX RETURNS TO QUALIFY ME FOR A LOAN?
They think your 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 your real income is only $10.000 a year or $833.33 a month. With your existing monthly bills (houses, cars, credit cards, student loans, etc.), your 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 (according to the adjusted taxes) 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 4506-T form to the IRS. Your income is based on what you tell us it is. It’s stated and not verified. A 650 minimum personal credit score is needed to qualify. Our product highlights are below.
1. taxes
2. pay stubs
3. bank statements
4. w2
PRODUCT HIGHLIGHTS
Income is stated instead of being proven. Taxes, W-2s, or pay stubs 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 through a probationary phase to qualify for more in the future.
Clients who 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 loans. Terms are up to 7 years. Loan payback is paid once a month. Not Daily.
Thinking of Starting a New Business?
Now is the time! With our society ready to get back in action (safely), new business concepts are quickly emerging with creative flows for serving the public without the high risk of spreading the virus. Put your innovative business concepts into play, and connect with us to get the funding you need to start your newest venture!
Financial restraints have been a complaint for many of the dreamers, limiting them to their immediate funds. There is an alternative. If you have the dreams and decent credit, Small Business Loans and No Doc Loans are available to you. Our goal is to provide you with the knowledge you need and the resources available to make your dream a reality. Give us a call – we have the education and the perspective to help you obtain the loans you need for your small business. Visit our website or give us a call to find out what financial backing is available to make your business soar!
Unsecured Finances has over 10 years in the consulting business! We specialize in educating and assisting clients on acquiring Unsecured Business Loans and Start-Up Business Specialty Loans, including Unsecured No Documentation (No-Doc Stated Income) Loans, Unsecured Business Loans, and Unsecured Start-Up Business Loans and Lines of Credit from $10,000 to $500,000 without Assets.
Apply on our website to find out if you qualify, or call today for a free consultation: 1-888-294-2584
