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no-doc loan |
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no-doc loan Short for “no document”loan, it typically covers three situations in which borrowers cannot or will not provide the documentation typically necessary to evaluate their ability to pay back a loan: (1) a borrower who has regular self-employment income but no tax forms from an employer, (2) wealthy individuals with complex financial lives showing large tax losses every year but an amazing ability to live lavish lifestyles (also called no-ratio loans),and (3) wealthy people with substantial assets but who want maximum privacy and refuse to supply any documentation. All three groups are going to pay high interest rates as a result of their lack of documentation. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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