No Doc Equity Loan - What Exactly Are They?

A no doc equity loan is basically a home loan against your house that won't require any proof of documentation on your part. Normally you would submit income documentation, job verification documentation, have your credit pulled, and there might be some other documents that they might need, but with a no doc equity loan you won't be concerned with about any of those documents.

The finance company will pull your credit and as long as your credit is high enough and you have sufficient equity, then you get the loan. This type of a loan is not for every single situation, but for the right type of situation it can be a great loan.

If you are work for yourself, then a no documentation equity loan could be for you. You will not have to show income, which can be difficult for some businesses. You won't have to verify your job, which can also be very hard for business owning individuals. You will, however, have to pay a higher interest rate with this type of loan and you might not be able to get as much of a loan as if you prove income and job.

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

Servers, Bartenders, and all others that have difficulty proving their real income can greatly 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.

By: Gressly G. Stevens

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