Loans without income verification are a dream for those who are self-employed or who have no regular means of income. Can you imagine applying for a loan where the lender doesn’t ask you for proof of income?!
In the early 2000s, borrowers could apply for such a loan and naturally, scores of individuals defaulted. As a result, you have to search long and hard to find an institution willing to fund such a loan today. If you want to buy your dear car then you can also apply small car loans online via https://www.afinu.de/autokredit-der-direkte-weg-zu-ihrem-traumauto/ (also known as “kleinkredite https://www.afinu.de/autokredit-der-direkte-weg-zu-ihrem-traumauto” in German language)
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Nonetheless, you may be able to find certain qualified individuals who will hand you such a loan as long as you meet certain criteria.
People who lend loans without income verification.
There are a few intrepid individuals who are willing to take on the risk of financing these unconventional loans. The funds come from their own pockets and are capped at a million or two – depending on the lender. Most lenders will only lend for 3-5 years.
Sometimes, they may dole loans out in packages. You borrow one, they give you another upon return. The benefits of such loans, of course, are that they overlook spotty income history. In fact, that is why you’re getting them in the first place. The negatives are that these atypical loans come accompanied by high interest rate to offset the risk.
So how can I get one?
Even if you were self-employed all your life, you may still find a lender who will lend you this kind of loan, but you need one thing: an impeccable credit score. You also need to be prepared to plunk down a significant down payment that can be double that of the traditional loans.
So if your conventional mortgage loan was 6%, expect a 10%-12% unconventional percentage plus repayment loans and prepayment that hover in the thousands. These high rates intimidate many from applying: payments are higher and risk of defaulting equally as high.