It stands for "no income, no job and no assets." Whereas most lenders require loan applicants to provide evidence of a stable stream of income or sufficient collateral, a NINJA loan ignores that.
The Stated Income Mortgage Loan Program is one of the most flexible lending options available to real estate investors. Why? Simply put, there is no income documentation, no income verification, no tax returns; and on most transactions (refinances) you will not be required to show any bank statements.
Although it’s possible to qualify for a personal loan with no income, that doesn’t mean it’s a given. Many borrowers may run into a situation where they don’t qualify for a personal loan while they’re unemployed, which can be incredibly challenging if their situation is dire and they need cash now.
No income verification loans [stated income loans] are a great way for self-employed borrowers to purchase or refinance a home without having to provide years of tax returns and bank statements. For those who do declare low income on their tax returns, qualifying for a no income verification mortgage is usually the best alternative to a conventional loan.
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A personal loan with no income verification isn’t always the best solution when you’re struggling with money while unemployed because of the risks it comes with. Nevertheless, it’s still a fallback if you have no other option left.
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Loan Application – No Obligation. At No Verification Loans application is absolutely free with no obligation. Apply now and get cash transferred into your account today! Get Approved Today! The operator of this website is not a lender and does not make credit decisions.
Personal Loan for Self Employed with No Income Proof. In that case, the lenders usually offer the secured personal loan to the applicants by mortgaging their property documents. A borrower needs to submit his/her property documents to the lender so as to get the funds instantly via secured personal loan.