Home » Loans » Business » Low Doc Loan
What it is
A low doc loan is a flexible solution for a self-employed individual who is looking for a loan, but who may be unable to provide a financial institution with proper documentation at the time of the loan application. Individuals who will qualify for a low doc loan have income and assets, but may not have financial statements or tax returns readily available. Instead of requiring proof of income, an applicant will be asked to fill out an income declaration form along with a standard loan application.
With low doc loans, applicants can choose between many different types of loans, including lines of credit and one-, two-, three-, and five-year fixed loans, as well as business loans and non-business loans. There is a minimum loan amount of $100,000. The loan-to-value ratio is 60 percent for all small business loans, 80 percent for all term home loans, and 75 percent of all asset lines of credit.
Who it's for
Many small businesses find themselves in need of a business loan at one time or another, for a variety of reasons, and a low doc loan can be very convenient. They are available for investment and owner occupied home loans and loans specifically designed to meet the needs of a small business. People who are self-employed or own small businesses and do not have financial documentation readily available prefer low doc loans.
What you need to do to apply
To apply for a low doc loan, a business owner only needs to meet with a financial professional. The only documentation required is an application form and an income declaration form. The lender will take care of the rest by walking an applicant through the process and answering any questions.
Apply for a Low Doc Loan
Click here
to apply for a business loan at PlanetLoan:
Popular Credit Cards
Recommended Credit Card
The The Platinum Card® from American Express is one of the most popular cards available. Your Credit Advisor recommends it as our favorite in this category.
|
|
- Earn 25,000 Membership Rewards? bonus points when you spend $1,000 in your first 3 months of Card membership - redeemable for one domestic round-trip Coach-Class airline ticket!
- Airport Club Access: Access airport lounges around the world, compliments of Airport Club Access Program.
- 24-Hour Concierge Service: From buying gifts to making reservations, the Platinum Card? Concierge is at your service so you can spend your energy doing what you want.
- FINE HOTELS & RESORTS: Receive special amenities and comforts when staying at more than 600 boutique, resort and luxury hotels around the world.
- Apply online now at American Express's Web site.
|
| Intro APR |
Regular APR |
Credit Needed |
Annual Fee |
| No Introductory Rate Available |
No APR |
Very Good |
$450 |
|
|
- 0% Intro APR on balance transfers for 18 months and 0% Intro APR on purchases for 12 months. After that, the APR will be 11.99%-19.99% based upon your creditworthiness. This APR will vary with the market based on the Prime Rate*
- Extra Cash from Citi: enjoy discounts on gift cards, travel, merchandise and more
- Citi® Identity Theft Solutions
- Secure, free online account management
- No annual fee*
- Read our review or apply online now at Citibank's Web site.
|
| Intro APR |
Regular APR |
Credit Needed |
Annual Fee |
| 0% Intro APR* |
11.99% - 19.99%* (Variable) |
Very Good |
$0* |
|
|
- Earn up to 25,000 Starpoints (R) - enough for up to 6 free nights at a category 1 or 2 hotel
- Use Starpoints(R) for free nights and upgrades at participating Starwood hotels and resorts in 95 countries including Sheraton, W Hotels, Westin and more with no blackout dates
- No annual fee for the first year and $45 thereafter
- Transfer Starpoints(R) - almost always on a 1:1 basis - to the frequent flyer programs of over 30 major airlines
- Earn one Starpoint(R) for every dollar you spend and double Starpoints(R) at participating Starwood properties and retail partners
- Express Approval. Get a decision in less than 60 seconds
- Smarter Travel Editor's Choice Award for Best Travel Awards Card for Domestic Use
- Read our review or apply online now at American Express's Web site.
|
| Intro APR |
Regular APR |
Credit Needed |
Annual Fee |
| 2.90% on Purchases and Balance Transfers for 6 months |
15.24% variable |
Very Good |
$45** |
|
|
- No Annual Membership Fee
- Low variable rate of 7.25%, 10.25%, or 13.25% (Prime + 4.00%, Prime + 7.00%, or Prime + 10.00%) as of 4/1/10 based on the creditworthiness. This APR will vary with the market based on the Prime Rate. (If there is an interest charge, the charge will be no less than $1.00).
- Low Introductory APR on balance transfers of 1.99% for your first 6 billing cycles, this rate will not change during the introductory period. Applies to balance transfers processed within three months of your account open date. After that, your APR will be the same as your assigned purchase rate, based on your creditworthiness.
- Online Access to Credit Card Account Information
- Apply online now at the card issuer's Web site.
|
| Intro APR |
Regular APR |
Credit Needed |
Annual Fee |
| 1.99% APR for 6 Months |
7.25%, 10.25%, or 13.25%* |
None |
$0 |
|
|
- Earn 10,000 Membership Rewards(R) bonus points when you spend $500 in 3 months - redeemable for a $100 gift card!
- The Membership Rewards program - Turn your everyday purchases into Membership Rewards points, and then redeem them for an amazing collection of travel, shopping, dining and entertainment rewards.
- Gold Card Events - exclusive access to tickets for select concerts, shows, major sporting events, and more in cities nationwide.
- Express Approval. Get a decision in less than 60 seconds.
- Read our review or apply online now at American Express's Web site.
|
| Intro APR |
Regular APR |
Credit Needed |
Annual Fee |
| No Introductory Rate Available |
No APR |
Good |
$125 |
