Quicken Loans notes that no income verification loans (or NIVs) are loans that do not require applicants to prove income through pay stubs and W-2 forms. These loans are often mortgages and are primarily for the self-employed and those paid through commission.Continue Reading
Properties by Gold reports that because no income verification loans are underwritten based primarily on what the applicant reports as earnings, they often carry higher interest rates than traditional loans to compensate for the additional risk of the financial institution. These loans allow applicants to use cash flow rather than net income to obtain the money they need.
Bankrate notes that no income verification loans may also be called stated income loans. A traditional home loan may not be available to self-employed or commission-based salary individuals because a traditional home loan is based on credit worthiness and at least two years of tax returns.
No income verification loans allow an applicant to prove income through other means, though it may require a high credit score, a higher down payment and proof of liquid assets to cover all expenses, including the proposed mortgage, for up to six months, reports Bankrate. Applicants must be prepared to prove their ability to repay the loan through letters from an accountant or employers, 1099 forms or other methods of verification.Learn more about Personal Loans
ACE Cash Express notes that applicants for a car title loan do not have to be employed, but should be able to prove a consistent income stream. Applicants who apply for a title loan online are required to provide banking account information to facilitate the transfer of funds if approved for the loan. In-store applicants are not required to have a bank account to apply for a title loan.Full Answer >
In order to get a low-interest personal loan, applicants should research financial institutions that offer low-interest personal loans, compare loan offers and increase their credit rating as much as possible before applying. If the applicant is willing to put up his house, car or another type of collateral, he might be able to get a lower interest rate on a loan.Full Answer >
Facts about guaranteed cash loans include the fact that legitimate lenders and financial institutions can't claim that anyone is guaranteed a loan, the Federal Trade Commission notes. Banks and other financial institutions always evaluate credit before determining whether or not an applicant can obtain a cash loan.Full Answer >
To start the pre-approval process for a home loan, be prepared to supply pay stubs, bank account statements, tax returns and W-2 forms for the last two years, according to Credit.com. Other required documents showing additional income may include social security payments, alimony, or interest and dividend income.Full Answer >