Loans that are available without income verification are called stated loans. Stated loans are based on a loan applicant's credit scores, according to Mortgage101.
Stated loans are often provided as a way a self-employed person or independent contractor who does not get a paycheck stub can obtain a loan, notes Nationwide Mortgages. These loans usually require a bigger down payment than an income verified loan requires. The loans also usually come with a higher interest rate than income verified loans. Loans of this type are harder to find now than they were in the early 2000s when they were popular with both lenders and borrowers because they are highly risky for lenders and many borrowers defaulted on payments.