no loan

A no documentation loan (no-doc) or low documentation loan (low-doc) refers to loans that do not require borrowers to provide documentation of their income to lenders or do not require much documentation. It is a financial product commonly offered by a mortgage lender to consumers who cannot qualify for normal loan products because of fluctuating or hard-to-verify incomes, such as the self-employed, or to serve long time customers with strong credit. Applicants are often required to provide a substantial down payment, i.e. a larger deposit either through equity in security or personal savings.
Self-employed, unemployed, seasonal workers, and new immigrants generally struggle to meet strict requirements to qualify for loans. A loan with few to no documentation or credit history requirements is easier to qualify for, but generally carries a significantly higher interest rate. The term came to prominence during the 2008 financial crisis when up to one-third of all new mortgages issued were no-doc or low-doc loans.

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