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BUSINESS LOANS

Self-Employed? No Doc Business Loans in Adelaide, Australia can Solve Your Finance Problems

If you are self-employed, you are most likely aware that your finances do not look like most people’s. You may not receive payments in a regular pattern, or you may not receive “traditional” payments. No doc business loans in Adelaide offer a solution because they require only minimal documentation. People applying for traditional loans must provide a lot of personal information such as employment history, income verification, tax documents, and more. However, all you need to qualify for no doc business loans in Australia are a property appraisal and credit check.

The Application Process

If you are self-employed or don’t have the tax documents or income verification you need to obtain a traditional loan, a no doc loan can be a great solution. Applicants should have an excellent credit score because lenders take a significant risk by issuing loans with such minimal documentation. That means that they’ll provide these loans only for people with outstanding credit – or people with less-than-perfect credit at much higher interest rates.

The Price of Privacy

Financial privacy does not come cheap. The more documentation you can provide, the lower your interest rate is likely to be. Because no doc loans allow you an extreme measure of privacy, they usually come with a higher interest rate than other loans. However, some people value their financial privacy or just don’t have the documentation required for a traditional loan, and for these people, the higher interest rate may be worth it.

Low Doc Loans – an Alternative

No doc business finance in Adelaide isn’t your only option. There are other types of loans to consider that do not require as much documentation as traditional loans. These low doc loans, which are also good options for people who earn money in non-traditional ways, include:

No income verification loans: for this type of loan, you’ll have to show your employment history, assets, and income, but you will not have to provide documented verification of income; you’ll need only a statement of income.
No ratio loans: applicants are required to show their employment and assets, but will have to neither document nor state their income.

Low doc loans have lower interest rates and cost the borrower less overall because they require more documentation than a no doc loan, meaning that the lender is taking less of a risk.

Where to Find No Doc Business Finance in Australia

To find a business loan that will work for your unique situation, contact Adelaide Home Loans.

Since 2011, we have been connecting people with the business, home, and personal loans they need, including individuals who have experienced credit issues in the past. If you think you may not be a good fit for a traditional loan because of credit issues, “outside the box” income, or some other issue, contact us right away – there’s always an option. Just because the bank said, no doesn’t mean we will. Leave it to Adelaide Home Loans to help you access the funds you need now.