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No Income
No Asset Loans
by Ellise Walsh
There are a growing number of
lenders in the banking industry who are targeting and focusing on the
non-traditional borrower. One of the products targeted to this market is the
no income and no asset loan. While most lenders require extensive verification
of all income reported by the loan applicant, as well as requiring the use of
certain assets as collateral, these special lenders are willing to lend money
to borrowers who are unable to prove their income in a traditional manner.
For those without traditional employment, finding a loan can be a difficult
process. While most applicants can provide pay stubs, income tax returns and
other verification to prove their stated income, those employees who work odd
jobs, temporary jobs or other non-traditional employment situations are often
unable to provide this type of income verification. It is these consumers to
whom the no income no asset loans are targeted.
Of course, the convenience of not having to prove income or use assets as
collateral does come with a price tag attached. With these types of loans,
that price is generally a higher interest rate than traditional loans. The
annual percentage rates on these loans are generally much higher than the
annual percentage rate to be found on a traditional loan.
It is therefore very important for any prospective borrower to fully
understand all terms and conditions of the no income no asset loan before they
sign any loan paperwork. These non-traditional loans often carry very high
fees for late payments and other typical payment issues. The lender is also
required by law to reveal the annual percentage rate, but this interest rate
disclosure is often found buried in the fine print. If the borrower cannot
find the annual percentage rate, it is vital to ask the lender for the
information.
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