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No Documentation vs Documentation Loan

Twenty-Spot Personal Funding…

Documentation loans, like business lines of credit and term loans, normally require full verification for the underwriting process. Tax records for example, such as Schedule C statements – from self-employed persons, and a collection of W2’s and/or payment stubs – from employed persons, are requested to demonstrate the income of the borrower.  A verification of liabilities to determine the debt to income ratio, is customarily derived from a credit check. Similar to the traditional documentation procedure is the Low Documentation Loan, which is comparable to the structure of Twenty-Spot’s (The Funding Company’s) MCA funding. This type of borrowing is specifically designed for self-employed individuals (and businesses), who may qualify for a loan with the use of bank statements (or accountant’s statement), showing income or profitability. Certain low documentation lenders could demand a proof of assets or a down payment to secure and obtain the loan. However, Twenty-Spot Loans do not require this additional documentation.    

No Documentation Loan

A No Documentation loan, on the other hand, is a convenient option for consumers with strong credit but who may also have difficulty verifying incomes derived from self-employment. No Documentation loans are generally easier to become qualified, despite the absence of documentation and credit history, though the interest rates will typically be higher.Twenty-Spot (the Funding Company) offers loans with no credit and does not require verification of employment, assets, or income. Borrowers must only supply credit reports. These No Documentation loans are the most popular Personal Funding option and many borrowers are successfully approved. In general, however, the majority of No Documentation loans are said to pertain to businesses and investments as opposed to private interests.

Pre-Qualify with

Twenty-Spot, No Documentation – Personal Funding Loans, qualify credit minimums starting are 650-680. There are also special funding programs available to borrowers with military affiliation at minimum scores of 620.