As simple as the name sounds, a stated income loan is a loan you receive by stating your income to the lender, and the lender takes you for your word. There is no need for the lender to verify your income by looking at your income tax information, income forms, or other income records. They choose to believe your word and work with that to process your loan amount.
Your experience with applying for other loans will tell you that stated income loans are just the swiftest loans to secure based on the application process and requirements. Here are the benefits of an indicated income that you shouldn’t miss out on.
1. It is the Loan for the Self Employed
Employed people usually have the upper hand in getting personal loans since they can easily verify their income with necessary papers. For the self-employed lot, the case is usually not the same. However, with the help of a stated income loan, self-employed individuals can also enjoy financial freedom and get a loan easily when they need one.
The conventional lenders require that one produce documentation to prove their regular income claims, which isn’t usually possible with self-employed individuals. It is as if this type of loan was created with the self-employed in mind. It makes it easier for them to get the money they need to expand their businesses or finance a home.
2. It Has a Quicker Application Process
You must have tried the traditional loan options, and you will agree they are never fast. Because you must provide several documents as proof of income in a traditional loan, the loan must always take time to actualize.
Stated income loans do not require as much paperwork and thus reducing the processing time of the loans. You can get your loan processed within your timeframe of need and therefore put the money into appropriate use.
3. You Can Use It Flexibly
You can use a stated loan for whatever you want makes it even more attractive to borrowers. On the other hand, borrowers run from bank loans since they tend to dictate what you use the money for and even determine how much you borrow.
All you’re required to do in a stated income loan agreement is to diligently adhere to the monthly payment. Whatever you do with the money is your business.
Get Your Stated Income Loan Today
Once you have the right partners like Alternative Capital Source, you can rest assured knowing you will have an easy time securing your loan. Get in touch today for a quick loan-processing experience.