Sep 07th, 2023
Get the low down on low-doc loans
If you are a business owner or a self-employed worker, you will know only too well how precious time is. So when it comes to dealing with finance lenders that request endless documentation as a proof of income, getting a loan for your business can seem next to impossible.
Furthermore, due to the nature of some businesses, many self-employed people find it difficult to provide their lender with a conventional proof of income.
If this sounds like you, the solution to your problems could be a low-doc loan.
What is a low-doc loan?
You may know them as ‘self-declared income loans’ or ‘commercial express loans’, but a low-doc loan is similar to a typical loan, just without all the tedious proof of income paperwork that comes with it.
Any business owner or self-employed person who is a homeowner, and has had their ABN running more than 12 months, can request a loan of up to $150k with Rostron Finance without supplying the financial paperwork.
There is no catch. Providing that the asset is for business use and you have clean credit file (e.g. no defaults or a bad credit history), you still get access to all our same great rates, loans and quick approvals, you just don’t have to spend time organising all the financial documentation! Obviously you still have to be able to afford the loan based on the income you are earning but you don’t have to jump through all the hoops with supplying endless documentation.
Some business owners or self-employed people may not own their home or have not invested in a property of any type. Rostron finance can still offer you a low-doc loan if you aren’t a homeowner, as long as your ABN has been running for 12 months you can pay a minimum deposit of 20% (of course, still without supplying all the financial documents that come with a traditional loan).
So whether you are searching for a new work vehicle or your business requires the latest equipment and machinery, finding the right loan has never been simpler, even if you are time poor!
If you’re unsure whether or not you are eligible for a low-doc loan, simply pick up the phone and ask one of our finance specialists. Call us on 1300 70 70 39 and find out how easy it can be to get a great loan today.
