A No-Doc or Low-doc loan (abbr: No/Low Documentation Loan) refers to a finance product commonly offered by a mortgage lender to consumers who cannot qualify for normal loan products or do not wish to give up their financial privacy. However applicants require a larger deposit either through equity in security or personal savings.
Self employed, unemployed, and seasonal workers, generally struggle to meet strict requirements to qualify for loans. A loan with few to no documentation requirements is easier to qualify for but generally carries a significantly higher interest rate.[1]