Here’s What You Need to Know About Stated Income Loans for the Self-Employed

Stated income loans for the self-employed are very important because they provide you with a simple way to manage your money and any unexpected purchases. You might have wondered how you could get some extra cash for a big purchase or an emergency that you could never have predicted, and that is where these loans can be a great help.

  1. What Is a Stated Income Loan?

A stated income loan is one where you only need to say how much money you make without bringing any proof. These loans work to a certain extent on the honor system where you can work out a rate and terms based on the income that you have stated. A simple credit check will provide information on what your expenses are, and the loan will be constructed using this information. The approval process is faster, and the loans are not based on any pay stubs and work verifications.

  1. Why Do Stated Income Loans Matter?

Stated income loans for self-employed are a big deal for the self-employed because these loans allow you to get around the traditional paperwork required for any loan. Pay stubs, tax forms, and even the phone number of your employer are needed for most traditional loans, but all these things have been removed from the application process. You tell the agent how much you make, how much money you need, and you can work out a deal that allows you to get your loan funded quickly.

Visit the Moreira Team for more information on a loan that will help your family get through a tough period. You can keep up with your finances, avoid paying excessive fees, and get new loans when they are necessary. It doesn’t matter why you need a loan. You simply need to come in and apply.