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What Is A Lo Doc Loan? A Lo Doc Loan is one in which the financial records of the borrower are not required. In the past, people with no financial history would have found it almost impossible to get a loan, but with the LO Doc Loan it is now possible. This type of loan is popular with the self-employed and small business owners. People applying for a Lo Doc Loan will still need to provide a profit and loss statement so the sender can be satisfied that they can make the repayments. Their credit history will also need to be good. Due to the lack of financial history, the lender considers the Lo Doc Loan to carry a higher element of risk, therefore higher interest rates, charges and fees may be charged. Those applying should consider
this carefully, as it will make their total repayments more than with a regular loan. In the past, features present in other loans were not available for Lo Doc Loans, but this is now changing. Some other restrictions still apply on Lo Doc Loans. Anything considered to be high-risk such as CBD apartment units will not be looked on with favour. Also due to the supposed risk, the lender can only offer 80% of the value.Find out more about how you can apply for the lo doc home loan and other types of mortgage products at QuickDirect.
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