Want to borrow money without documentation? Lender looks more closely where you can apply without presenting documentation such as paychecks and annual statements.
Because it depends a lot on where you apply, but one thing is certain. It is only when you apply for a loan online that you can get rid of the documentation.
We always recommend that you fill out at least 2 applications, to ensure the lowest interest rates and highest chances of approval. It is free and mandatory to search all companies in the list.
Tired of the stringent documentation requirements?
Are you tired of the stringent documentation requirements of the bank, or of certain online loan companies? Then loans without documentation can be a solution for you. You may not want to present annual statements or paychecks.
It may be you are unemployed or just think it is primary. In all cases, you can avoid this with a few online providers.
You may even be lucky enough to not have to disclose the CPR number and other sensitive information, but this is typically only possible with the very small loan amounts from 500 to 5,000 dollar. As long as the amounts are approaching a certain size, you must come up with full identity and income information.
Only possible online
As mentioned, this is only possible online and the bank will certainly require all the documentation they can require. They already know your CPR number, but will also ask for budget, paychecks and annual statements. It will even be a requirement for you to be eligible for a bank loan.
So be glad for the opportunity, but remember to take it with a reservation.
Without documentation = more expensive loans
The caveat is that loans without documentation are, by definition, more expensive. The most unknown factors are there for the lender, the more uncertain it is that you can repay the money.
In the case where you do not present paychecks / annual statements, etc. It is thus an element of uncertainty for the individual loan company. That is precisely why it is only by small amounts that it is possible.
So always think a second time about whether it is really so bad to show the required information. Borrowing money without documentation will result in higher costs and interest rates in many cases.
Lender generally recommends that you show documentation unless you have a particularly good reason to leave. Because there is no need to force higher interest rates than necessary.