Stated income loans are a special kind of loan that does not require verification of your income history. In most cases, all that’s necessary is to fill out an application and have it processed by your intended lender. In effect, the applicant is taken at his/her word, since no checking is done on current or past income levels. Here are some of the benefits of acquiring a stated income loan.

Fast Application Process

Anyone who has applied for a traditional loan from a bank can tell you that it will probably take a month or two before all the paperwork has been reviewed, and the loan application has been processed. With a stated income loan, most of this processing is bypassed, and you can have money in your hands much more quickly.

Less Lender Interference

Whenever you’re applying for a loan from a traditional lender, they will probably want to be heavily involved with any decisions necessary on your part. Banks are notorious for involving themselves in how you spend the money, and in exactly how much you can afford to borrow. With a stated income loan, the loan repayment will be calculated for you, and you make a decision on whether or not you can afford that repayment plan.

Self-Employment Loans

It is often extremely difficult for someone who’s self-employed to obtain a loan from a traditional lending institution. Self-employment often involves erratic income flow from one month to the next, and traditional banks have a problem with this. You’ll have a much better chance of getting some kind of self-employment loan when you’re applying for a stated income loan with an alternative lender than you would with any bank.

Are stated income loans right for your small business? 

At Acquisition Capital Solution, we offer a number of alternative financing products, including stated income loans. Contact us today to find out how one of these loans can help your small business, and how we can help you acquire the funding you need.