Fast Access to Workable, Cost-effective No Doc Loans

Credit approved with no financials provided, is a description of the applying entity. It means the applicant does not have the usual documentation required by banks and lenders to get approved. This includes tax returns, annual accounts, BAS and other accounts and turnover records.

Yes. All types of set-ups and corporate structures can apply for lite doc credit. That includes small entities operating as sole traders, self-employed and ABN holders.

To apply for funding without financials and documentation, applicants will be required to, at a minimum, have an ABN and identification. Applicants are encouraged to prepare simple accounts covering their trading and turnover to date.

Yes. When approved for funds without financials provided in the application, operators may select Chattel Mortgage or another credit product. The selection of credit products also includes Leasing, Commercial Hire Purchase and Rent to Own.

In the commercial lending sector, the reference to ‘equipment’ includes all types of plant, machinery and equipment which is used in a commercial operation. Equipment as deemed an asset by ATO guidelines. That may include many goods across all industries.

Interest rates for commercial funding are offered by lenders based on individual assessments of each application. The rate offered will be determined by the credit profile and ability to furnish the commitment as deemed by the lender. Applications without financials are not automatically subject to higher rates than fully documented applications.

Yes. All types of vehicles can be acquired with lite doc funding. This includes vans, utes, SUVs, wagons and passenger cars. Vehicles must be for use in the operation, under ATO rulings.

The quantity of financials provided in a credit application determine whether the application is for no financials or lite doc funding. ‘No’ implies no financials are available. ‘Low’ implies partial documentation is available.

Yes. Rent to Own can be selected as the credit product for applicants for funding based on having no financials. The choice of credit product should include consideration of the suitability of the features and benefits to the accounting practices and other objectives of the operation.

When approval for funding without financials, operators are entitled to the relevant tax deductions applicable to the credit product selected. The tax deductions vary with different credit products.

The best credit product for an operator requiring funding approval without financials is determined by which is most suited to their requirements. Credit products including Chattel Mortgage, Leasing, CHP and Rent to Buy have varying features in regard to compatibility with accounting methods and other aspects. Operators should review the features of each product in conjunction with an accountant to determine the best option for their profile.

Some lenders will approve lite doc funding applications based on turnover over a 6 month period. Operators can present simple spreadsheets and/or bank statements to verify turnover.

Applications for commercial car funding can be submitted and approved prior to purchase. The application is submitted based on an estimate of the amount required and details of the vehicle to be purchased.

Bank statements are considered as suitable financials to be included in a lite doc funding application. Some lenders approve applications based on turnover and this may be verified by bank statements.

There are lenders that will approve funding applications without all the usual financials including tax returns. In not having an annual tax return, it may be assumed that the operation has not been trading for a full 12 months/financial year. Other or no documentation may be presented. There are specialist non-bank lenders that do approve applications without tax returns.