A NINJA (no income, no job, and no assets) loan is a term describing a loan extended to a borrower who may have no ability to repay the loan. A NINJA loan is extended with no verification of a borrower's assets.
No-income, no-assets loan.
Before the housing collapse, borrowers could get no-income, no-job, no-asset mortgages that didn't require lenders to verify income, employment or assets. The NINJA loan, which is no longer on the market, essentially took the borrower's word that the loan application was accurate.
No income, no job, no assets ("NINJA")
The term was popularized by Charles R. Morris in his 2008 book The Two Trillion Dollar Meltdown, though the acronym had been publicly used by some subprime mortgage lenders for some years.
Some types of personal loans, known as secured loans, require the borrower to use collateral. Unsecured loans, like a CreditNinja loan, do not require collateral. At CreditNinja, we offer personal loan products including traditional installment loans.
Applying for an online loan may worry you. After all, the FTC has received over 5.7 million reports of identity theft and fraud. Rest easy knowing that CreditNinja is a legitimate website. CreditNinja uses a Secure Sockets Layer (SSL) Certificate to ensure applicant information is encrypted and safe from interceptors.
Payday loans are short-term loans that are typically $500 or less and are designed to be paid back by your next pay period. Most payday lenders don't check your credit, so these are among the easiest loans to get approved for. However, don't let that sway you.
NINJA loans carried an increased risk for both borrowers and lenders. On the lender side, the loans required no evidence of collateral, which essentially made them unsecured loans. It meant that in the event of a default, the lender could not seize any assets to cover their losses.
These loans are designed to cater to individuals who may not have the standard paperwork, such as tax returns, pay stubs, or other income proof, typically required for traditional loans. Instead, lenders rely on alternative methods to assess a borrower's creditworthiness.
What is Ninja Selling? Ninja Selling is a sales system developed by Larry Kendall and The Group, Inc., Real Estate Associates in Colorado and is now taught nationwide. The system is based on a philosophy of building relationships, listening to the customer, and then helping them achieve their goals.
When will my loan be funded? Once approved your funds will generally be deposited the next business day.
You can get a mortgage with no job but a large deposit if it makes financial sense for you. If you have a good credit history, lenders may be willing to look past your unemployment if you have cash reserves that will help you pay for the loan.
No-income, no-job, no-asset (NINJA) mortgages don't require lenders to verify income, assets or employment. Essentially, with a NINJA loan, the lender takes the borrower's word that the loan application is accurate.
Online application
You'll need to give your name, address, Social Security number, date of birth and other identifying info. CreditNinja's site says it will then do a soft credit check to verify your eligibility for a loan, meaning it won't affect your credit scores.
Most personal hardship loans are unsecured, which means you don't need to own something valuable that you could borrow against. You typically qualify based on your creditworthiness and financial situation. Lower credit scores might be okay. If you're experiencing a hardship, your credit score might have suffered.
You may be able to get a personal loan without income verification if you pledge collateral, use a co-signer or have an excellent credit score. There are several ways to get approved for a personal loan with no proof of income, including applying with a co-signer and securing the loan with collateral.
Some federal credit unions offer payday alternative loans in amounts ranging from $200 up to $2,000. Some credit unions offer these loans without performing credit checks. Fees for payday alternative loans are capped at $20, and interest rates are also capped. Repayment terms can range from one month to 12 months.
Borrower Requirements
OneMain Financial will ask you for a copy of a government-issued ID, proof of residence, and proof of income. The best personal loans for debt consolidation can help you take control of your debt and improve your credit score.
Lenders have tightened their standards, making it harder for applicants to obtain loans of any kind. You can improve your odds of getting credit by having a good credit score and knowing what types of credit you're eligible for.
They have pointed to two policies in particular: the Community Reinvestment Act (CRA) of 1977 (particularly as modified in the 1990s), which they claim pressured private banks to make risky loans, and HUD affordable housing goals for the government-sponsored enterprises ("GSEs") — Fannie Mae and Freddie Mac — which ...
The high interest rates associated with payday loans that often lead to a cycle of debt and systematic predation by such lenders prompted several states to impose strict regulations and outright bans on traditional payday loans to protect vulnerable consumers from debt cycles.
$3000 loans may be available to people with no credit or bad credit, these options likely will come with higher interest rates, fees, or even the need to provide collateral to get approved. If you don't have a strong credit history, lenders might consider you a risk and structure your loan terms with that in mind.
HDFC Bank customers can get Personal Loans with minimal or no documentation. In fact, if they are pre- approved for a Personal Loan, they can easily apply for it.