When you work for a company, they typically pay you through paychecks. When you get a paycheck, you also receive a pay stub. Your pay stubs prove that you have a job, and they show how much money you earned for a specific pay period. If you do not have pay stubs, you might face some trouble if you need to get a loan. How can you get a loan if you work for yourself and do not have pay stubs to prove your income? There is a solution, and it is called a self-employed bank statement loan.
What Is a Bank Statement Loan?
A bank statement loan is a loan that some lenders offer to people who need to borrow money but do not have any proof of income. Instead of the lender asking you to provide pay stubs to prove your income, they ask you to supply them with copies of your recent bank statements. If you have a bank account, it might show that you have money coming in regularly. It can also show that you have money in your bank account, and it reveals the expenses you have. Through a bank statement loan, you can borrow money by providing your bank statements as proof of your income.
Can Anyone Else Benefit from a Bank Statement Loan Besides Self-Employed Individuals?
Bank statement loans are ideal for people who earn money but do not receive pay stubs. For example, if you are on disability or receive income through some type of investment each month, your bank statements will show these deposits. As a result, you can prove that you have money coming in from a different source on a regular basis.
What Do You Need to Get One?
The good news about bank statement loans is that you do not need much to qualify for one. You must be 18 years old to apply, and you will need to prove that you have income through your bank statements. They might ask for one or two bank statements or many, and if your statements show that you have money coming in each month, you likely qualify for one.
Would you like to find a lender that will issue you a loan if you do not have pay stubs? If so, look for a lender that offers self-employed bank statement loans, such as Blake Mortgage. They can help you apply and get approved for the loan you need.
