Low Doc Personal Loans

If you are self-employed or earn an irregular income you may still be eligible for a loan. Find out here about your low doc options.


If you are in need of a personal loan you may feel limited by some of the eligibility requirements. Income and assets can be difficult to prove if you are self-employed or your wealth is tied up in investments. If this is the case, opting for a low doc personal loan may be an option to consider.

We don’t currently compare any low-doc personal loans. If you’re self-employed and considering a personal loan, compare your options by following the link below.
Compare self-employed personal loans

How do low doc personal loans work?

Low doc personal loans are sought by people who may not have the documentation required to apply for more traditional personal loans. They may be an option if you can’t prove a regular income, for example if you are self-employed, or your income comes from investments. As these loans are risky for lenders, they may come with higher rates and fees.

What features come with these loans?

Low doc personal loans generally come with the same features as other personal loans, as well as flexible eligibility features which may make them an option for people who do not qualify for other forms of credit. Some of the features include:

  • Standard application. These loans require less documentation than others, but the application process is usually the same as for a regular personal loan. The lender still needs evidence that you are able to repay the loan, whether it be through tax statements or bank statements.
  • Fees and rates. As these loans require less proof of financial stability, lenders may charge higher fees and rates to offset the risk of lending the money.
  • Variable or fixed. Depending on the loan you opt for you may be able to select a fixed or variable rate option to suit your financial needs.
  • Flexible loan purposes. Low doc personal loans may allow you to borrow money to finance personal or business needs, making them a suitable option to consider for various types of loan requirements.

How self-employed applicants can be approved for loans

There is no one way to make sure you are approved for a loan, but here are a few options to keep in mind if you are looking for finance while receiving an irregular income:

  • Consider a guarantor. By applying with a guarantor you give the lender a guarantee that the loan will be repaid.
  • Apply with another person. A joint application is different to a guarantor. You and the person you apply with are equally responsible for the loan. You both need to meet the criteria but it can also help bolster your application.
  • Have at least two years of tax returns. This is a standard requirement for lenders, so ensure you have this when you apply.

Weigh up the benefits and drawbacks before applying

  • These personal loans are an option for people who may not be able to apply for traditional personal loans
  • Less documentation is required to apply for these loans, which makes for a quick and easy application process
  • Low doc loans tend to have higher rates and fees
  • You may find fewer features and less flexibility than other personal loans

Is there anything to consider before you apply?

Before you apply for a low doc personal loan, consider the following:

  • Do you need the loan? The low doc features of these loans may attract borrowers for the wrong reasons. If you do not have a reliable income or stable assets to show as evidence to a lender, then you may want to consider your ability to make the repayments. Decide if your financial situation is stable and if any changes could occur that may affect your ability to repay the loan.
  • Have you planned your repayments? Not planning for a loan and how you are going to repay it is a common mistake, but one that can cost you if you miss repayments. Calculate your repayments and work out whether they are manageable on your budget. This is even more important for low doc loans if you earn an irregular income or have unstable assets.
  • Why are you applying? The purpose of the loan should also be considered. For example, if you are looking at financing a car then consider a secured personal loan as you may be able to get a lower rate. If you want to make improvements to your home you can consider a home equity or line of credit loan.

Here’s how you can apply

To apply for a low doc personal loan, conduct thorough research on available lenders. From there you will need to provide proof of your identity and also certain financial details. Eligibility requirements differ for each loan and you can check these by clicking on the name of the loan and reading the review page before applying. To apply, you will generally need to be over the age of 18 and be a permanent New Zealand resident. Lenders differ on their credit history requirements.

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