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Wednesday September 17, 2008
Not every online loan requires a large amount of documentation. A low doc loan can be useful for people who do not have many identifying documents or who prefer to remain as discreet as possible about their details in order to protect their privacy. A no doc loan can also be a popular option for such people, although the disadvantages of a low doc loan are even worse for a no doc loan.
A low doc loan can have the advantage of speed and privacy, but it will usually offer far less to borrow. Sometimes you may even be asked to provide security for a low doc loan as well, and the loan term may only be a few weeks or months rather than years. Higher interest rates can also be quite common for low doc loans, so other forms of online loans may be preferable if you would prefer to save money rather than maintain a high level of privacy.
Please visit our comparison page if you would like to compare personal loans or feel free to browse our site to read more about the different types of loans available or to find out about applying for online loans.