What is the primary advantage of a "no-doc loan" for borrowers?

A "no-doc loan" primarily benefits borrowers with faster approval times due to the minimal paperwork required. Since these loans do not require extensive documentation, such as proof of income or employment verification, lenders can process applications more quickly. This is particularly advantageous for borrowers who may need funds urgently or who want to avoid the lengthy processes often associated with traditional loans that require full documentation.

The speed of approval can make no-doc loans appealing to self-employed individuals, freelancers, or those with non-traditional income sources who may find it cumbersome to gather the necessary documentation for a more conventional loan. The other options may sound plausible, but they do not capture the essence of the main benefit that no-doc loans offer to borrowers; particularly, they could involve factors like higher fees or interest rates, and loan amounts might still require some level of verification.