Had to laugh at “different work”—that’s exactly how it felt when I went through the process last year. They didn’t care about my tax returns, but man, they wanted every detail from my bank accounts. I swear, I started feeling like I was prepping for an IRS audit anyway. They even asked about Venmo deposits from my side gigs, which got weird fast. Honestly, it wasn’t easier, just a new flavor of paperwork headache. At least with traditional loans you know what to expect… this felt like jumping through hoops you can’t even see.
Yeah, it’s wild how they swap one set of hoops for another, right? I get why they want to see those deposits, but at some point you have to wonder—does it really give them a clearer picture or just more stuff to nitpick? I remember a lender asking me about a $200 Zelle transfer from my brother. Like, does that count as “income” now? The whole thing feels like playing paperwork whack-a-mole.
You nailed it with the paperwork whack-a-mole analogy—been there way too many times. Lenders love to act like every $100 Venmo is some secret side hustle. It’s frustrating, but honestly, it’s just the game right now, especially if you’re self-employed. I get why they want to be thorough, but at some point, it just feels like busywork. Hang in there—it’s annoying, but you’ll get through it. The hoops are real, but the payoff can be worth it.
I get the frustration, but I’m not convinced that jumping to these “no tax return” loans is the answer either. Sure, less paperwork sounds great on paper, but you end up paying for it with higher rates or fees. Lenders aren’t just being nosy—they’re trying to cover their own risk. I’ve seen people get burned by these alternative loans thinking it’d be easier, only to regret it down the line. Sometimes the hoops are there for a reason, even if they’re a pain.
Honestly, I get why people are tempted by these “no doc” or “no tax return” loans—jumping through all those paperwork hoops is a nightmare, especially if you’re self-employed. But yeah, you usually pay for that convenience with higher rates, and sometimes the fees are wild. My friend tried one last year and ended up with a much higher monthly payment than he expected. Unless you’re really stuck, I’d say try to tough out the traditional process if you can. Those extra costs add up fast.
