Definition: A stated asset loan is a type of low-documentation loan. Your lender asks how much money you have stashed away, and they take your word for it.
Of course, qualifying for a stated asset loan is not always easy. At a minimum, you have to have good credit. Note that you are supposed to tell the truth about your assets even though they don't ask for proof.
Stated asset loans are useful for people who have difficult-to-value assets and those who want to keep their wealth private.
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Also Known As: Liar loans
Examples: I'm getting a stated asset loan so I don't have to hunt down my account statements.
