A loan provided to an individual that has no source of income, no job, or assets that would typically qualify them for the money. The individual's credit rating is the only thing that the lender would need to verify before issuing the loan. This type of loan was credited with contributing to the subprime loan crisis and the resulting financial crisis in 2008.
Related information about ninja loan:
- NINJA Loan Definition | Investopedia
A slang term for a loan extended to a borrower with "no income, no job and no assets". Whereas most lenders require the borrower to show a stable stream of ...
- No Income No Asset - Wikipedia, the free encyclopedia
[edit] No Income No Job no Assets. A NINJA Loan is a nickname for very low quality subprime loans. It was a play on NINA, which in turn is based on the notation ...
- What is a NINJA loan? - EconLog - Library of Economics and Liberty
Jun 4, 2010 ... On any mortgage application, including a NINJA loan, the borrower must state his or her income, place of employment, and assets. With an ...
- Urban Dictionary: Ninja loan
An acronym for a loan given to a person designated as "No income, no job or assets;" hence - N-I-N-J-A.
- What is a Ninja Loan?
The Ninja loan is a loose acronym from No Income, No Job, No Assets, and the term also represents something of a play on words. Due to the fact that a ninja ...
- Steven Pearlstein - 'No Money Down' Falls Flat
Mar 14, 2007 ... One cheeky lender went so far as to advertise what it dubbed its "NINJA" loan -- NINJA standing for "No Income, No Job and No Assets." In fact ...
- NINJA Loan | Next New Deal
Mar 8, 2011 ... What is a NINJA loan? No, a NINJA loan is not money lent out to someone dressed in black and sporting nunchucks. It's a slang term that ...
- NINJA loan - Wiktionary
NINJA loan (plural NINJA loans) ... Among the products listed on its Web site is the NINJA loan: Even borrowers with "No Income, No Job and No Assets" are ...