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.
ninja loan by Joe Rodolico September 23, 2007
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Ninja loan
A Ninja Loan is a type of subprime loan. It was described as No Income, No Job, (and) no Assets loan because only things applicant had to show was his/her credit rating.
The phrase was coined by HCL Finance as a name for one of their finance products. They were especially prominent during the United States housing bubble of the 2000s but have gained wider notoriety due to the subprime mortgage crisis in July/August 2007 as a prime example of poor lending practices2. The term grew in usage during the 2008 financial crisis as the sub prime mortgage crisis was blamed on such loans. It works on two levels - as an acronym; and allusion to the fact that ninja loans are often defaulted on, with the borrower disappearing like a ninja.
The phrase was coined by HCL Finance as a name for one of their finance products. They were especially prominent during the United States housing bubble of the 2000s but have gained wider notoriety due to the subprime mortgage crisis in July/August 2007 as a prime example of poor lending practices2. The term grew in usage during the 2008 financial crisis as the sub prime mortgage crisis was blamed on such loans. It works on two levels - as an acronym; and allusion to the fact that ninja loans are often defaulted on, with the borrower disappearing like a ninja.
Business dude 1: "Hey did you hear? Mike borrowed 50 grands then took off for Columbia!"
Business dude 2: "Haha, I expected that; he sure pulled off a nice ninja loan!"
Business dude 2: "Haha, I expected that; he sure pulled off a nice ninja loan!"
Ninja loan by Leingod March 24, 2010
Related Words
ninja loan • Ninjalante • Ninja • ninja'd • ninja turtle • ninja dust • ninja fart • ninja shit • Ninja vanish • Ninja boot
Ninjalante
One who is covert & skilled in the ways of attaining justice, esp. via internet protocol & social networking sites.
A ninjalante is a person who walks a fine line with the law in order to exact what they believe to be justice from criminals, because they think that the criminal will not be caught or will not be sufficiently punished by the legal system.
Ninjalante by Black Floyd March 31, 2009