liar’s loan n. money borrowed from a financial institution under false pretenses, especially in the form of a “stated income” or “no-doc” loan which can permit a borrower to exaggerate income. (source: Double-Tongued Dictionary)
Further reading
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Are there words and phrases that you misunderstood for an embarrassingly long time? Maybe you thought that money laundering literally meant washing drug-laced dollar bills, or that AM radio stations only broadcast in the morning? • A moving new...