A no income verification loan is made without requiring the borrower to prove or document their stated income-thus, the income is not verified. NIV loans are sometimes offered to self-employed or unsalaried borrowers where income verification is either difficult to produce or of little credibility. Lenders must consider the increased risk of NIV loans, and usually charge higher interest rates partially to offset the risk. Thus, NIV mortgages are usually Alt-A loans. Second mortgages are often NIV loans. NIV loans are sometimes referred to as "liar’s loans" because the borrower presumably can state any income needed to qualify for the loan.