what is a low document loan?

Answer 1

I am guessing this is a simialr thing to a "self certified load" - where you tell them you can afford repayments - and (oversimplifying a bit) they take you more or less at your word.

Answer 2

It's a loan in which you do not have to provide much documentation. Sometimes you only have to provide a social security number and your last couple of paycheck stubs. But you have to have good credit to get it. To a lender, good credit = trustworthy, which is why they don't make you jump through all the other hoops that you would normally jump through. Those hoops are meant to "sniff out" people that they don't want to loan their money to.