Ninja loan refers to a no-income, no-job, no-asset loan that is typically offered by lenders with a high-risk appetite. The term has gained notoriety due to the high default rates it tends to attract. However, the financial world has come up with alternative names such as "no-doc" loans, "liar loans," "stated income loans," and "low-documentation loans." These names indicate the relaxed documentary requirements needed to qualify for the loans, a factor that often leads to financial instability. Lenders who offer such loans may be subject to regulatory scrutiny, as these loans are deemed risky and may lead to financial ruin for both borrowers and lenders.