A no doc equity loan is basically a home loan against your home that does not want any documents on your part. usually you would submit wage documents, job verification documents, have your credit checked, and there might be some other documents that they need, but with a no doc equity loan you don't worry about any of those documents.
The mortgage enterprise will check your credit and as long as your credit is good adequate and you have adequate equity, then you get the loan. This can be a good loan for clear situations, but is not a loan for everybody.
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If you are self employed, then a no doc equity loan might be for you. You won't have to prove income, which can be difficult for some businesses. You won't have to verify your job, which can also be difficult for self employed individuals. You will, however, have to pay a higher rate with this type of loan and you might not be able to get as much of a loan as if you prove wage and job.
