Though it may seem a bit more difficult to get a loan if you’re unemployed, there’re a few quick cash loan options with no proof of income. You only need to provide some documents showing that your income is enough to pay off the loan.

Ad

Loans for ANY NEEDS
APR from 4.99%

How to prove your income when self-employed?

Every lender needs to take the right approval decision and offer loans only to those borrowers who are not risky and will be able to repay the money on time. This decision depends on various factors. Most of them aim at proving your creditworthiness with the help of assessing your income. It’s easy to check it with employed borrowers while the unemployed and self-employed are more complicated. They can’t provide pay stubs from their employer as proof of regular income. Let’s see how else they can show that they are reliable applicants for a loan.

  1. Tax returns and tax transcripts from the IRS with the details of your adjusted gross income may be used instead of a W-2s or pay stubs. Besides, not only the overall amount counts. The lender can base the approval decision on your profit excluding your loss.
  2. A few weeks’ worths of bank statements can show if you deposit enough money into your bank account. This amount will show if you’ll be able to make fixed loan repayments.
  3. Collateral or co-signer may help you get a secured loan in case unsecured financing is unavailable due to your self-employed status. Besides, a co-signer with good credit will let you get more money at lower interest rates.

What lenders offer loans for self-employed

There’re online lenders that can provide loans for self-employed workers. Check out their offers:

LendYou will help you get the cash you need when you need it. You can apply for Payday Loans, Installment Loans or Personal Loans, etc. Compare the lenders and get matched with the best one.

  • MIN Loan Amount: $100
  • MAX Loan Amount: $35000
  • Terms: Varied
  • Rates and fees: Starting at 4.99% APR
  • Turnaround Time: 1 business day
  • $100 - $1000 Payday Loans
  • $1000 - $5000 Installment Loans
  • $5000 - $35000 Personal Loans
  • 18 years of age or older
  • U.S. citizenship
  • Valid checking or savings account with direct deposit
  • Minimum regular income of $1,000 per month
  • Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
Pros
  • High up to $15,000 loan amounts. 
  • Minimal restrictions on how you can use your loan.
  • No collateral or guarantor.
  • Bad credit is OK. 
Cons
  • It's not a direct lender, so you'll need to clarify rates and terms with the company you are matched with. 

 

Check Into Cash offers Payday Loans, Title Loans, Personal Installment Loans and other money products at affordable rates with convenient repayment. 

  • MIN Loan Amount: $50
  • MAX Loan Amount: $3000
  • Terms: Vary by state.
  • Rates and fees: 261% to 782% APR
  • Turnaround Time: 1 business day
  • Payday Loans
  • Online Payday Loans
  • Title Loans
  • Installment Loans
  • Online Installment Loans
  • Line of Credit
  • Flex Loans
  • Other Services
  • Check Cashing
  • Bill Pay
  • Western Union 
  • U.S. Money Card
  • Cell Phone Top-Ups
  • Sell Us Your Gift Cards For Cash
  • Active checking account open for 90+ days
  • US citizen or permanent resident
  • Personal and work phone number
  • Valid email address
  • 21+ years old (19+ in Alabama)
  • Social Security number (for Indiana residents only)
Pros
  • You can get even as low as $50.
  • Quick funding on the next business day.
  • Money can be used for any personal needs.
Cons
  • Not available in every state.
  • APR can be more than 153.73% depending on your state.
  • High late payment fees.

 

Instant Loans USA will help you get the cash you need when you need it. You can apply for Payday Loans, or Personal Loans online. Choose the best rates and terms and get the same-day financing.

  • MIN Loan Amount: $100
  • MAX Loan Amount: $35000
  • Terms: Varied
  • Rates and fees: Starting at 4.99% APR
  • Turnaround Time: 1 business day
Read Full Review
  • $100 - $1000 Payday Loans
  • $5,000 - $35,000 Personal Loans
  • 18 years of age or older
  • U.S. citizenship
  • Valid checking or savings account with direct deposit
  • Minimum regular income of $1,000 per month
  • Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
Pros
  • High loan amounts up to $35,000. 
  • Minimal basic requirements.
  • No collateral or co-signer.
  • Bad credit is OK. 
Cons
  • High interest rates.

 

Greenlight Cash created an online platform to connect consumers like you with reliable lenders across the country. They partner with a large network of professionals so you get a chance to work with one of them and meet the challenge of improving your financial situation in the most effective way. Once you tap submit, you get one step closer to receiving the funds.

  • Payday Loans
  • Installment Loans
  • Personal Loans
  • be a legal U.S. resident
  • be at least 18 years old
  • have a stable source of income
  • be currently employed
  • have an active bank account
Pros
  • Unrivaled flexibility and accessibility.
  • Predictable monthly payments

  • Quick and simplified borrowing process

  • Any credit is welcome
Cons
  • Not a direct lender.

 

 

 

How to Get a Personal Loan if you are self-employed

Being self-employed doesn’t mean you can’t get the necessary quick cash loan. You just need what to do in order to take out a Personal Loan with no proof of income. These useful tips will help you apply for a loan for self-employed with no income fast and easy:

1. Make sure you have a good credit score

Check your credit report regularly. You can check your credit for free online. Avoid any mistakes in your report. A good score over 720 will significantly increase your chances of getting a loan for self-employed.

2. Prepare the necessary documents

To facilitate the application process do all the paperwork in advance. Prequalify online and check if you are eligible. Most lenders specializing in loans for self-employed applicants require the following documentation:

  • 1099s
  • Bank statements
  • Tax statements (tax transcripts, returns, or schedules)
  • Profit & loss statements

All the documents should include information for a long period of time, at least 2 years so that the lender could see how you managed your finances over a set term.

3. Compare the offers from multiple lenders

Most lenders offer the applicants to pre-qualify online. Don’t miss this chance as you’ll be able to check the rates and choose the best deal.

4. Choose the best lender

After you’ve done some research on lending companies, compare their rates and terms and select the loan to suit your personal needs. Don’t forget to read the lender’s reviews, Privacy Policy, special offers for self-employed, and any references from experienced borrowers.

5. Complete a free online application

In most cases, you can apply for loans for self-employed completely online. If you want, you can visit a loan store or apply by phone. Fill in the required personal information and provide all the necessary documents.

6. Wait for the application to be processed and get an instant approval decision

Once you’ve completed and submitted the application, your lender will verify it and decide whether you are eligible. Usually, it takes just a few minutes. Self-employed borrowers may need to wait a bit longer – up to several days.

7. Pay off the loan in a timely manner

If you were approved for a loan being self-employed, it’s great. And now it’s time to think about repaying the money on time. The easiest way is automatic payments. There’re no late payment fees, lower rates and discounts, and a good chance to improve your credit score.

Consider Personal Loans for Self-Employed alternatives

If a personal loan doesn’t work for your needs, here are a few products to consider.

  • Payday Loans for Self-Employed
  • Installment Loans for Self-Employed with bad credit
  • Credit cards
  • Cash advances
  • Self Employed Home Loans or Lines of Credit
  • Pawnshop loans

Final thoughts

If you need a Personal Loan but are self-employed, start with checking if you can afford to make regular monthly loan payments. Then shop around, compare the lenders and choose the best offer. It will help you get the most convenient terms and affordable rates. Choose an online application with automatic loan repayment – it will save you time, money, and efforts!