Lenders seldom approve borrowers with no steady source of income. But we can help you find no-income loans even if you can’t provide proof of a traditional source of income such as a payment statement, for example. You can get such a loan with no income verification if you can back it up with any liquid assets such as cash or other property easily sold.

Let’s see the details of the process of how to apply for and get a loan with no proof of income.

No Income Loans

Table of Contents:

What Are No-Income Loans?

What is a Loan with no income verification?

Types of No-Income Loans

Stated Income with Stated Assets Loans

Stated Income, Verified Assets Loans

No-Income, Verified Assets Loans

No-Income, No Assets Loans

How No-Income Loans Work

What assets can be used to get No Income Loans?

No Income Verification Personal Loans

Is it real to take out a personal loan with no income verification?

What will help you get approved for No Income Loan?

What do you need to get a loan with no income?

Where can I get No Income Loans?

Some other considerations about No Income Loans

What Are No-Income Loans?

Borrow money now with no proof of income requirements from a lender. That’s possible with no income loans. They are available if you can prove your ability to repay the loan with no income from traditional employment.

 
What is a Loan with no income verification?

Types of No-Income Loans

As you’ve decided to apply for "Stated-income loans”, "alt-doc loans”, or “loans with no income”, you’d better clear out their types, what are the differences, what assets can be used, what are the eligibility criteria, and more.

The most frequently used types of no-income loans are:

  • Stated Income, Stated Assets (SISA)
  • Stated Income, Verified Assets (SIVA)
  • No-Income, Verified Assets (NIVA)
  • No-Income, No Assets (NINA)
 
SISA - Stated Income with Stated Assets Loans
 
SIVA - Stated Income, Verified Assets Loans
 
(NIVA) - No-Income, Verified Assets Loans
 
(NINA) - No-Income, No Assets Loans

How No-Income Loans Work

No Income Loans work like other types of the cash advance. You apply online, get approved, and receive your money deposited into your banking account.

The requirements are also the same, but instead of proof of income, you need to provide an alternative way of timely loan repayment. Lenders will determine your creditworthiness and make an approval decision by checking your credit history, bank accounts, and any assets that let them make sure you repay the money back.

For example, a high pension, a home, vehicles, and other valuable things can demonstrate your ability to pay the loan back on time.

What assets can be used to get No Income Loans?

You can prove that you’ll be able to make loan payments on time by using any of the following assets:

  • A vehicle
  • A house or real estate
  • Government bonds
  • Appraised valuables
  • Retirement account (including a pension)
  • Child support
  • Alimony
  • Unemployment benefits
  • Social Security benefits (retirement or disability)
  • Veterans Administration (VA) benefits
  • Side gigs or a business startup
  • Royalty payments
  • Tip income
  • Partner income
  • Dividend payments or other investment income
  • A job offer with offer and acceptance letter

No Income Verification Personal Loans

You can get Personal Loans with no proof of income from lending companies ready to approve your loan application on the basis of other factors rather than regular income. That’s why these are loans suitable for unemployed or applicants with no job.

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Is it real to take out a personal loan with no income verification?

Have no traditional income? Don’t panic! Consider applying for No Income Personal Loans. We’ll connect you with the lenders that pay attention to your credit history, assets, collaterals, other income sources rather than your income. With their help you can easily take a personal loan without income verification.

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
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  • $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.

 

 

 

What will help you get approved for No Income Loan?

To raise your chances of getting a Personal Loan with no proof of income you should:

  • Have any form of income like disability payments, or support from family, for instance
  • Have assets that generate income
  • Be at least self-employed to make bank statements or financial documents.
  • Provide a history of regular bank account deposits.
  • Have a good credit score which will mean that you pay all the debts on time.
  • Provide collateral such as a car, a home, or any other valuable things.
  • Apply for a joint Personal Loan with a co-signer.

What do you need to get a loan with no income?

No income loans also require some information from a borrower:

  • Your contacts;
  • Banking account number;
  • The last time you got income from a legit source;
  • Assets to use as collateral.

If after processing your application, the loan company will make sure that they can trust you, your loan request will be approved.

But be ready for higher interest rates for no income loans, as they seem more risky for the lender.

Where can I get No Income Loans?

Look for online lenders offering No Income Loans. Check your rates and compare the loan costs. Find out the lenders’ requirements and make sure you qualify for their no income loans. They may provide loan approval depending on various factors:

  • credit history
  • loan-to-value ratio
  • statements from your bank
  • your asset accounts
  • appraisals to confirm the value of your assets

Choose whichever way is easier and more convenient for you and get a No Income Loan from a suitable lender.

Some other considerations about No Income Loans

Depending on the type of no income loan you apply for and the amount you want to get, you may be required to provide additional documents.

Besides, you may come across the following pitfalls of Loans with no income verification:

  • High APR;
  • Automatic payments from your banking account;
  • Short terms not enough to repay the money.

No Income Loans - summary

  • No-income loans are the way out suitable for borrowers with no traditional income.
  • No income loans must be secured with either collateral or cosigner.
  • No-income loans should be treated only as an emergency cash advance.
  • It's always recommended to consider more beneficial alternatives first.

The good fact is you can always get financial help and be approved for a loan no matter whether you are employed, or have no jo, whether you get a traditional income or no.