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There are many reasons why someone would require a personal loan, and often going through a bank or other lender is not an option.
Luckily even if you’re not employed full time, there are certain ways that you can get a small personal loan.
Here we will look at the best personal loans with no to low-income verification and compare their requirements.
CashUSA is an online marketplace where users can request loans and be connected to a network of lenders.
It specializes in smaller loans, and has a large list of lenders, giving final control to the applicant to choose the lender they wish to use.
The fact that there are so many different lenders means that there will be options available for all different credit profiles. And with flexible requirements, and the ability to compare loans, CashUSA is a great option for those looking for a personal loan.
>> More: CashUSA Review
Personalloans.com is a network of lenders where users can request a personal loan and will get offers from a variety of different lenders all offering different terms.
Personal Loans are designed to be quick and simple and make it easy to get a small personal loan, even with bad credit.
It is easy and free to receive loan offers online, and you can review all the lenders and their different terms before accepting an offer and receiving the money.
>> More: Personalloans.com Review
Badcreditloans.com is a network of lenders that specialize in finding lenders that will offer loans to those with bad credit (or no credit history).
There is no cost and no obligation to search for lenders and you can review each lender in detail before deciding on a preferred one.
Everything is completed online, from entering your details and choosing a final lender.
>> More: Badcreditloans.com Review
Money Mutual is a platform that links lenders with those seeking a loan, specifically payday loans. It has a catalog of 72 lenders that will offer you a loan depending on your qualifying attributes.
Money Mutual is designed for smaller, short-term loans, and is perfect for those who have last-minute, emergency payments. There are lenders suitable for all credit types, and the money could be in your account in under 1 day.
>> More: MoneyMutual Review
Payoff is a platform of personal loan lenders that specialize in loans for those looking to pay off high-interest credit card debt.
There is one simple monthly payment, and users can save a lot through Payoff as the payments will be less than the credit card payments.
Paying off your cards through Payoff can increase your credit score by up to 40 points.
>> More: Payoff Personal Loans Review
Upstart is a personal loan provider that offers low-rate personal loans to those who need it, including those with low or bad credit scores.
Upstart loans can be used for any purpose (to pay off debt or for emergency expenses), and the rates are on average 10% lower than competing loan providers.
Once approved, funds can be in your account the very next day.
>> More: Upstart Personal Loans Review
Avant is a lender that offers both secured and unsecured loans and is targeted towards those with bad to fair credit.
One benefit of Avant is that the monthly payment is fixed, so you know exactly how much to pay each month until the loan is paid off.
You can borrow a higher amount with a secured loan by attaching collateral such as a vehicle or home to the loan.
>> More: Avant Personal Loans Review
Upgrade is a personal loan lender that provides loans to those with good credit and strong monthly income.
Loans are both secured and unsecured and allow loans up to $50,000, which is higher than many other lenders. You can use Upgrade loans for any reason, such as debt consolidation, paying off credit cards, or for any financial emergencies that may come up.
There are multiple loan options so you can choose the one that best fits your circumstances.
>> More: Upgrade Personal Loans Review
Prosper is the first peer-to-peer lending platform in America. It is a platform for finding lenders for those who have good credit that require a personal loan.
When you get a loan with Prosper, you can be assured that the rate will stay consistent, so your repayments will never go up unexpectedly.
When you apply, you are granted a ‘prosper score’ which then shows you which loan types you are eligible for.
>> More: Prosper Personal Loans Review
Best Egg is a personal loan provider that offers quick loans for those with fair credit.
Best Egg is known to be hassle-free personal loans, which APRs as low as 5.99%, and this rate will never go up for the life of the loan. Due to the low rate, they are perfect for debt consolidation and for paying off high-interest credit cards (or other loans).
>> More: Best Egg Personal Loans Review
You can get a personal loan with no income or no proof of income, however, those companies that offer these loans will be much higher in interest rates and will often have high fees. You may also be limited in the amount that you can borrow.
If you have no income or no job and you want to get yourself a personal loan, here are the basic steps that you will need to take.
You will need to carefully compare all lenders as many will require a minimum income. Read the small print and the eligibility requirements.
>> More: Best Bad Credit Loans
Each lender will differ slightly in requirements and eligibility, so make sure that you meet all of them before you apply.
You need to remember that all personal loans will need to be repaid, including any interest, so you need to make sure that you can afford the repayments over the length of the loan. You should consider whether it makes financial sense to take out the loan in the long run.
Read the application carefully and make sure you enter all the information in detail and correctly. Most applications will be approved within a few hours and entering incorrect or incomplete information will drag it out much longer.
The payments for the personal loan are non-negotiable, and there will often be fees for no payment or late payments. So, paying the minimum amount on time is very important, especially to protect your credit score. There will be different ways of paying so find the best method for you.
You will need to have a job or some proof of income in order to get a personal loan. Income does not necessarily have to come from employment – even social security payments are considered income in the eyes of some lenders.
The minimum income required will depend greatly on the type of loan you are looking for, whether it is secured or unsecured, the amount, and the lender. Some lenders only require a small income (around $800 a month), and some require much more (around $20,000 a year).
Not everyone is going to automatically qualify for a loan from every lender. If you think that you meet all requirements, but you still get rejected, then there are a few things that you can do.
One common reason why people get knocked back from getting a personal loan is that their credit score is too low. If this is the case, no amount of begging will work – you are either going to need to find a lender that will accept your lower score or work on raising it.
An improved credit score is always a good goal to have as it will help you in the future.
Another reason why many people may get rejected from a loan is that their income is not high enough. The easy solution to this is to get a job that pays above the minimum required. Getting a higher-paid job will not only mean that you may suddenly become eligible for a loan but will be more likely to afford the repayments.
Not all personal loan lenders will allow you to sign with a cosigner, but if you find one that does allow it, finding someone willing to sign with you will increase your chances of getting approved.
Proving your income when you are self-employed can be tricky. The best way to do this is to show your bank records which hopefully will show that you get a minimum amount of payments per month.
If you have been self-employed for over 12 months, then showing your previous tax returns is another good way of proving self-employed income. Lastly, if you use accounting software that tracks payments, then this is another useful tool
If you get paid in cash, then this adds a level of difficulty to prove that you have a source of income. The best way is to make sure that you retain invoices and receipts, so you can prove when you get paid and how much for.
You can also get letters from those who pay you to corroborate your story and prove that you have a steady source of income. Any tax returns that you have that show these cash payments are useful too.
Unfortunately, there aren’t really any personal loan lenders that require no income verification. Income can come from a number of different sources (not only from paid employment), so you need to remember that all income will be taken into consideration.
There are some lenders that will require very little income, but you will want to have at least some money coming in each month in order to be able to afford the minimum loan repayments.
Methodology
To compare and evaluate no income verification personal loans, we reviewed over 25+ lenders that offer loans with flexible requirements. Analysts evaluated the lender’s credit score and income requirements, rates, fees, funding times, online experience, customer support, security, and transparency. Read our strict editorial guidelines and rating methodologies for personal loans to learn more about the process.
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Meri B Torres is a former SimpleMoneyLyfe Writer with several years of experience and a deep business background. Holding a bachelors degree and MBA from New York University, Meri loves helping consumers make simple financial decisions and understanding the complex world of finance. Her areas of expertise are personal loans and credit cards.
