10 Best Personal Loans with No Income Verification

Can You Get a Personal Loan with No Income?

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.

How to Get a Personal Loan with No Income or Job

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.

1. Compare Various Lenders

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

2. Review the Requirements and Eligibility

Each lender will differ slightly in requirements and eligibility, so make sure that you meet all of them before you apply.

3. Make Sure it Makes Financial Sense to Get a Personal Loan

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.

4. Apply for the Personal Loan

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.

5. Make Payments on the Personal Loan

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.

Can You Get a Personal Loan with No Job?

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.

What Is the Minimum Income Needed for a Personal Loan?

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).

Alternatives to Low Income Loans

• Payday Loans: A payday loan (sometimes called a direct deposit loan) is a type of personal loan that requires income as it is a short-term loan that generally is expected to be repaid on your next payday.
• Secured Personal Loans: A secured personal loan will tend to offer larger loan amounts but will have an asset as collateral – whether it be a vehicle or a home. If you cannot pay the loan off, then you risk losing the asset.
• Borrow Money: You could borrow the money from a number of sources, including banks, your peers, and your family.
• Credit Cards: Credit cards are useful as you are able to spend them on whatever you like (paying bills, purchasing assets). Each credit card will have a limit, however, and will need to be repaid before more credit can be obtained.
• Credit Union Personal Loans: If you are a member of a credit union, then they often offer loans that have lower fees and interest rates than traditional lenders and banks. The loans work in the same way as a standard personal loan, they just require a membership to apply.
• Short-Term Loans: As the name implies, short-term loans are designed to be paid back within a few months. However, these are truly on available for those with excellent credit scores and are high earners.

What Can I Do If I Don’t Qualify for a Personal Loan?

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.

Improve Credit Score

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.

Get a Job that Pays

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.

Apply with a Cosigner

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.

How Can I Prove My Income If I am Self-Employed?

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

How Can I Prove My Income If I Get Paid in Cash?

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.

SimpleMoneyLyfe’s Best No Income Verification Personal Loans 

• CashUSA: Best for Comparing Loan Rates
• Personalloans.com: Best for Comparing Online Rates
• Badcreditloans.com: Best for Comparing Bad Credit Loans Online
• MoneyMutual: Best for Comparing Online Personal Loans with No Income Verification
• Payoff: Best for Debt Consolidation
• Upstart: Best for Low Credit Score Personal Loans
• Avant: Best for Bad Credit No Income Loans
• Upgrade: Best for Comparing Loan Rates
• Prosper: Best for Good Credit Applicants
• Best Egg: Best for Fair Credit Applicants

Bottom Line: Best Personal Loans with No Income Verification

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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