Getting a loan without proof of income is a viable option.
Many people seem to think that you can’t get a loan if you don’t have a job, but many lenders will loan to the unemployed. In many cases, those that are seeking a loan have run into financial hardship, even if they’re employed.
Fortunately, lenders have introduced a type of loan referred to as a “no income loan.” These are the best loans for anyone that can’t prove their income, but there are other options for you, as well.
Read on to learn everything you need to know about getting a loan with no income or low credit.
What Are No Income Loans?
Put simply, no income loans are loans that you can apply for that don’t require you to prove your income. Most lenders require you to prove your income so they can decide if you’re trustworthy. However, no income loans exist to help those that are financially struggling.
Lenders want to know that you’ll be able to pay the loan back. When you don’t have an income, it can be difficult to prove that. Providing that you have good credit and little to no debt, there’s a good chance you can apply for a loan without income.
Qualifying for a No Income Loan
Qualifying for a no income loan requires you to do the same things that you would with any other loan. Lenders will interview you to learn more about you. They’ll want to know why you’re seeking a loan, why you don’t have an income, and how you plan to repay it.
You will need to bring any documents relating to your financial history. This will include loan history, past income, and current debt.
Alternative Income Sources
Although you can’t show them current employment, you may have alternative sources of income that could help you.