If you’re unemployed or have difficulty proving your income, you still have loan options that you may qualify for even without income verification. Borrowing solutions include secured loans, loans with low minimum income requirements and no-doc personal loans.
A no-income verification personal loan is a type of loan where the lender doesn’t require proof of income to qualify for loan approval. More specifically, they don’t require traditional documentation such as pay stubs, W-2s or tax returns like most personal loan lenders.
However, you may still need to meet other requirements, such as having a good credit score, depending on the loan type. You may also need to put up collateral, enlist a cosigner or prove you have money coming in, even if it’s not from a traditional income source. For example, if you receive unemployment or disability benefits or have Social Security income, you may qualify for a no- or low-income loan.
No-income loans can be difficult to find, and the available options are typically very expensive or may only offer smaller loan amounts. No-doc personal loans, sometimes known as bank statement loans, are another option to consider. No-doc loans may not require income verification, per se, but lenders will likely want recent bank statements to verify regular deposits.
A few loan types don’t require income verification, but you may need to meet other criteria to qualify for loan approval. Most commonly, you’ll need something of value to use as collateral to secure the loan, which means you risk losing your valuables.
Most personal loans are unsecured, but lender requirements can be strict, including having sufficient income to repay the loan. But, if you have collateral to secure the loan, your chances of loan approval are greatly increased. Lenders may accept vehicles, 401(k)s, investment accounts or other assets as collateral.
Pawn shop loans are one of the fastest and easiest ways to get a personal loan with no income verification or other requirements. All you need to do is bring in an item of value, have a pawnbroker assess its value and take out a loan based on a percentage of its appraised value. Keep in mind that pawn shop loan terms are short, the interest and fees can be very expensive and if you can’t repay the loan, you’ll forfeit your pawned item.
If you own a car, boat or other motorized vehicle, you might be able to get a title loan without needing to verify your income. Title loans are similar to pawn shop loans in that they are short-term loans with high rates and fees, but the lender doesn’t hold onto your collateral. Instead, you’ll leave the title with the lender until you repay the loan. If you don’t repay it, they’ll repossess your vehicle, which is usually much riskier than losing an item you’ve pawned.
While technically not a loan, if you have a credit card, you can get a cash advance right away whether you have a job or not. Interest rates on credit card cash advances are much higher than regular card purchases, but they can work in an emergency, and you won’t risk losing your collateral.
True no-income verification loans tend to be expensive, may have smaller loan amounts and often require something of value to secure the loan, so it’s good to explore some alternatives.
While most lenders require at least some income, these options have lower income requirements than other personal loans. In addition, many low minimum income lenders often accept alternative forms of income such as alimony, unemployment, Social Security benefits, pensions and investment income, among others.
| Lender | Minimum required income | Loan amounts offered | Loan terms | |
|---|---|---|---|---|
| Upstart | $12,000 | $1,000 to $50,000 | 3 or 5 years | |
| Citi | $10,500 | $2,000 to $30,000 | Up to 5 years | |
| Avant | $1,200/month | $2,000 to $35,000 | 1 to 5 years | |
| Penfed Credit Union | No minimum | $600 to $50,000 | Up to 5 years | |
| OppLoans | $18,000 | $500 to $4,000 | 1 to 5 years | |
| LoansUnder36 | $12,000 | $500 to $35,000 | 3 months to 6 years |
No-doc personal loans are another alternative to no-income verification loans. No-doc loans may only require online access to your bank account to verify regular deposits. Technically, some of these loans may be low-doc personal loans rather than no-doc, but the approval process is fast, and funding can occur within a day or two.
| Lender | Minimum credit score | Loan amounts offered | Loan terms | |
|---|---|---|---|---|
| Sofi | >680 | $5,000 to $100,000 | 2 to 7 years | |
| Best Egg | >640 | $2,000 to $50,000 | 3 to 5 years | |
| Achieve | >620 | $5,000 to $50,000 | 2 to 5 years | |
| Rocket Loans | >640 | $2,000 to $45,000 | 3 or 5 years | |
| LendingTree | 580 | Up to $50,000 | 1 to 10 years |
If you have a friend or family member with good credit and sufficient income, you could get a personal loan with a cosigner even if you have little to no income. Plus, you might get more competitive interest rates and better loan terms if your cosigner has excellent credit. However, if you can’t make the payments, your cosigner is responsible for repaying the loan on your behalf.
If you’re a homeowner with equity built up in your house, you may be able to get a home equity loan or a home equity line of credit (HELOC). Some home equity lenders may not require you to have a job, but you typically need to prove that you bring in some form of income. Or, if you own the home with a spouse, you may qualify for the loan using their income.
Grants, which are essentially free money, are an option for borrowers who have little to no income and possibly can’t qualify for other lending sources. For example, a student who needs a loan to cover educational expenses may qualify for a grant even if they’re unemployed. Or certain startup businesses may qualify for grants.
While you don’t typically have to repay grant money, you may need to meet other requirements. Grants can be found at federal, state and local agencies as well as private organizations.
If you only need to borrow a small amount of money, you could get a loan from a cash advance app. Most apps require that you receive your paychecks by direct deposit, but a few don’t require direct deposit to qualify for a loan. Typically, cash advance app loans need to be repaid on your next payday, and the apps usually deduct the amount directly from your checking account.
Follow these steps to find and apply for loans with no- or low-income verification.
You may not have as many lending options without traditional income, but these types of loans have both advantages and disadvantages.
If you’re a self-employed or contract worker, you won’t have W-2s or traditional pay stubs. But you can still easily provide lenders with proof of income with documents such as 1099s from employers, bank statements showing regular deposits or tax returns. And, you may even look into loans for self-employed borrowers.
Mortgage loans typically require a large pile of paperwork, such as bank statements, W-2s, tax returns and more. There are a few exceptions that might work for some borrowers. For example, no income, no asset (NINA) loans are sometimes extended to real estate investors buying new properties.
If you own something of value, a pawnshop loan is one of the fastest and easiest ways to get an influx of cash. If you don’t have an item to pawn but you have a credit card with an available balance, you can get a cash advance from an ATM or bank right away.
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