You can get a loan with good credit and no proof of income, but it may be challenging, as most lenders require proof of income to ensure that you can repay the loan. If you do not have a steady paycheck, the best approach is to provide proof of an alternative form of income if the lender requests it.
Alternative forms of income include Social Security benefits, child support, alimony, retirement income, unemployment benefits, and shared household income. If you are not able to provide any proof of income, there are ways you can get around it.
Ways to Get a Loan With No Proof of Income
Get a cosigner
Having a cosigner with a stable income can improve your chances of getting approved, but your cosigner will be responsible for the loan if you can’t make the payments.
If you’re thinking about getting a loan with a cosigner, check out WalletHub’s picks for the best personal loans with a cosigner. You can also estimate your approval odds using our free pre-qualification tool.
Apply for a secured personal loan
A secured personal loan requires you to put something up as collateral, such as a house, car, or money in a savings account. If you fail to make payments on the loan, you risk losing your property. Collateral takes away some of the risk for the lender, so your chances of approval are better.
Get a loan from a friend or family member
A friend or family member may be more likely to loan you money even if you don’t have an income. Keep in mind that if you don’t repay what you owe, it could put a strain on your relationship.
Other options include pawn shop loans, car title loans and payday loans. But these types of loans often come with extremely high fees, and they may require you to use something as collateral. If you fail to pay the loan back, you risk losing your property.
This answer was first published on 12/12/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
Most personal loan lenders will require proof of income, even if they don't disclose their minimum income requirements. Only a few lenders, like Upgrade and Universal Credit, offer unsecured loans for a single borrower with no income verification.
What if I have good credit but no proof of income? ›
An excellent credit score may be enough for a lender to approve a personal loan even without verifiable income, according to SoFi. Note alternative income on your loan application. Sources that may help are retirement income, including Social Security benefits; investment and rental income; and side gig income.
Can you get a loan with no proof of income? ›
If you are buying or refinancing a home in California, it is possible that you may need a no income verification loan. No income verification loans are rare and the lenders who offer them have flexible guidelines which allow financing for primary residences, second homes, and investment properties.
Can I get a personal loan with good credit but no job? ›
“In some cases, unemployed individuals can still secure a personal loan if they have alternative sources of income such as rental income, investments, or government benefits.”
Do you need proof of income for all loans? ›
Not all personal loans require proof of income, such as a tax document or bank statement, but it's quite common, so it's important to be prepared to back up the income you claim on your application.
What is a hardship loan? ›
Hardship personal loans are a type of personal loan that is designed to help you overcome financial difficulties. This type of loan is generally offered by small banks and credit unions, and has lower interest rates, lower maximum loan amounts, and shorter repayment periods than standard personal loans.
What is the easiest loan to get approved for? ›
What is the easiest loan to get approved for? The easiest types of loans to get approved for don't require a credit check and include payday loans, car title loans and pawnshop loans — but they're also highly predatory due to outrageously high interest rates and fees.
How to borrow money with no job? ›
Typically, people ask a family member or friend with an excellent credit history to cosign on the loan. A cosigner agrees with your lender to pay the monthly payment if you can't. Government loans: In some cases, government programs may be available to provide loans or grants.
Does Upstart ask for proof of income? ›
A pay stub within the last 30 days is needed to verify your income, if you receive a pay stub, please provide one. If you do not have your first pay stub yet and/or starting a job in the future, please submit your official job offer stating your compensation and start date.
Does LendingTree require proof of income? ›
We ask questions about you, the type of loan you are looking for, and your financial situation (income, assets and debts). You may want to gather your pay stub or last year's tax return before you start completing the forms.
What factors can disqualify me from getting a personal loan? Lenders may deny your loan application for various reasons, such as credit scores that are too low, a debt-to-income ratio that's too high, income that's too low or unstable, or a history of missed credit payments or a recent bankruptcy or foreclosure.
How to get a loan when no one will approve you? ›
If you struggle to get approved for a personal loan or need a loan in a hurry, products like emergency loan and payday loans may be appealing. All may come with higher interest rates and shorter repayment timelines than a standard personal loan.
How to get a loan from Cash App? ›
To do this, follow these steps:
- Open the Cash App on your mobile device.
- Navigate to the "Banking" section in the Cash App header.
- Look for the "Borrow" option.
- Tap on "Borrow" and unlock the borrow feature if necessary.
- Select the loan amount you need and choose a repayment plan.
Only a few lenders, like Upgrade and Universal Credit, offer unsecured loans for a single borrower with no income verification. Secured loan lenders, car title loan lenders, and pawnshops may issue loans without considering your income or credit.
What if I have no proof of income? ›
Consider a Lease Co-Signer or Guarantor
A guarantor or co-signer on a lease for a rental space will often allow those who cannot provide proof of income with an opportunity to rent. In fact, this has become a common practice among renters.
Can I get a loan without income proof? ›
Several lending institutions, including ICICI Bank, offer avenues for individuals to secure a Personal Loan even without traditional proof of income. Most Personal Loans require proof of a regular income source, usually validated through salary slips or bank statements.
Can I get a credit card with good credit but no income? ›
Apply for a secured card
A secured card can be a way to get access to credit even if you have limited income. To open a secured credit card account, you'll need to put down a refundable security deposit as collateral. The deposit protects the credit card issuer if you fall behind on payments.
Can you have a good credit score with no income? ›
Your income doesn't directly impact your credit score, though how much money you make affects your ability to pay off your loans and debts, which in turn affects your credit score.
Can I get credit card without income proof? ›
Having enough funds in your Savings Account, along with investments like a significant portfolio of Shares, Mutual Funds, Certificates of Deposits, Bonds, and other such assets, may convince creditors of your financial stability. In such scenarios, they may be inclined to offer you a Credit Card without income proof.
Do you have to show proof of income to get a credit card? ›
After all, some credit card issuers require proof of income before approving you. The good news is that there are credit cards for students with no income—the income doesn't need to come from a job, and in some cases, you can qualify for a student credit card even with limited income.
