Written by: Eric Bank
Edited by: Lillian Guevara-Castro
Reviewed by: Ashley Fricker
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Securing a personal loan without some sort of income verification is a tall task. If you get one, it likely won’t come from a traditional lender, and it will often require collateral that exceeds the funding amount.
But income doesn’t necessarily mean you need to have a job. Many lenders allow people to borrow money if they are unemployed but still have another source of income. We can share some lenders and lending services that are committed to finding ways to approve loans and have flexible requirements.
We’ll also cover a few types of loans that don’t require any income verification income, making them potentially useful (if risky) alternatives.
Key Takeaways
- Most personal loans require some form of income verification.
- Income verification doesn’t always mean employment verification. Lenders often consider other sources of income, such as benefits, investment returns, and alimony, among others.
- The types of personal loans that don’t require any income verification are usually quite risky and/or expensive.
Loans That Don’t Require Proof of Income or Employment
Lenders want to know you have the means to pay a loan back over time — that’s why they require proof of income. Showing you have money coming in assures them you can make monthly payments and can significantly reduce the lender’s risk.
But if you truly need a loan without any form of income verification, you only have a few options — and they may not be ideal. We generally do not recommend these types of loans when you have no reliable way of repaying them and the interest they charge:
- Pawnshop Loans: You can bring all sorts of property to a pawnshop to get a short-term secured personal loan. You may need to pawn an item worth at least $300 to get a $100 pawn loan to be repaid in one to three months. Monthly interest rates can range from 2% to 12%, in addition to fees of 5% to 20% per month. These emergency loans have high costs and potential property loss. But if you have no viable alternatives, this may be your only way to quickly get emergency loans when you need them.
- Title Loans: A title auto loan is collateralized by the title to your vehicle. This kind of loan comes with high-interest rates and fees, and if you miss a monthly payment, the lender can repo your car. Title loans are typically for 25 to 50% of the car’s value, but keep in mind that approximately 20% of borrowers have their vehicles repossessed.
- Friend/Family Loan: These loans depend on relationships rather than credit checks or verified income sources. You could negotiate a favorable repayment term, but instead of your credit score being harmed if you default, this type of financing can put a relationship at risk. We recommend that you use the family and friend loan worksheet available from the Consumer Financial Protection Bureau (CFPB) before asking for a loan.
In these situations, you could access funds without income verification, but you will likely risk your car, other valuable property, or even personal relationships to open up lending opportunities. If you’re looking for a loan that is less punitive and more financially beneficial, it will include some form of income verification.
But as we said earlier, income doesn’t necessarily mean employment. Many lenders will approve you for a loan if you can prove you have income from a wide range of sources. We’ll dive into those now.
Personal Loans That Accept Any Form of Income
While a job is considered a regular source of income, it is hardly the only way for folks to collect cash. Alternative sources, including benefits, alimony, investment returns, student loan proceeds (or other kinds of student aid besides a student loan), etc., all qualify as income that lenders can use to justify approving an unsecured loan.
While it always helps to have an excellent credit score, you don’t need anything near excellent credit to get one of these loans. You also don’t have to go through a bank loan officer — if you’ve ever dealt with a loan officer, you know how difficult it can be.
1. MoneyMutual
- Short-term loans up to $5,000
- Online marketplace of lenders
- Funds available in as few as 24 hours
- Simple online form takes less than 5 minutes
- Trusted by more than 2 million customers
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| Up to $5,000 | Varies | Varies | See representative example |
MoneyMutual doesn’t lend money to borrowers but rather matches them with a direct lender on its network. You can prequalify if you collect at least $800/month from any reliable source.
If you prequalify, MoneyMutual will match you to a suitable unsecured personal loan provider where you can quickly complete the loan application process and, if approved, receive your money as early as the next business day.
Pros
✅ Accepts a wide range of income types
✅ Offers short-term loans
✅ Fast fund dispersal
Cons
❌ Interest rates can be quite high if you have bad credit
2. Avant
- Personal loans of $2,000 to $35,000
- Compare rates in 2 minutes without affecting your credit
- Best for low origination fees for bad credit
- 550 minimum credit score required
- Powered by Credible
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $2,000 to $35,000 | 9.95% – 35.99% | 12 to 60 Months | See representative example |
According to the Avant website, “All loan applicants must provide information regarding their income source. If you are employed by traditional means or receiving benefits, the fastest and easiest way for us to verify your income and employment is through our online verification tool (OVT).”
This means that while it will verify your income, it doesn’t have to come from a job.
Pros
✅ Uses an online income verification tool
✅ Minimum 550 credit score required
✅ Quick application process with no credit impact
Cons
❌ Lowest loan amount is $2,000
❌ Shortest loan term is 12 months
❌ Potential for high interest rates
3. Upstart
- Personal loans starting at $1,000
- Find loans you prequalify for, complete your application, and close your loan
- Loans for 300+ FICO Scores
- Checking rates doesn’t impact your credit score
- Powered by Credible
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $1,000 to $50,000 | 6.40% – 35.99% | 3 or 5 Years | See representative example |
Upstart is part of the Credible network, and it works with more than 100 banks and credit unions to match customers with the right loans for their credit profiles. It leverages advanced AI to connect borrowers with lenders that can provide $1,000 or more in funding.
But each direct lender has its own income verification processes that you won’t be privy to until you’re matched with one. The Upstart application includes questions about other sources of income if you indicate you are unemployed, so you’ll still get some consideration from lenders.
Pros
✅ Welcomes borrowers with FICO scores as low as 300
✅ Works with 100+ banks and credit unions
✅ Application won’t impact your credit score
Cons
❌ Interest rates for bad credit borrowers will be steep
❌ Minimum $1,000 loan amount
❌ Loan terms start at 3 years
- Small personal loans starting at $100
- Receive an approval decision in as little as 2 minutes
- Funds can be deposited into your account in one business day and used for any purpose
- No hidden fees
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $100 to $20,000 | Varies | Varies | See representative example |
SmartAdvances.com can help you get a personal loan offer through its network of direct lenders. To qualify, you must be a U.S. citizen or permanent resident, 18 years of age or older, with a valid Social Security number, a monthly income of $1,000 from any reliable source, and a valid checking account.
If you receive loan approval, your money will be electronically transferred to your financial institution as quickly as the next business day.
Pros
✅ Works with unemployed borrowers who receive benefits
✅ Loans as small as $100
✅ Fast funding
Cons
❌ Potential for very high interest rates
- Personal loans of up to $50,000
- All credit types welcome
- Receive funds in as little as 24 hours
- Fast approval decision
- Safe and secure application
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| Up to $50,000 | As low as 6.40% | Varies | See representative example |
Loan for Personal works with a network of lenders that are open to financing borrowers with bad credit. You’ll still have to verify some type of income, but it could be from retirement, military benefits, or even self-employment.
The network advertises rates as low as 6.40%, but don’t expect a rate that good if you have bad credit.
Pros
✅ Quick application process and fast decisions
✅ Access your loan as fast as the next day
Cons
❌ Interest rates vary widely and may be incredibly high
❌ Not available in all states
- Loans from $250 to $35,000
- Large lender network
- Fast loan decision
- Use the loan for any purpose
- Funding as soon as one business day, if approved
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $250 to $35,000 | 5.99% – 35.99% | 3 to 72 Months | See representative example |
In terms of monthly income sources, all PersonalLoans.com asks is that it be reliable. It also requires you to be a U.S. citizen or resident, at least 18 years old, and have a bank account and Social Security number.
Lenders on the PersonalLoans.com network welcome cosigners to help you qualify for a loan and possibly a lower interest rate. In addition to those who are employed, the network will consider applications from borrowers who are self-employed or receive disability or Social Security benefits.
Pros
✅ Loan amounts as small as $250
✅ Terms as short as three months
✅ Works with borrowers who are self-employed or receiving benefits
Cons
❌ Potential interest rates as high as 35.99%
- Get up to $5,000 as soon as tomorrow
- Easy to use & only takes a few minutes
- Instant answers from lenders who want to work with you
- Funds deposited directly into your account
- All credit types welcome — good or bad
- See official site, terms, and details
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $100 to $5,000 | Varies | Up to 180 Months | See representative example |
LendingStore.com makes the loan application process easy and connects bad credit borrowers with lenders in its network that will work with them. Its network can offer loans up to $5,000, although you likely won’t qualify for nearly that much if your credit score is struggling.
You need to bring in more than $800 per month to apply, but LendingStore.com only stipulates that you have a “regular income.” It doesn’t say the income has to come from employment — although some lenders in its network could require employment income.
Pros
✅ Loans as low as $100
✅ Works with bad credit borrowers
Cons
❌ Interest rates could be quite high depending on your credit profile
- Personal loans up to $5,000
- Access to a network of lenders
- Funds could be yours in as little as one business day
- Quick, easy online application
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| Up to $5,000 | Varies | Varies | See representative example |
One Loan Stop touts its fast application process that starts with a form that takes two minutes to complete. You’ll answer questions about your income, but lenders in the network may consider applicants who aren’t employed.
If a lender accepts your application, the site will forward you to its acceptance page, but you are not obligated to accept the offer.
Pros
✅ Offers short-term loans
✅ Access funds in as little as one business day
Cons
❌ Bad credit borrowers will likely pay the highest interest rates
❌ Not available in all states
Can You Get a Loan Without Proof of Income?
Generally, personal loan lenders require some income proof before they will approve a loan. We covered a few of the most common personal loans that don’t require income verification earlier. Some mortgage types may not require you to have — or prove — income, but they are rare.
One is called a no-income, verified-asset (NIVA) loan, and you can qualify if the lender determines you have enough assets outside of your income to cover the financing. Those assets could even include stocks or retirement accounts.
Loans without income verification may require a significant amount of collateral to reduce the lender’s risk.
At one time, no-income, no-asset (NINA) loans were popular and didn’t require borrowers to prove their income or assets, although they did require employment verification. These loans played a significant role in the 2007-2008 subprime mortgage crisis, so lenders now use them more sparingly because of their risk.
Collateral is a critical component of no-income loans because it reduces the lender’s risk and makes it more likely that the borrower’s application will be approved.
If you need a loan but don’t have a source of income, you may want to consider the future financial impact if you eventually find one that you qualify for. High interest rates and longer loan terms can put you in even more of a bind.
Can I Get a Loan Without a Job?
You can get a loan without a job, but you can’t qualify for most personal loans without a source of income. Employment is a common source of income, but it isn’t the only one that lenders accept.
You’ll still need to verify this income with the lender, so it works much the same as any other type of income verification. The only difference is that you won’t need to provide employment proof.
Here are some other sources that lenders may accept:
- A retirement account or pension
- Alimony
- Child support
- Dividend payments or other investment income
- Partner income
- Royalty payments
- Side gigs or a business startup
- Social Security benefits (retirement or disability)
- Unemployment benefits
- Veterans Administration benefits
We don’t know whether any lender will accept all of these as income sources, but we’re confident that some lenders will accept at least some of these sources.
Brick-and-mortar payday loan storefronts require you to have a job since your next paycheck collateralizes the loan from the payday lender. However, some online payday loan providers may accept another form of guaranteed payment, such as a Social Security check. An online payday lender may charge less than its storefront counterpart.
How Can I Prove My Income if I’m Self-Employed?
Several forms of income documentation are available to self-employed borrowers, including:
- Bank or credit union statements
- Copies of Form 1099-MISC
- Financial statements (such as Profit & Loss Statement)
- Tax returns
- Third-party activity statements for online businesses (from PayPal, Square, etc.)
Often, the biggest obstacle for self-employed borrowers is to prove they are running a business rather than a hobby. The IRS offers extensive advice on this topic. As a business owner, you may qualify for a business loan, but any business loan will require significant documentation.
How Can I Prove My Income if I Get Paid in Cash?
Cash payments must be documented if you want to prove them as income. There are several ways you can do this on your own, including:
- Accounting software or spreadsheets
- Bank statements
- Receipts
- Self-generated pay stubs
- Statements from payers
- Tax returns
By the way, the IRS frowns upon workers who fail to report income, including cash income. The penalties can range as high as 25% of the amount you owe.
What Is the Easiest Loan to Get?
The easiest loans to get are typically pawn shop loans or personal loans from friends or family members. Pawn shop loans require collateral and are fairly straightforward, while loans from those close to you require you to leverage a personal relationship.
Neither require credit checks nor proof of income, but both are risky — for reasons I discussed earlier. Payday loans often require proof of income, but they are typically fast and relatively easy to secure. The hard part comes when you have to repay them on payday with an astronomical amount of interest.
Unsecured personal loans also typically require income verification. You are unlikely to receive loan approval without collateral to secure the loan or proof of income to show you can repay the debt.
Personal Loans With No Income Verification Have Risks
We highlighted several online lender-matching services that do not require you to prove employment to get a loan, although you may have to show some form of income. Alternatively, you can get a loan from family and friends, a pawnshop, or a title loan company without proving income.
The easiest way to get a no-verification loan is to pledge collateral that has a value exceeding the loan amount. The bottom line is that even if you have a bad credit history and no job, you still may be able to borrow money if you know where to look.
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