Need a loan but don’t have a traditional income? Here’s a quick overview of top no income loan options:
Best No Income Loans – Quick Answer
- LoansUnder36: Best for borrowers looking for a wide range of loan amounts and flexible terms
- Low Credit Finance: Best for borrowers with poor credit or no credit history who need small to medium-sized loans
- Ace Cash Express: Best for borrowers needing very short-term loans for immediate emergencies
Below, we’ve compiled a detailed comparison of various no income loan options to help you make an informed decision:
Find the Best No Income Loan Broker for Your Needs
| Company | Lowest APR | Highest APR | Loan amount | Loan Term | |
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recommended
| 5.99% | 35.99% | $500 – $35,000 | 2 Months – 6 Years | Explore more |
recommended
| 5.99% | 35.99% | $100 – $50,000 | 2 Months – 7 Years | Explore more |
| 91.52% | 630.13% | $100 – $2,000 | 1 Day – 3 Months | Explore more |
recommended
| 5.99% | 35.99% | $250 – $35,000 | 3 Months – 6 Years | Explore more |
| 7.80% | 35.99% | $1,000 – $50,000 | 3 Years – 5 Years | Explore more |
| 5.99% | 35.99% | $100 – $5,000 | 3 Months – 2 Years | Explore more |
| 5.99% | 18.00% | $1,000 – $100,000 | 1 Month – 5 Years | Explore more |
| 4.99% | 1,386.00% | $100 – $35,000 | 6 Months – 5 Years | Explore more |
| 6.00% | 35.99% | $200 – $50,000 | 1 Month – 5 Years | Explore more |
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| Company | Overall Rating | Lowest APR | Highest APR | Loan amount | Loan Term | Get Started |
|---|---|---|---|---|---|---|
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recommended
| 5.99% | 35.99% | $500 – $35,000 | 2 Months – 6 Years | Explore more | |
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recommended
| 5.99% | 35.99% | $100 – $50,000 | 2 Months – 7 Years | Explore more | |
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| 91.52% | 630.13% | $100 – $2,000 | 1 Day – 3 Months | Explore more | |
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recommended
| 5.99% | 35.99% | $250 – $35,000 | 3 Months – 6 Years | Explore more | |
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| 7.80% | 35.99% | $1,000 – $50,000 | 3 Years – 5 Years | Explore more | |
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| 5.99% | 35.99% | $100 – $5,000 | 3 Months – 2 Years | Explore more | |
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| 5.99% | 18.00% | $1,000 – $100,000 | 1 Month – 5 Years | Explore more | |
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| 4.99% | 1,386.00% | $100 – $35,000 | 6 Months – 5 Years | Explore more | |
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| 6.00% | 35.99% | $200 – $50,000 | 1 Month – 5 Years | Explore more |
Choosing a loan is a highly personal decision. Consider your unique financial situation, repayment ability, and long-term financial goals before applying. Always read the terms carefully and understand the total cost of borrowing.
Understanding No Income Loans
No income loans are financial products designed for individuals who don’t have a traditional, steady income source. This can include freelancers, self-employed individuals, or those between jobs.
While these loans can be a lifeline in emergencies, they often come with higher interest rates and stricter terms due to the increased risk for lenders.
FAQs About No Income Loans
Can I get a loan without proof of income?
Yes, it’s possible to get a loan without traditional proof of income. However, you’ll likely need to demonstrate your ability to repay the loan through alternative means, such as assets or a co-signer.
What is the easiest loan to get approved for?
Secured loans, such as those backed by collateral, are often easier to get approved for. Additionally, payday loans and car title loans may have less stringent requirements, but they often come with very high interest rates and should be approached with caution.
Can I get a personal loan if I’m unemployed?
Yes, it’s possible to get a personal loan while unemployed. Lenders may consider alternative income sources, such as unemployment benefits, investment income, or spousal support. Having a strong credit score and assets can also help.
Are no income loans safe?
No income loans can be risky due to their higher interest rates and stricter terms. It’s crucial to carefully consider your ability to repay the loan and explore all alternatives before committing to a no income loan.
What credit score do I need for a no income loan?
Credit score requirements vary by lender, but generally, a higher credit score (670+) will increase your chances of approval and help you secure better terms. Some lenders may consider applicants with lower scores, especially if they can provide alternative proof of repayment ability.
Types of No Income Loans
No income loans come in several varieties, each designed to cater to different financial situations. Understanding these types can help you identify which option might be most suitable for your needs.
1. Verified Assets, Stated Income (SIVA) Loans
SIVA loans are designed for borrowers who have significant assets but may not have a traditional income stream or choose not to disclose it.
Key Features of SIVA Loans:
- Borrowers state their income without providing documentation
- Assets must be verified and are often used as collateral
- Typically offers better terms than loans with no asset verification
- Suitable for self-employed individuals or those with irregular income
2. No Income, Verified Assets (NIVA) Loans
NIVA loans are tailored for borrowers who have substantial assets but no regular income or choose not to disclose their income.
Key Features of NIVA Loans:
- No income verification required
- Assets must be substantial and are thoroughly verified
- Often used for investment properties or by retirees
- May have higher interest rates than traditional loans
3. No Income, No Assets (NINA) Loans
NINA loans are the most flexible but also the riskiest type of no income loans. They require neither income nor asset verification.
Key Features of NINA Loans:
- No verification of income or assets
- Typically have the highest interest rates among no income loans
- Often used in real estate investments
- Lenders rely heavily on credit score and property value (in case of mortgages)
4. No Income, No Job, No Assets (NINJA) Loans
NINJA loans were popular before the 2008 financial crisis but are now extremely rare due to tightened lending regulations.
Key Features of NINJA Loans:
- Require no documentation of income, employment, or assets
- Based primarily on credit score
- Extremely high-risk for lenders, leading to very high interest rates
- Largely phased out due to their role in the 2008 financial crisis
Top 3 No Income Loan Options to Consider
While there are numerous lenders offering no income loans, we’ve highlighted three options that stand out for their unique features and potential benefits for borrowers in various situations.
1. LoansUnder36
Chosen 6387 times
Loan amount
$500 – $35,000
Term of loan
2 Months – 6 Years
Lowest rate
5.99% – 35.99%
Minimum age
18
Accepts bad credit::
Weekend Payout:
Quick Payout
Best for: Borrowers looking for a wide range of loan amounts and flexible terms, especially those with fair to good credit who want to avoid excessively high interest rates.
Key Features:
- Quick online application process
- Funds available as soon as the next business day
- Connects borrowers with multiple lenders, increasing approval chances
2. Low Credit Finance
Chosen 2574 times
Loan amount
$100 – $50,000
Term of loan
2 Months – 7 Years
Lowest rate
5.99% – 35.99%
Minimum age
18
Accepts bad credit::
Weekend Payout:
Quick Payout
Credit Check Company
Unknown
Best for: Borrowers with poor credit or no credit history who need small to medium-sized loans and have exhausted other options.
Key Features:
- Considers factors beyond credit score for approval
- Quick application and approval process
3. Ace Cash Express
Chosen 13930 times
Loan amount
$100 – $2,000
Term of loan
1 Day – 1 Month
Lowest rate
91.52% – 630.13%
Minimum age
18
Accepts bad credit::
Weekend Payout:
Quick Payout
Best for: Borrowers needing very short-term loans for immediate emergencies, especially those with poor credit who have no other options.
Key Features:
- Same-day funding available
- No credit check required
- Physical locations available for in-person service
It’s important to note that while these options can provide quick access to funds for those without traditional income or with poor credit, they often come with high interest rates and fees. Always carefully consider the terms and your ability to repay before taking out any loan.
Choosing the Right Option
When considering these no income loan options:
- LoansUnder36 is best if you have fair to good credit and need a larger loan amount with more flexible terms.
- Low Credit Finance could be a good choice if you have poor credit and need a medium-sized loan with more lenient approval criteria.
- Ace Cash Express should only be considered for very short-term, emergency needs when you have exhausted all other options, due to the potentially very high costs involved.
Remember, the best loan for you depends on your specific financial situation, the loan amount you need, and your ability to repay. Always compare multiple options and read the terms carefully before committing to any loan.
How to Qualify for a No Income Loan
While qualifying for a no income loan can be challenging, there are several strategies you can employ to increase your chances of approval:
Provide proof of alternative income sources (e.g., investments, rental income)
Offer collateral to secure the loan
Apply with a creditworthy co-signer
Demonstrate a strong credit history
Show substantial liquid assets
Strategies to Improve Your Chances of Approval
Alternatives to No Income Loans
Before committing to a no income loan, consider these alternatives that might be more suitable for your financial situation:
Secured personal loans (using assets as collateral)
Credit card cash advances (for short-term needs)
Borrowing from friends or family
Peer-to-peer lending platforms
Local credit union loans
Non-profit assistance programs
Alternative Options
How to save $619.00 on your loan
The price difference for a $500.00 loan in 90 days is $619.00.
How to Apply for a No Income Loan
Follow this step-by-step guide to navigate the application process for a no income loan:
Steps
Check Your Credit Score
Your credit score plays a crucial role in loan approval, even for no income loans. Here’s what you need to do:
- Obtain a free copy of your credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) at AnnualCreditReport.com.
- Review your reports for any errors or discrepancies. If you find any, dispute them immediately with the relevant credit bureau.
- Take steps to improve your credit score if it’s low, such as paying down existing debts and ensuring all bills are paid on time.
- Consider using a credit monitoring service to track changes in your score and receive alerts about potential fraud.
Gather Documentation
While you may not have traditional income, you’ll need to prove your ability to repay the loan. Collect the following documents:
- Proof of alternative income sources (e.g., investment income, rental property income, social security benefits)
- Bank statements showing regular deposits or substantial savings
- Asset statements (e.g., property deeds, investment account statements)
- Tax returns from the past 2-3 years
- Any legal documents related to settlements, inheritances, or other potential income sources
- Proof of employment if you’re starting a new job soon
Compare Lenders
Not all lenders offer no income loans, and terms can vary significantly. Here’s how to compare effectively:
- Research multiple lenders, including online lenders, credit unions, and traditional banks
- Compare interest rates, loan terms, fees, and repayment options
- Read customer reviews and check the lender’s reputation with the Better Business Bureau
- Pay attention to eligibility requirements, as some lenders may have specific criteria for no income loans
- Use the comparison of Financer.com to streamline your research
Prequalify if Possible
Many lenders offer prequalification, which can be incredibly helpful:
- Look for lenders that offer prequalification with a soft credit check
- Provide basic information about your financial situation and desired loan terms
- Review the preliminary offers to get an idea of potential rates and terms
- Use these offers to further narrow down your lender choices
- Remember that prequalification doesn’t guarantee approval or final terms
Prepare Your Application
Once you’ve chosen a lender, it’s time to prepare your application:
- Carefully read the application requirements and gather all necessary documents
- Fill out the application form accurately and completely
- Be prepared to explain your financial situation, including how you plan to repay the loan
- If applying with a co-signer, ensure they’re ready to provide their information as well
- Double-check all entries for accuracy before submitting
Submit and Follow Up
After submitting your application:
- Keep a record of your application, including any confirmation numbers or references
- Be prepared to provide additional documentation if requested by the lender
- Respond promptly to any lender inquiries to avoid delays in processing
- If approved, carefully review the final loan terms before accepting
- If denied, ask the lender for the specific reasons and consider ways to improve your application for future attempts
Remember, the process of applying for a no income loan may be more challenging than a traditional loan application. Be patient, thorough, and prepared to explain your financial situation in detail.
If you’re unsure about any part of the process, don’t hesitate to seek advice from a financial advisor or credit counselor.
