Page Icon

The Best No Income Loans 2022: Compare Rates

If you are wondering how to get a loan with no credit, Financer.com can help. Use our loan comparison tool to:

  • Find low income loans from U.S. lenders
  • Compare APR rates
  • Choose the best no income loans
  • Improve your financial situation
Page Icon

Compare the Best No Income Loans 2022

recommended

Chosen 58476 times

$500 - $35,000

Loan amount

6 Months - 5 Years

Term of loan

5.99% - 35.99%

Lowest rate

18

Minimum age

recommended

Chosen 76101 times

$500 - $5,000

Loan amount

10 Days - 2 Years

Term of loan

5.99% - 35.99%

Lowest rate

18

Minimum age

recommended

Trusted partner

Chosen 16437 times

$100 - $3,000

Loan amount

10 Days - 6 Months

Term of loan

471.78% - 841.45%

Lowest rate

18

Minimum age

Chosen 21440 times

$500 - $10,000

Loan amount

3 Months - 6 Years

Term of loan

5.99% - 35.99%

Lowest rate

18

Minimum age

recommended

Chosen 25247 times

$500 - $35,000

Loan amount

3 Months - 6 Years

Term of loan

5.99% - 35.99%

Lowest rate

18

Minimum age

Chosen 666 times

$5,000 - $40,000

Loan amount

2 Years - 5 Years

Term of loan

5.99% - 24.99%

Lowest rate

18

Minimum age

Important

Please note that loan amounts, interest rates and other loan terms may vary according to your state and credit profile.

How To Compare No Income Loans

How To Compare No Income Loans
1
Choose your loan amount
Select how much you would like to borrow
2
Compare available options
Filter the results based on your criteria and compare the best personal loan rates.
3
Choose an offer
Find the best no income loan for your loan needs.
4
Complete the application
Click Get Started to fill in your loan application.

As seen in

entrepreneur-logo.svg
forbes-logo.svg
business-insider-logo.svg
globo-logo.svg
focus-logo.svg
dagens-industri-logo.svg

Compare the Best Personal Loan Rates

Save more on your loan by comparing with us first.

Why Compare No Income Loans at Financer.com?

Completely Free Comparison
Completely Free Comparison
Instant Results Without Credit Check
Instant Results Without Credit Check
Read Genuine Customer Reviews
Read Genuine Customer Reviews
Find The Cheapest No Income Loan Rates
Find The Cheapest No Income Loan Rates

What Customers Say About Us

4.61 based on 274 reviews

from Reviews.io

What are No Income Loans?

No-income loans are loans that are not based on income from a regular source such as a job. These loans require that you have sufficient liquid assets or other income sources to repay the loan.

When you apply for a no income loan, the lender will need to verify these sources.

If you are unable to work due to the monthly payments you receive from a trust your grandparents set up, you will have another source of income. For example, if you need a mortgage to purchase a home, the lender will need to confirm that you have sufficient income to make the payments.

How No-Income Loans Work

These loans are similar to other types of loans. No-income loans are subject to alternative payment methods. Lenders will need to see proof of your financial records, bank accounts, as well as evidence that you have liquid assets to prove your ability to repay the loan.

Lenders will review your assets, credit score and distributions to determine how risky you are to their company if they approve your loan. They will approve your request if they feel confident that you can repay them.

You can show your ability to make payments by using a variety of liquid and cash-equivalent assets. Some assets might include:1

  • A house or real property
  • Appreciated values
  • Government bonds
  • A vehicle

 

Some types of income you can use may include:

  • Social Security benefits
  • A retirement account
  • Income from being self-employed
  • Dividend payments or other investment income
  • A job offer with an acceptance letter
  • Veterans Administration (VA) benefits
  • Unemployment benefits
  • Payments for royalties
  • Alimony or child support

Types of no-income loans

It is important to know the types of loans available if you are in dire need of a loan.

There are four types available for no-income loans:

  • Verified assets, state income (SIVA).
  • No income, no job, no assets (NINJA)
  • No income, no assets (NIVA).
  • NINA: No income, assets

 

SIVA loans can be approved for those who have income but not enough to qualify for a loan. However, they must have sufficient assets to provide collateral to the lender so that they feel comfortable lending them money.

NINJA loans were common before 2008's financial crash. These loans were basically loans that were granted based on the borrower's promise to pay the loan back. They are now much more difficult to obtain due to lending regulations.

The NIVA loan, out of all four types, is the most accessible to consumers with no income. Before a loan can be approved, assets must first be valued and then used as collateral.

NINA loans are usually reserved for real estate investors with rental income. For loan approval, these investors must prove they have sufficient income to pay the loan.

See How Much You Qualify For

At Finaner.com we compare the most trusted lenders to offer you the best loan rates. Compare loan offers online and apply without hurting your credit. 

  • Find low income loans from U.S. lenders
  • Compare APR rates
  • Choose the best no income loans
  • Improve your financial situation

Start Comparing

How much would you like to borrow?

How Much Should I Borrow?

It’s best to borrow small amounts with manageable monthly repayments. Knowing how much spare money you have on average for loan repayments from your monthly income is the first step to responsibly making repayments.

The more manageable this looks, the more likely the loan is to succeed. 

The most suitable uses for these no-income loans are for expenses on the small side such as consolidating debt, making necessary home repairs, paying emergency dental or medical expenses, and various relatively minor expenses.

They should be used as a last resort, for the smallest amount possible, and only if you have no other means to pay. They are not recommended for mortgages.

Other Loan Options 

If you are looking for no income verification personal loans, there are a few other loan options available:

  1. Cash advance
  2. Borrowing against your home
  3. Loan with co-signers
  4. Car title loans
  5. Payday loans
  6. Debt consolidation loans

Pawnbrokers for the Unemployed

This is another source of funding for unemployed persons. They don’t claim your property during the repayment period.

This is sometimes the best option for loans for no income. Pawnshops may give you half of the loan. You will need to pay back the loan plus interest.

If you don’t pay back, your credit score won’t be affected. However, whatever item you brought in for appraisal will be kept. Pawnshops are found virtually everywhere.

Installment Loans and Payday Loans

Payday loans are a good option for the unemployed. Disability or alimony can be taken against a loan instead of paychecks.

Take note that loans for low income can be expensive. Since they are unsecured, they will likely incur high interest rates. So, the shorter the repayment period, the better.

An installment or personal loan with no income verification is a good option when money is needed immediately. Most of the time, a lot of documentation is not needed.

The Advantages of Online Personal Loans

Online Loans Are Fast and Convenient
Online Loans Are Fast and Convenient
Get Funds As Soon As The Same Day
Get Funds As Soon As The Same Day
Apply Anywhere, Anytime
Apply Anywhere, Anytime
Less Paperwork Required
Less Paperwork Required

Find Your Personal Loan at Financer.com

Financer.com helps you compare the best personal loans and get the lowest personal loan rates from leading U.S. lenders.

We look for lenders that offer full transparency and have a long track record of successful lending and satisfied customers. We are always improving our comparisons, but are confident in what we can bring to market, and we know you will be as well.

Use our free loan comparison tool to find the right personal loan and take the guesswork out of doing all the legwork yourself.

Got Questions About Loans? Find the Answer Here!

Can you get a loan with no credit?
In short, it depends on your circumstances and your current debt load, credit score, and potential of getting income.
How old do you have to be to get a loan in the U.S.?

To get a loan in the U.S. you must be at least 18 years of age. In some states such as Alabama and Nebraska you have to be 19 years old and in Mississippi, you cannot get a personal loan in your name until 21 years old. 

How do I prove my income if I am self-employed?

Proving your income as a self-employed individual can be difficult and the best way is to show your bank records (hopefully they will show some income that will be enough to cover minimum payments). 

Another way of showing your self-employed income is to use your previous tax returns (if you’ve been self-employed for more than 12 months).  If you use accounting software for your business to track payments, this could also be helpful. 

What are the best no income verification loans?

As with any loan you take out, the best no income verification loans are the ones offering you favorable terms and repayments that you can afford. Use our loan comparison above to find the best no-income loans and apply online with verified lenders.

Cash-Out Refinance vs HELOC

Getting access to your home's equity could be a cost-effective method to achieve your dreams, whether you need money to pay off debt, fund a

See more posts

How To Get a Payday Loan

To pre-qualify for a payday loan, you must be at least 18 years of age. Additionally, you may need to show that you are employed ...

See more guides

Understanding SBA Loans

An SBA loan is a type of business financing that’s backed by the U.S. Small Business Administration (SBA). The SBA was created in 1953 to ...

See more wikis

Was this article helpful?

  • Be the first one to give feedback

    How can we improve this article?

    We use cookies to give you the most relevant experience. By using our site, you accept all cookies and our privacy policy. To find out more about what cookies we use you can go to privacy overview