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Get а Personal Loan with No Income Verification
A tight budget often leaves people exposed to financial difficulties. Those who just manage to make ends meet typically lack an emergency fund. However, there are ways to overcome financial hardship.
While most lenders have minimum income requirements for loan eligibility, there are loan providers who offer solutions to those with limited earnings and questionable credit backgrounds. Here’s a closer look at options available today.
Best Personal Loans with No Income Verification — Nearly Guaranteed Approval
- Your driver’s license or passport;
- Be at least 18 years old;
- Recent pay stubs or your last tax return;
- A fresh bank statement;
- Valid email address and phone number.
- Potential origination fee;
- No application or late fees.
- Low APR;
- Monthly payments to creditors;
- Free checking of credit score.
- Limited loan purposes;
- Potential origination fee;
- Funding in 3 to 6 business days.
Three to six business days.
Fair or good credit borrowers who want to make a credit card debt consolidation.
Happy Money, a company focused on financial health, provides loans for debt consolidation. They work with lenders insured by FDIC and NCUA. Happy Money offers its users ways to control their money and debts better. Added to these are quarterly catch-ups during the first year for any queries or worries.
Eligible applicants can choose the most suitable plan for their needs. Existing clients can use tools for managing their finances. Happy Money refrains from adding application and overdue payment charges to their clients’ loans.
- Free access to credit score;
- No hard credit check during the prequalification;
- Low APR.
- You need a credit score of at least 620
- Provide proof of income
- Specify your Social Security number
- Provide proof of identity
- Specify your employment status
- Origination fees from 1.99% to 6.99%
- Discounts on interest rates
- Debt consolidation loans with direct payments to creditors
- Soft credit check at the prequalification stage
- Opportunity to get joint loans
- Origination fee from 1.99% to 6.99%
- High minimum loan amount
- No mobile app for Android or iOS
24 – 72 hours from approval
Fair or good credit borrowers who want to cover their credit card debt.
Achieve can approve loans on the same day, but it takes one to three days to get money. All personal loans offered by the company are subject to origination fees. Achieve’s minimum loan is $5,000. It may not work if you need a small personal loan.
Achieve’s personal loans offer competitive rates and adjustable terms. These loans could work well for people seeking high loan amounts who don’t mind an origination fee. The service also provides various interest rate discounts.
- Joint loan option
- Discounts on interest rates
- Be at least 18 years old
- Prove your US citizenship or permanent residence
- Provide your bank account information
- Show your monthly income by providing pay stubs, tax forms, or bank statements
- Provide an active email address and phone number
- Origination fees, prepayment penalties, or other fees may be applicable
- Prequalification for multiple personal loans on one platforms
- Low minimum interest rates
- Fast funding (same-day direct deposit may be available)
- High maximum interest rates
- Extra fees may be applied
- The company’s partners may perform a hard credit check
- Data privacy concerns
One business day (same-day funding available)
Borrowers with bad credit scores who want to consolidate debt or cover other significant expenses.
LendingTree serves as a handy platform for seeking personal loans. It allows borrowers to explore a variety of loan offers in one place. Many lenders that partner with LendingTree can provide loans swiftly. However, borrowers with bad credit scores typically get high interest rates.
LendingTree has accreditation from the Better Business Bureau, a non-profit group dedicated to customer safety and trust. The BBB rates LendingTree as A+, a symbol of excellence. The BBB’s decisions are based on how a company reacts to customer gripes, truth in marketing, and openness about company procedures.
- The ability to compare multiple loan offers in one place
- Loan funds in one business day
- Be at least 18 years old
- Prove your US citizenship or permanent residence
- Provide your bank account information
- Show your monthly income by providing pay stubs, tax forms, or bank statements
- Have fair credit (at least 640)
- Provide an active email address and phone number
- Origination fees of up to 9%
- $15 late fee
- $15 NSF fee
- Low annual percentage rate
- No prepayment penalties
- Wide range of available loan amounts
- Same-day funding under some circumstances
- Accessible for fair credit borrowers
- High origination fee (up to 9%)
- Hard credit checks when you select your loan to move forward
- No cosigners are allowed for joint loans
- It is not available in all states
- Limited repayment options set at either 36 or 60 months
One business day (same-day funding available)
Fair credit borrowers who need to cover various personal needs
Rocket Loans is a financial platform that allows bad credit borrowers to get personal loans with flexible repayment terms. The potential same-day funding is its main advantage and there is only a soft credit check performed during the prequalification process.
Rocket Loans has low APRs and no hidden fees. Also, consumers may apply earlier in the morning to receive the personal loan by the end of the same day.
- Easy loan application process
- Fast funding
- Low interest rates
- Be a U.S. citizen, a permanent resident, or living in the U.S. on a valid visa
- Be at least 18 years old (19 in Alabama and some other states)
- Give a working email address
- Provide valid bank account details
- Confirm a sufficient monthly income to cover your loan payments
- Origination fees: 1.85% to 9.99%
- Late payment fees: $10
- Non-sufficient funds fees: $10 per payment returned
- No prepayment penalties
- Multiple rate discounts
- Next-day funding
- The due date may be changed
- Direct payments for debt consolidation
- APRs may be high
- Origination fees are charged
- Late fees may be applied
As soon as one business day after clearing verification
Fair-credit borrowers who need the money quickly
Upgrade is an online financial service that offers up to $50,000 loans to borrowers with good to fair credit. It provides several interest rate reductions and allows you to add a co-applicant or collateral to your application. Choose it if you need money quickly and are not concerned about relatively high interest rates.
Upgrade offers convenient maximum and minimum loan amounts along with flexible repayment terms. It also accepts fair credit borrowers and provides several interest rate discounts.
- Rate discounts for auto pay, direct payment, and reward checking
- Allows to add a co-applicant
- Mobile app for managing your loan
- Be at least 18 years old
- Prove your US citizenship or permanent residence
- Provide your bank account information
- Show your monthly income by providing pay stubs, tax forms, or bank statements
- Provide an active email address and phone number
- Origination fees up to 12%
- $15 late fee
- $15 NSF fee
- Quick access to loan funds
- No prepayment penalties
- Flexible monthly payments
- Soft credit check when prequalifying
- Flexible loan amounts
- Origination fees up to 12%
- High maximum annual percentage rate
- Co-signers aren’t allowed
- Hard credit checks for final approval
- Limited repayment loan terms
One business day (same-day funding available)
Poor credit borrowers who can’t qualify for traditional personal loans
Upstart is a financial platform that enables borrowers with low credit to get personal loans with flexible payback options. Its key advantage is same-day funding.
Upstart does not do hard credit checks when you prequalify. In addition, customers can apply in the morning and receive their personal loan by the end of the day.
- Quick funding (same-day deposit available)
- Available to borrowers with poor credit
- Soft credit checks when viewing your rate
- Be at least 18 years old
- Prove your US citizenship or permanent residence
- Provide your bank account information
- Show your monthly income by providing pay stubs, tax forms, or bank statements
- Have fair credit (at least 660)
- Provide an active email address and phone number
- Late fee of $39
- Long repayment periods
- Three options for repayment help
- High level of customer satisfaction
- No origination fees
- Free FICO score monitoring tools
- Competitive interest rates
- Charges a $39 penalty for late payments
- Strict eligibility requirements
- No co-borrower permitted
One business day (same-day funding available)
Borrowers with fair credit scores who want to consolidate debt, renovate home, or make big purchases.
Discover is more than just a digital bank known for credit cards. It’s also a loan service provider. It gives out fixed-rate personal loans up to $40,000 to people nationwide. The company offers flexible repayment terms and reasonable interest rates to borrowers with fair to good credit.
Discover has some of the best rates in the industry. Plus, they charge no origination fees or prepayment penalties. This means that the overall cost of borrowing is less. If you are in a rush, Discover can transfer funds to you on the next business day.
- Zero origination fees
- No prepayment penalties
- Loan funds in one business day
How Do Personal Loans with No Income Verification Work?
Personal loans can be either traditional or alternative – ones that require income confirmation and those that may not.
- A traditional personal loan is an unsecured loan, which means that an individual can borrow money without providing a lender with collateral. In this case, a lender rates an individual’s creditworthiness by assessing their income and credit history.
- An alternative personal loan is one that may not require income verification. In order to borrow money, you have to secure your application by demonstrating excellent credit or providing a lender with collateral, such as a car, house, jewelry, musical instruments, electronics, etc.
Rates & Terms of Loans with No Income Verification
On average, no income verification loans come with APRs between 5.99% and 35.99%. Secured options typically come with lower interest rates due to the extra repayment guarantee provided. However, exceptions exist. Some bad credit options, such as pawn shop loans, may come with APRs of over 200%.
The repayment is typically made within 12 to 84 months in affordable monthly installments. No income verification loans for bad credit may require full repayment within 30 to 60 days. These options should be considered cautiously and only used as a last resort.
Both your APR and the repayment period you choose will affect the total amount you will owe. Here are several representative cost examples for a $3,000 loan:
| APR | Loan Term | Monthly Payment Amount | Overall Cost | Total Interest Paid |
|---|---|---|---|---|
| 6.99% | 12 months | $259.57 | $3,114.8 | $114.8 |
| 6.99% | 24 months | $134.3 | $3,223.3 | $223.3 |
| 12.5% | 12 months | $267.25 | $3,206.98 | $206.98 |
| 12.5% | 24 months | $141.92 | $3,406.13 | $406.13 |
These examples are illustrative. Your particular loan terms may differ depending on your creditworthiness, state, and the lender you deal with. Use our loan calculator to determine your specific loan cost:
Loan calculator
ESTIMATED MONTHLY PAYMENT
TOTAL LOAN AMOUNT PAID
TOTAL INTEREST PAID
TOTAL COST OF LOAN
Types of Personal Loans with No Income Verification
There are several categories of loans with no income verification. Here’s a closer look at them.
Personal Loans For Excellent Credit
Individuals with almost flawless credit scores can qualify for personal loans that don’t have minimum monthly income requirements. You may be eligible for this type of loan if your credit score ranges from 740 to 850.
Secured Loans
Secured loans are another personal loan type that may not require income verification. Instead, a borrower must provide collateral — a car, real estate, savings account balance, or crypto assets — as security for a lender. The lender has a legal right to repossess your property in case you default.
A car title loan is a typical example of a secured personal loan with no income verification. Auto title loans are usually short-term — most lenders only give you 15 or 30 days to repay debt. The available loan amount depends on your vehicle’s condition and its market price. You can typically get up to 50% of its value.
Pawn Shop Loans
Pawn shop loans are similar to auto title loans except for one moment: when you get a pawnshop loan, you no longer own the property you provided as collateral. Pawnshop brokers physically possess your property until you repay the debt plus interest and fees.
Pawn shop loans are extremely expensive — consider them only as emergency loans when you run out of other options. Typically, you get only 30% of the asset’s value, and you have to repay the loan in 1-2 months. These loans tend to have from 5% to 15% monthly interest rates. Also, additional monthly fees could range from 5% to 25%.
Home Equity Loan And Home Equity Line Of Credit (HELOC)
A home equity loan and a home equity line of credit (HELOC) both use your home as collateral. They are viable choices for larger financial needs — you can get up to 80% of the equity you own in your house. Some organizations may require proof of an alternative source of income to be eligible, though.
How to Get Loans with No Income Verification by Steps
Filling out the loan application on the first loan site that came across isn’t wise. Follow these steps to get a loan with no income verification at the best rates and terms:
- Check Your Credit Score. A high credit score makes you look more reliable as lenders see you as creditworthy. You can get a free annual credit check at AnnualCreditReport.com or at MyFICO.
- Compare Available Options. Individuals with a poor credit history and no income verification are usually limited to auto title loans and pawn shop loans. Still, you may find other options offered by online lenders. Pay attention to the terms and rates offered and choose the lender with the most suitable offer.
- Prepare Your Documents. Each lender has its own rules about the required information, but some common data include your Social Security Number, valid ID, bank statements, proof of address, and proof of ownership (for pawnshop or title loans).
- Submit The Loan Application. No income loan may require a personal visit. Find the lender’s nearest store and submit the application. If your credit score is good enough and you qualify for an unsecured personal loan, you can do it online and get money straight into your bank account.
Boost Your Loan Approval Chances for a Personal Loan with No Income Verification
While you may not have enough income to get loan approval on your own, personal loan lenders may consider your application if you apply with a co-signer who has a good credit score and a steady source of income.
A co-signer is a second liable person in the loan agreement. In case you default, they take responsibility for repaying the debt. They will have to make payments instead of you, or their credit report will be harmed.
Alternatives to a Personal Loan with No Proof of Income
Loans are not the only option when you need extra funds. Consider these alternatives to personal loans with no proof of income:
Borrow From Friends Or Family
Borrowing from friends or family is a safer and interest-free option. However, don’t abuse the trust of those you care about. Repay your debt on pre-agreed terms. You cannot redeem the lost relationships.
Use Credit Cards
Consider credit cards as a viable alternative to personal loans — they will likely have much lower interest rates compared to no-income loans. Credit cards may offer you a minimal available credit balance if you have no credit history at all. Some banks may provide interest-free periods for a limited time if you have good credit.
Why Choose BadCredify
BadCreditfy conducts thorough evaluations of personal loan services from more than 40 BadCredify makes it quick and hassle-free to evaluate multiple loan options from reputable lenders to ensure you will find the right match. With us, you can check your personalized loan solutions in just minutes and compare terms without undergoing a hard credit check. As our goal is to make the borrowing process easier for people with any credit, we also offer unbiased lender reviews to help you choose the best option that fits your current situation.
BadCredify’s team has analyzed offers from over 40 lenders and thoroughly reviewed their terms. Our experts have contacted customer service and pre-qualified for loans from each loan provider to evaluate potential offers and ensure the conditions match the information provided on the website and by customer care staff.
Because our reviews are fully impartial, we don’t receive any compensation from the lenders we observed. We aim to help you navigate the borrowing process and make the comparison procedure fast and simple. With us, you can also access professional advice on personal finance, debt management, savings, investment, and borrowing from our team of experts who are always here to help you boost your financial health.
FAQ
Is it wise to get a no-income loan?
Getting a personal loan with no income verification could be wise if you’re in a tight spot and need money quickly. Make sure you’re borrowing from a trustworthy lender. You should never take on more than you can handle. Always get a repayment plan in advance.
Where can I get a low-income loan?
Low-income loans can be acquired from local banks, credit unions, online loan lenders, pawn brokers, or through cash advance apps. Every loan product has its different rates and terms — shop around and find the best one for you.
Can I get a personal loan without a job?
Personal loans are accessible to unemployed borrowers. Lenders look into various income sources. Individuals with zero income may be eligible for a secured loan via a pawn shop using some of their valuable assets as collateral.
Can I get a no-income loan with a bad credit score?
Some financial institutions don’t set a minimum credit score requirement, even for lower-income applicants. However, both low income and bad credit scores can lead to higher interest rates — that’s the price for the lender’s risks.
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