How to get a personal loan if you don’t have regular job income

Getting approved for a personal loan when you don’t have stable employment can be difficult but it is not impossible. Traditional banks will not lend without you having consistent proof of income. So if you are in need of cash, consider the options.

Here is how you can obtain a loan without having a regular job income:

No-income verification loan 

These are short term loans that do not require proof of employment to receive cash, usually between $100.00-1000.00. Most of these lenders do require an active checking/savings account that they will use as an assurance on the loan.

This type of loan is also good for those who freelance work, or do side gigs that can’t show deposits. A good credit score is a plus to getting approved but not always necessary.

Use a Collateral

If you have an asset such as a car or house, you can get a loan that does not require you to have any income because the loan is secured by that asset. It is important to discuss with these asset based lenders all costs and fees to make sure you are confident that you will pay the loan, because in the event you do not you risk losing the asset to the lender.

Another collateral based lender is a pawnshop, which is more flexible with your collateral in that it will accept jewelry or antique items to give you a short term loan.

Have a cosigner

Someone with verifiable income who will sign the loan with you will not only help in approving the loan, but also lower the rate because the risk is minimized for the lender.

Alternative Income Sources

If you don’t have a regular job but you still have an income source you are still able to qualify for a loan. An example of alternative income sources would be child/spousal support, assistance from family, or a pending court settlement. Different lenders have different guidelines of showing proof of alternative income sources, which can be as simple as a letter to showing history of payments from bank statements.

Remember, lenders are interested in giving you a loan, but they have to feel confident that it will be paid back in full with interest. So even though you might not have a current stable income, explore these routes with several lenders to get you the cash you need.


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