Can You Take Out a No Income Verification Loan?

Woman giving money to a manPeople with jobs sometimes need to take out a no income verification loan, which means looking into how to get a loan without an income verification letter or other types of income verification. You can still get a personal loan if you can’t verify your income, but you might need to take a slightly more strategic approach and accept a few conditions.

Acceptable Criteria for a Loan Without Income Verification

Income verification is one way lenders can be sure you’ll pay the money back, but it isn’t the only way. They can also look at:

  • Regular Income: Even if you’re currently unemployed, showing regular income or a source of income fit for making loan payments can be enough.
  • Credit Score: If you have a strong credit rating, lenders may be convinced you’ll make good on payments even if income verification isn’t possible.
  • Credit History: Lenders can take a look at how you’ve paid loans back in the past to ensure there’s nothing to suggest you won’t repay this one.

Options for Loans without Income Verification

Since lenders take a greater risk on people not currently employed, they may provide slightly different options that you should consider before taking out the loan.

In general, loans taken out without income verification will require:

  • Shorter Loan Lengths: Meaning you’ll need to pay back the money faster.
  • Higher Interest Rates: Meaning higher monthly payments to cover interest charges.
  • Automatic Payments: Meaning money will be deducted from your bank account automatically instead of at your say so.

Options if You Fail to Qualify for a Loan with Income Verification

Some people still won’t qualify for a personal loan if they aren’t currently employed. However, there are a few other ways to raise funds, including:

You could also look for a cosigner or guarantor.

Speak to Xpress Cash About Getting a Personal Loan With No Income Verification

You’ll find Xpress Cash locations across Idaho, Wisconsin, and Michigan, so visit us today or contact us directly if you’d like to find out more about getting a personal loan without income verification.