A person sitting at a table typing on a keyboard

Can I Get a Personal Loan Without Proof of Income?

Can You Get a Personal Loan With No Proof of Income?

Generally, you can’t get a personal loan without proof of income. A personal loan already has no other collateral involved. If you can’t prove that you have any legal income, you will likely be denied. So the short answer is no, you can’t get a personal loan without proof of income. We work with a variety of lenders here at Max Cash®, but we don’t have any partners that will fund a personal loan without proof of income.

But there may be other options if you need a loan but don’t have proof of income. We’ll go over these in order of what is required to proceed.

Get A Cosigner For Your Loan

The first option should prove the easiest but also perhaps the trickiest. Getting a cosigner seems straightforward but having or finding someone willing to take on that potential financial burden is not the easiest. But theoretically, this method solves the problem the fastest. When you get a cosigner, they act as the financial check for a loan.

In fact, any loan will show up on the cosigner’s credit report as if it was theirs. That is how much responsibility any cosigner takes on. So don’t take it lightly if someone offers to cosign a loan for you. They literally take on the responsibility of the loan for you, and just let you make the payments.

This method proves the simplest way to get around a lack of proof of income. But simple does not always mean easy. And getting someone else to take nearly total responsibility for your loan if you don’t pay certainly won’t be easy. But this option remains if you have no other recourse and requires the least except someone that trusts you a lot. And I mean a lot. But it’s very doable.

Make Sure You Include All Forms Of Income

If you have difficulty showing income rather than having income, that problem proves easier to solve. Lots of different things count legally as income and you can use them to show that you have the ability to repay a loan.

Self-employment income from work you do counts. Though you may need to show receipts and invoices and the like. This can also include things like driving for a ride-sharing service like Uber or Lyft. That definitely counts as a form of income to include on a loan application.

Anything you make from investments counts as income, obviously. Though likely anyone that can show significant income from investments wouldn’t need this advice. Retirement also counts, including Social Security, pensions, or withdrawals from IRAs.

Public assistance and financial aid can count, in some instances. Any disability income or housing vouchers as well as most forms of scholarship and even some loans that you get the funds directly count as income.

Insurance and court-appointed payments such as alimony and child support can also add to your income. You can even count someone else’s income if you have reasonable access to it, such as through a joint account. Though you should obviously talk to the joint account holder too, as taking money without asking would probably seem like theft.

These ways can help you increase your provable income if that is causing an issue in getting a loan. If either a cosigner or these ideas do not solve the issue of qualifying for a personal loan, then a personal loan may not work as the answer. You may need to look into other lending options. 

Options If You Have Collateral

Essentially, for a personal loan, getting a cosigner is the only way if you don’t have proof of income. And if none of the ways mentioned above give you enough income to qualify, then you’ll need to examine other options. While payday loans, sometimes called installment loans, remain available, you definitely need proof of income for that. That is the whole point, that they basically give your paycheck early. If you can’t show that you get one, they typically won’t give you a loan.

The other options discussed in this section, as the header suggests, help those who have access to collateral rather than income. This can help you qualify for a different type of loan, but still get the money you need.

If You Own A Car Or Other Vehicle

If you have a car, a title loan can get you cash fast. And title loans are a Max Cash specialty. The business actually started years ago as Max Cash Title Loans before we expanded to other forms of financial services. If you have a car with no loan or mostly paid off, you could start the process of getting a title loan right now. You can get up to 70% of the equity in your car, or up to a maximum of $50,000! We can do this mostly because our company has a variety of partners that we continue to grow. At Max Cash, we work to get you the max cash every day.

Did you know that anything with a title can get a title loan? Title loans don’t just work for cars. Boats, RVs, ATVs, just about anything you can think of, if it has a title, you can use it for a title loan.

If you don’t need the money right away, you can instead apply for a secured loan with your car as the collateral. You can also potentially do this with other vehicles as collateral, just like a title loan. Usually, this takes more time than a title loan but often comes with better terms and interest rates. The main advantage of a title loan is expediency. You can get one sometimes within the same day. Traditional secured loans take longer on average. But this persists as another option for someone that owns their own vehicle.

If You Own A House

You have multiple options if you own or at least pay a mortgage on your own home. Or even just property, like land or something similar. Much like with a total loan, you do need positive equity to take advantage of these loans. Funnily enough, someone owning a big house with no income and taking loans on the equity led directly to the Great Recession. Though in that case, a large number of people did that and did it regularly. But enough morbid financial history talk, on to the options!

Home equity loans or home equity lines of credit (HELOC) work really well if you have enough positive equity in your home. A line of credit works differently than a loan by remaining an open line of credit, like a credit card. The loan has fixed terms but you can reuse the line of credit as you pay off the balance.

This can also help your credit rating, like a credit card, so it may work well as an option for that purpose. You can just keep it open and only use it as needed. This helps your credit score by improving your credit mix as well. So keep that in mind as an important factor in which you choose.

If You Have Other Valuables

Items with a lot of value that are not vehicles or real estate, like jewelry or art or musical instruments, typically can’t be used to secure financing. You can usually either just sell it outright or pawn it. Though pawning an item proves risky, usually. If you don’t make payments on time, the pawn shop can keep the item. But you can do it if you are desperate. Just take the risks into consideration first.

Max Cash Can Help You Get The Money You Need!

With over 4 million satisfied customers, Max Cash distinguishes itself as one of the largest providers for loans around. Whatever your needs, we have you covered. We offer personal loans as well as title loans, installment loans, and even business loans and credit cards.

We recently began a partnership with Yendo, a credit card that uses your car as the credit check. Essentially, it is a revolving credit on a title loan, where the value of your car serves as the collateral. No credit check required. Start an application here today!

Max Cash Financial Education now features as one of the top blogs in the financial education sector on Feedspot. Max Cash not only works hard to get you the max cash, but brings you the best information to boot!

By Jordan Radcliff

Jordan is a writer for Max Cash who covers a wide range of topics, including personal loans, credit scores, and side hustles.