NONI Loan

What Are No Income Loans?

It’s true that most lenders require that you provide some proof of income before they’ll let you borrow money. However, no income loans are products that some lenders may offer if you have an alternative way to prove that you can repay the debt.

​

How to Qualify for a No Income Loan

Getting a personal loan mainly depends on proving that you have a way to fulfill your obligation, and no income loans require that you have some alternative way of showing this ability. In addition to showing your credit history demonstrating that you have been paying on time, here are some other ways that you can indicate your ability to make payments.

​

Alternative Income Sources

You might not be able to show current traditional employment, but you could have other sources of income available to you. Some of these alternative sources might include:

• Retirement account (including a pension)

• Child support

• Alimony

• Unemployment benefits

• Social Security benefits (retirement or disability)

• Veterans Administration (VA) benefits

• Side gig or business startup

• Royalty payments

• Tip income

• Partner income

• Dividend payments or other investment income
  
  Another possibility is that you have accepted a job offer but you haven’t started yet. Get an offer letter from your future employer, and a lender might be willing to provide a loan based on your future income—and even delay your repayment start date until after you get your first paycheck.