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Woman looking for a loan with no job

Loans for People with No Income

Everyone dreams of home ownership. Vehicle purchases are necessary for errands. Everyone can have unexpected expenses and financial emergencies. Many of these purchases require individuals to borrow money. It is an added challenge if you do not have a traditional income.  

Individuals with non-traditional or no income still have financial responsibilities and could require a loan to meet their needs. For example, a no-income loan lets these people buy real estate, combine their existing debt, and buy cars or homes.

This article will cover all the available options for a no-income loan, what they are, how they work, and how to secure and repay them. 

Reasons for No-Income Loans

There are numerous reasons for needing a loan while not having a traditional income. A financial burden will result from the loss of a job and rising expenses. Unexpected costs, like car repairs or medical bills, could force you to get a loan even if you don't have any income.

A no-income loan may be required for non-emergency reasons as well. For example, a debt consolidation loan or purchasing a home is still possible while having a non-traditional income. 

What Are No-Income Loans?

If you need a loan with no income, there are two options: secured or unsecured. 

A secured loan is used when the borrower has verifiable assets to use as collateral when obtaining the loan. For example, a mortgage or an automobile loan would fall under this category.

Some examples of the assets that can be used to secure a loan are:

  • Real estate
  • Vehicles
  • Appraised valuables
  • Government-issued bonds


An unsecured loan is used when the borrower does not have any verifiable assets to secure the purchase of the loan. A personal loan is an example of this type of loan. 

Personal Loans 

A personal loan is paid back over a set amount of time. They can be used for various financial needs, such as medical bills and unexpected expenses. A personal loan is a popular choice for individuals with no income.

They are close-ended, and all the money from the loan is paid at once. They can be for small amounts or thousands of dollars and used to cover unexpected expenses.

A personal loan only requires a valid driver's license or state-issued ID, income statements, and a social security number to obtain the personal loan. All fees, terms, and repayment are scheduled upfront. Therefore, there are never hidden fees or costs with a personal loan. 

What Is Needed To Take Out a Personal Loan? 

To secure a personal loan, you will need the following: 

  • State-issued ID
  • Active checking account where most of your income is deposited
  • Valid phone number to be contacted
  • Valid social security number
  • You must be at least 18 years old
  • You cannot be an active or reserve member of any branch of the United States military 

For more information about personal loans, take a look at the Simple Fast Loans' personal loan page.

Car Title Loans

If you have a vehicle, you can use it for collateral, and you will be able to obtain a loan against the title of your vehicle. This is different from selling your car. You can keep the vehicle as you repay the loan. However, you are required to finish making the payments to keep the vehicle. 

If you cannot make two payments, the vehicle will be sold and used to repay the balance of the loan. Car title loans are popular and easily obtainable, even with bad credit.  

Peer-to-Peer (P2P) Personal Loans

Peer-to-peer loans are gaining in popularity. P2P loans allow individuals to borrow money from each other without using a bank or financial institution. In addition, it can let borrowers with less-than-perfect credit borrow money to help with their financial obligations. 

P2P is handled online with investors rather than banks providing the money to be lent to the borrowers. The P2P lending site handles all the money transfers and collection of payments, making it fast and easy for all parties involved. 

Non-Traditional Income Questions

Some non-traditional income sources can be used to secure no-income loans.  Listed below are the different methods that can be used as income verification to secure a no-income loan. 


Self-employed individuals receive employment through other means. For example, they can use bank statements or tax returns as proof of income to secure the loan.


Some lenders will consider unemployment benefits as sufficient income to secure a loan.

Worker's compensation

Worker's compensation can be used to obtain and repay a loan. For example, individuals injured at work may find they need a loan to help with medical expenses and loss of wages until they can return to work and cover these expenses.

Court-Issued Funding

Often, a court-ordered payment, like child support or a judgment award, can be used instead of traditional income to get a personal loan.

Social Security Benefits
Older individuals no longer working and receiving Social Security Income can use this as income to secure a loan. 


Individuals with non-traditional or no income still have financial obligations and may need loans for emergencies or other financial hardships. No-income loans help those individuals with their expenses and can even be secured for larger purchases such as automobiles and homes. 

No-income loans can be secured with collateral, but loans that don't require collateral are also an option. Non-traditional income can also be used to secure a loan, and there are also options for borrowers with less-than-perfect credit. 

No matter the situation, there is a lending institution to help you with your financial hardships.

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