The term no-income loan is self-explanatory. It is a loan provided to an applicant who has no source of income, such as a job. No-income loans have other names like a no-doc loan, no-income verification mortgage loan, bank statement loan, alternate income loan, and so on.
You can get a no-income loan if you have an alternate source of income part instead of employment or a job. For example, interest from a trust fund is considered as an alternate source of income.
When you apply for a no-income loan, the lender will ask to see the credit history and liquid assets to determine that you can pay back the loan as per terms. The following are some alternate income sources accepted by lenders.
- Social Security benefits (for retirees and disabled persons)
- VA (Veterans Administration) benefits
- Child support
- Partner’s income
- Job offer
- Self-employment income, and so on
That said, the criteria changes from state to state. Some starts don’t consider unemployment benefits as a valid source of income due to their temporary nature. However, you can get a payday loan in many states by providing proof of your unemployment benefits.
Furthermore, no-income loans are classified into the below types:
- No income, no job, no assets (NINJA)
- No income, no assets (NINA)
- Stated income, verified assets (SIVA)
- No income, verified assets (NIVA)
Before the market crash in 2008, NINJAs, or people with no income, no job, no assets, had an easier time obtaining them. Now, it is very difficult to get a NINJA loan. Of course, most credit unions and banks don’t prefer to offer no-income loans. To obtain a loan, you should search for a reliable lender. It is also vital to choose the right category to increase your chances of being approved.
How to Get a No-Income Loan?
Portfolio lenders and payday loan distributing platforms offer no-income loans for emergency situations. You can submit your bank statements instead of employment proof for the lenders to assess your repayment abilities and offer a loan. Though credit unions pay more attention to your credit score, the same importance is not given to credit score by lenders who provide payday loans.
Where to Apply for No-Income Loans?
InstantPaydayNV offers online payday loans with no credit check through its network for trusted lenders. The company is fully licensed to distribute payday and emergency loans in the state of Nevada. Visit the company website to fill out and submit your loan application.
The application will be processed in around ten minutes and sent to lenders in the network. The lenders will go through the application and send you a loan proposal after considering the details provided. You can accept or reject the loan proposal. If you accept it, the lender will complete the process and deposit the agreed amount in your bank account. In 99% of the instances, it takes less than a day to get the loan.
Get a no-income loan today!
Don’t stress yourself out over your finances. Apply for a payday loan from InstantPaydayNV regardless of what your credit score looks like. That way, you can get access to vital funds and raise your credit score at the same time.