If you don’t have traditional proof of income, it can be tricky to secure a personal loan. However, even if you don’t have paystubs to show as proof of income, finding funding is not entirely impossible.
The reason for this is that some lenders will accept alternative documentation as proof of income for a personal loan.
If you’re looking for helpful information on the types of income needed for a personal loan, then keep reading to learn more with the help of Max Cash.
How Could I Get a Person Loan With No Proof of Income?
Even if you do not have a traditional form of income to show when applying for a personal loan, don’t lose hope! There are alternative documents you could submit as proof of income for a personal loan.
Generally, there are certain criteria that can make your approval process a little easier:
- Having some form of income (even if your financial support comes from family)
- Having assets that produce income are viewed positively
- Being self-employed is taken into consideration during the approval process
- Having a decent history of regular deposits into your bank account
- Receiving disability payments, government benefits, or retirement benefits
How Can I Prove I Have Alternative Income When Applying for a Personal Loan?
When applying for a personal loan without traditional proof of income in the form of paystubs, know that there are still some ways to show that you receive reliable income.
Some other forms of alternative income that can be considered by lenders include:
- Settlement/ Court Ordered Award – As a result of a lawsuit, you may be offered a settlement or court ordered award to shorten hearings and avoid longer trials. Settlements are agreed upon by both parties mediating. Court ordered awards are given when a judge has ruled in trial to give you benefits, whether they be medical or disability.
- Annuity – An annuity is a lump sum of money that can be invested to produce a steady income during a fixed period, such as retirement. Annuity may start immediately or can be scheduled to start in the future. Annuity can also be considered an alternative form of income when applying for a personal loan.
- Social Security Benefits – After retirement, one of the benefits you can receive is Social Security. Retirement benefits usually vary from state to state and can often come from a pension plan from your previous employment.
- Worker’s Compensation – Worker’s compensation is generally a form of insurance, or court ordered award, that provides wages and medical benefits to those who have been injured or wronged during their employment. Worker’s compensation will also count as proof of income, as a result of being a designated wage provided by your employer in lieu of a regular paycheck.
- Personal/Family Assets – You may also show proof of income by demonstrating how you receive financial assistance from family or through personal assets.
Proving alternative income to get a personal loan can be hard, but not impossible! Bank statements may serve as proof that you receive consistent income, and other relevant financial documents can be used when you’re applying for a personal loan.
If you’re having trouble getting a personal loan without traditional proof of income, don’t panic! There’s help available for you. Max Cash could help connect you to the right lender for your financial situation- whatever background you are coming from!
If you would to try out our free services to acquire a good deal on a personal loan, go ahead and give us a call at (833) 207-9052 or send an email to email@example.com.